 |
| 460 Hartford, Vernon, CT |
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the
sale of a two-property portfolio that includes 460 Hartford, a
36,000-square-foot, multi-specialty outpatient facility, and 8 Keynote, a
22,500-square-foot home health service facility.
 |
| Ben Appel |
Both properties are
fully leased to Eastern Connecticut Health Network (ECHN), a wholly-owned
subsidiary of Prospect Medical Holdings, and are in the Hartford-area community
of Vernon, Connecticut.
The HFF team represented the seller, Bellevue Street Capital
LLC. Global Medical REIT Inc. purchased the assets. This
sale was part of a larger transaction consisting of an eight-property portfolio
of hospital-occupied medical office buildings.
460 Hartford was redeveloped in 1999 and is home to DaVita Dialysis, the
second largest dialysis provider in the area, which draws patients from the
Connecticut-Rhode Island border to West Hartford.
 |
| Evan Kovak |
8 Keynote houses the operations for the ECHN’s home health
care. The Prospect Eastern Connecticut Health Network is a two-hospital,
242-bed, for-profit health system with campuses within a 10-mile radius of the
portfolio.
The HFF team representing the seller included managing directors Ben
Appel and Evan Kovac, director Andrew Milne, senior director Bryan
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.
 |
| Andrew Milne |
“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” said Alan Lagunov, a principal with Bellevue
Street Capital LLC.
 |
| Dana Brome |
About Bellevue Street Capital LLC
Bellevue Street Capital (“BSC”) is a Chicago-based private equity firm
with investments across multiple assets classes including, office, medical
office, industrial, and multi-family.
The principals of BSC have bought,
developed and sold over $200M worth of real estate in the past 10 years.
About Global Medical REIT Inc.
Global Medical REIT Inc. is a Maryland corporation engaged primarily in
the acquisition of licensed, state-of-the-art, purpose-built healthcare
facilities and the leasing of these facilities to strong clinical operators
with leading market share.
 |
| Ron Ott |
The company’s management team has significant healthcare,
real estate and public real estate investment trust, or REIT, experience and
has long-established relationships with a wide range of healthcare
providers.
 |
| Alan Lagunov |
The company elected to be taxed as a REIT for U.S. federal
income tax purposes commencing with its taxable year ending December 31,
2016.
CONTACTS:
BEN APPEL
HFF
Managing Director
(484)
532-4200
DANA BROME
CT Lic. #RES0078040
HFF Senior Managing Director
(617) 338-0990
KIMBERLY STEELE
HFF Digital Content/Public
Relations Specialist
(713) 852-3420
