CHICAGO—Amidst the COVID-19 pandemic, 90 North Real Estate Partners, who was acting as the investment advisor for Rasameel Investment Company, has acquired the redeveloped Ensemble Health Partners headquarter facility in Blue Ash, Ohio, which is a suburb of Cincinnati. The purchase price was not disclosed.
90 North and Rasameel acquired the campus from a local developer who has been redeveloping it over the past 12 months. The 51.3-acre campus includes a 390,096 square-foot main building, a newly constructed 75,554 square-foot addition and a separate 10,200 square-foot building that is being converted to a conference center.
Daniel Cooper, partner, head of North America, of 90 North said in a prepared statement that the acquisition shows the strength and safety in which foreign investors view U.S. real estate. 90 North is a UK based company and Rasameel is based in Kuwait.
"It further reinforces our strategy of acquiring well-leased core and core-plus headquarter caliber office properties in markets that offer strong, long-term growth potential," Cooper said.
Ensemble Health Partners is a medical billing management company that is owned in joint venture between Golden Gate Capital and Bon Secours Mercy Health. Ensemble previously signed a 15-year lease to the campus and expects to start operating at the facility in September. The company plans to bring in approximately 2,000 employees, according to the release.
The acquisition comes at a time of uncertainty for real estate amidst the COVID-19 pandemic. With many companies working from home and businesses closed, the process of closing this deal was complicated. Cooper noted that investors are facing obstacles such as increased lender/underwriting requirements and myriad delays with municipal filing and recordings for closings.
"Even the relatively standard process of notarizing documentation is more difficult," Cooper adds. " While some states like Illinois have virtual notary options, the options are much more challenging in certain states, such as Ohio, where these transactions occurred."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
