ST. LOUIS-McShane Medical Properties is taking over the management of a seven building, 404-229-square-foot medical office complex here. The offices support the adjacent St. Anthony’s hospital, which leases about half of the seven properties. McShane is part owner of the complex.
The properties include four on-campus medical office buildings, including the 115,483-square-foot Physicians Office Center, the 103,039-square-foot Medical Plaza, and Medical Office Buildings A and B, totaling 89,744 square feet. The assignment also includes three off-campus buildings, including the 28,157-square-foot Urgent Care Center, the 49,660-square-foot Lemay Urgent Care Center and the 18,146-square-foot Arnold Urgent Care Center.
McShane, partnered with Nationwide Health Properties, purchased the office complex back in December 2007. However, this was the joint venture’s first purchase, and the company wasn’t ready to manage property, said Ray Braun, president of McShane’s medical office arm. “At the time we didn’t have economies of scale to take on that assignment,” he tells GlobeSt.com. “Also, CB Richard Ellis was doing a good job there.” It wasn’t until the partnership picked up 12 medical buildings throughout suburban Chicago’s Lake County, affiliated with the Advocate Condell healthcare system, that McShane started to form a medical office management team, Braun says.
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