BIRMINGHAM, AL – Joint venture partners, the Sanders Trust and Harrison Street have completed the disposition of an 11-property medical real estate portfolio, valued at $240 million.
Lincoln Property Company's affiliate, Lincoln Advisors purchased the assets on behalf of a public pension fund client.
Encompassing 474,100 square feet, the portfolio's properties are located throughout the eight states of Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa.
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"We're pleased to have successfully executed the disposition phase of this portfolio," states Rance Sanders, CEO of the Sanders Trust. "The Sanders Trust has continued to secure attractive development and acquisition opportunities despite the current headwinds and the challenging economic environment. We've achieved our investment goals and are excited to be looking to re-deploy equity into new acquisition and development projects."
"This transaction is the latest example of our successful partnership with the Sanders Trust," says Ben Mohns, Harrison Street's senior managing director and head of asset management for North America. "Our decade long partnership with the Sanders team has consistently identified opportunities in our target sectors that have delivered superior investment returns and we are excited about continuing to grow our partnership with them in the future."
Vice chairmen of the healthcare and life sciences capital markets team at CBRE, Chris Bodnar and Lee Asher assisted the joint venture partnership in completing the sale.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
