LATHAM, NY-Locally based First Columbia LLC is in the final stages of selling its nine-building medical office building portfolio to LaSalle Medical Office Fund II. A First Columbia executive says the final deal will be worth approximately $100 million.
A total of eight properties have already changed hands with one building set to close in the next few weeks, Kevin Bette, president of First Columbia, tells GlobeSt.com. RBC Capital Markets Real Estate Mortgage Capital of Dallas in a prepared release reports that it provided $40.9 million in connection with the sale of six medical office properties to the LaSalle Medical Fund, a fund managed by LaSalle Investment Management of Baltimore. RBC Capital Markets' representative Tony Giannini originated the nearly $41-million financing deal. Jones Lang LaSalle Americas provided debt placement for LaSalle Medical Office Fund II.
The medical office properties that have already changed hands are: Hudson Medical Center in New Windsor, a 48,377-sf medical office building; Hudson Slingerlands Crossing I and II, which total 42,820 sf and 47,696 sf respectively; Hudson Benedictine Cancer Center in Kingston, a 36,479-sf building that is adjacent to Benedictine Hospital; Plank Medical Center, a 24,835-sf building in Clifton Park; New Paltz Medical Center, a 31,884-sf building in New Paltz; a 30,000-sf building leased to St. Peter's Hospital in Guilderland and the Cushing Center, a 45,000-sf building on the grounds of St. Claire's Hospital in Schenectady.
Bette says that the Pruyn Pavilion, a 90,000-sf building on the campus of Glens Falls Hospital in Glens Falls is expected to close soon. He adds that more than 60 firms bid on the portfolio. The prospective buyers were whittled down to about 10 finalists with LaSalle's bid of approximately $100 million winning out. Shattuck Hammond Partners LLC of New York City represented First Columbia in the medical office portfolio sale.
First Columbia will utilize the proceeds of the deal to fuel its expansion that will include more medical office construction as well as a planned redevelopment of the Troy waterfront. The firm recently acquired approximately 400,000 sf of existing office space there and plans to build a new hotel and approximately 350,000 sf of new construction along the waterfront.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
