HOUSTON – (Realty News Report) – Heitman LLC, a real estate investment management firm, has acquired a 1.4 million SF medical office portfolio, which includes four properties in the Houston area and three in San Antonio.
The 17-buildings, known as the PHT Portfolio, includes buildings in seven states. JLL represented the seller, Bentall Kennedy, on behalf of a state pension fund. The portfolio is 96 percent occupied.
Included in the deal were the Sugar Land Plaza I and II buildings in Fort Bend County and Katy Medical Plaza in the Houston area. In San Antonio, the Westover Hills Medical Plaza I, II and III.
“The PHT Portfolio is a high-quality, well-diversified portfolio of premier properties with near-100 percent occupancy and a collective tenancy of highly-rated, market-leading health systems,” said Brian Pieracci, Heitman Managing Director. “The Class-A portfolio exhibits nearly all of the qualities that we look for when acquiring core medical office properties for our portfolio.”
The majority of the properties were built after 2005. In addition to the seven Texas properties, the portfolio includes five buildings in Indiana, with the remaining assets located in Illinois, Missouri, New Jersey, North Carolina and Virginia.
“This portfolio attracted a high level of interest from a roster of well-known private and public healthcare investors, as well as many institutional core funds and foreign investors,” said Mindy Berman, Managing Director, JLL Capital Markets. “An investment of this caliber is further evidence of good supply of product for new investment in healthcare. As outpatient care in the U.S. expands and investment appetite supports the growth, large-scale opportunities like this will continue.”
Denver-based NexCore Group advised Heitman during the acquisition and will provide operating and property management services for the portfolio.
Founded in 1966, Heitman LLC is a global real estate investment management firm with $39 billion in assets under management.
Also included in the sale:
Plainsboro, NJ
o Princeton Medical Arts Pavilion (Plainsboro, NJ)
- Raleigh, NC
o Duke Medicine Plaza (Raleigh, NC)
- Richmond, VA
o Forest Medical Plaza (Richmond, VA)
- Columbia, MO
o Columbia Health Pavilion (Columbia, MO)
- Indianapolis, IN (5 assets)
o Professional Center II (Indianapolis)
o Mooresville Professional Center (Mooresville, IN)
o The Care Group MOB (Indianapolis)
o Women’s Center (Indianapolis)
o Michigan Road Medical Building (Zionsville, IN)
- Chicago, IL
o Bolingbrook Medical Office Building (Bolingbrook, IL)