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Houston-Based Real Estate Developer Closes More Than $75 Million in Healthcare Property Transactions in Two Months
NEW YORK -- Medistar Corporation, under
the advisement of healthcare investment banking firm Hammond Hanlon
Camp LLC, has completed the sale of three healthcare properties which
were developed and owned by Medistar.
On January 31, 2012, Griffin-American Healthcare REIT II, Inc. closed
on the purchase of the Spokane Integrated Medical Plaza, a 96,000
square foot medical office building and 395-space attached parking
structure in Spokane, Washington for $32.5 million. The property is
strategically located adjacent to the Deaconess Hospital campus.
Community Health Systems and Northwest Orthopedic Specialists lease 97
percent of the building's net rentable area pursuant to long-term
leases.
On December 16, 2011, Duke Realty Corporation closed on the purchase of
a 36-bed short stay surgical hospital and a 53,000 square foot medical
office building. The portfolio, which sold for $43.47 million, is
located in San Antonio, Texas. The hospital is 100% leased by CHRISTUS
Santa Rosa Health System, a part of CHRISTUS Health, one of the
nation's largest Catholic healthcare systems. CHRISTUS Santa Rosa also
leases more than 70 percent of the fully occupied, multi-tenant medical
office building.
P.J. Camp, a principal with Hammond Hanlon Camp LLC, said "We were
pleased to work with a very well-regarded development company in
Medistar. The properties attracted interest from a wide spectrum of
investors as a result of their high-quality construction and strong
credit tenancy."
About Medistar Corporation
Medistar Corporation is a full-service real estate development company
that specializes in the design, development, financing and construction
of healthcare real estate. The company focuses on medical office
buildings, integrated medical plazas and other facilities for the
healthcare industry, as well as corporate developments and corporate
facilities.
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