Welltower Inc., a Healthcare Real Estate Investment Trust (REIT), recently acquired a 23-property medical office portfolio from the Milwaukee-based private equity firm, Hammes Partners, for $400 million.
Spanning across a whopping 979,000 square feet, the portfolio is spread across 12 metro markets in Virginia, Washington, North Carolina, Illinois, New York, New Jersey, Pennsylvania, Alabama, and Texas and consists of outpatient properties affiliated with healthcare systems and other providers.
Consisting of ~3.3 million rentable square feet in major metropolitan markets across 16 states, the sale is expected to close by the first half of 2019. However, it is subject to customary closing conditions.
Jones Lang Lasalle Inc. (JLL), global real estate services firm specializing in commercial property and investment management, handled the sale for Hammes Partners.