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IRET Exits MOB Sector with Harrison St. Deal

The apartment REIT's news about its medical office portfolio capped a busy Tuesday of acquisition and disposition announcements in the healthcare space.

By Paul Bubny | Updated on January 03, 2018

Photo of Mark Decker “Over the past 18 months, we have been strategically selling our seniors housing, commercial, medical office and other non-core properties,” says IRET’s Decker.

MINOT, ND—Multifamily REIT IRET said Tuesday afternoon it had substantially closed on the sale of its medical office building portfolio to a buyer identified in SEC filings as Harrison Street Real Estate LLC. The $367.7-million purchase price for the 25 assets that traded this past Friday represented adjustments in both the pricing and size of the portfolio which was originally announced on Nov. 30. IRET’s report capped an active day of selling and acquisition announcements for REITs in the healthcare space.

This past November, IRET had announced an agreement to sell its entire 1.3-million-square-foot, 28-asset healthcare portfolio, consisting of 28 healthcare properties located primarily in Minnesota and a commercial property occupied by a healthcare tenant, for $417.5 million. Prior to last Friday’s closing, IRET and Harrison Street agreed to remove one property from the sale, added closing conditions to three properties and adjusted the purchase price on the remaining properties.

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