Harrison Street Real Estate Capital, the Chicago-based private investment firm, announced this week that it had sold a portfolio of 12 healthcare properties across the United States for $283 million. Terms of the deals and named buyers were not disclosed. The portfolio is comprised primarily of newly constructed Class A buildings in Florida, Texas, Nevada, Oklahoma, South Carolina and Indiana, and were, on average, 99.6% leased at the time of sale to health systems, physician groups and hospitals. Harrison Street assembled the portfolio through single-asset acquisitions and development with four operating partners using capital from Harrison Street Real Estate Partners III, the third private vehicle in its opportunity fund series. That fund closed on $595 million in June 2011.
"The landscape of healthcare delivery is changing," said Brian Mutchler, co-head of Harrison Street’s asset management group, in a GlobeSt. article. "The traditional hospital is not necessarily the setting for acute care as evidenced by the advent of properties designed for and dedicated to the treatment of specialized conditions. It is anticipated that an integrative approach: partnerships with strong health systems coupled with specialized services easily accessible to the local community will continue since it presents a convenient and cost effective approach to healthcare delivery."
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