A pair of Vernon medical offices have been sold to a Maryland company that specializes in the acquisition and operation of medical buildings.
The first property, the 36,000-square-foot 460 Hartford Turnpike, was redeveloped in 1999 and is home to a DaVita Dialysis location. The second property, the 22,500-square-foot 8 Keynote Drive, houses the operations for the Eastern Connecticut Health Network’s home health care. Eastern Connecticut Health Network is a two-hospital, 242-bed, for-profit health system owned by Prospect Medical Holdings, with campuses within a 10-mile radius of the portfolio.
Holliday Fenoglio Fowler, L.P., represented the seller, Chicago-based private equity firm Bellevue Street Capital. This sale to Global Medical REIT Inc. was part of a larger transaction consisting of an eight-property portfolio of hospital-occupied medical office buildings. The purchase price was not disclosed in the announcement of the sale, and the transaction has not yet been recorded in the town of Vernon’s property records.
The HFF team representing the seller included managing directors Ben Appel and Evan Kovac, director Andrew Milne, senior director Brian Rosenberg, senior managing director Dana Brome and associate Ron Ott.
“In all of its markets, Prospect Medical Holdings owns hospitals that service a very important patient service area,” Appel said in a statement. “For that reason, combined with their expertise in delivering healthcare, Prospect’s hospitals typically control dominant market share. These types of transactions in which a hospital monetizes owned real estate naturally attract a lot of high-quality, institutional healthcare real estate capital.”
“This transaction would not be possible without Prospect Medical Holdings’ long-term commitment and continued reinvestment in the ECHN health network into the communities it serves” Alan Lagunov, a principal with Bellevue Street Capital, said in a statement.