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HCA 116-Property Disposition Reaps $250 Mil, Minority Interest in Buyer

DALLAS-HCA has unloaded 116 medical office buildings in 16 states, of which 32 are situated in Texas. HCA takes home $250 million and minority interest in the buyer while freeing up hospital CEOs to focus on medical centers.

By Connie Gore | Updated on December 04, 2000

DALLAS-Thirty-two Texas medical office buildings are part of a 116-property sell-off by Nashville-based HCA, which is reaping $250 million and minority ownership in the buyer’s company.

The buyer is MedCap Properties LLC, a private company formed by healthcare operator First Union Capital Partners and unidentified investors. The sales roster, which spans 16 states with portfolio clusters in Texas, Tennessee and Florida, represents about one-third of HCA’s medical office portfolio, most of which are wholly owned and primarily abut hospitals. There are 24 Tennessee facilities and 18 Florida buildings on the disposition list.

“Very little will change,” an HCA source tells GlobeSt.com. The disposition is being done so that “hospital CEOs are not burdened with managing a building,” the source says. “We thought it was better if the hospital CEO could focus on the hospital.” Practitioners’ offices, rents and services will stay the same, says the source, stressing all that is changing is the owner.

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