Everest Medical Properties and an Affiliate of Westport Capital Partners Form Company to Acquire High Quality Medical Office Buildings
Completes First Acquisition with $11.1 Million Purchase of Pentagon Medical Office Building in Columbus, Ohio
Scottsdale, AZ—July 21, 2016
New York, NY (July 21, 2016) – An affiliate of WESTPORT CAPITAL PARTNERS LLC, a real estate investment firm, and EVEREST WP, LLC, a real estate investment firm, today announced that they have formed a joint venture partnership (the “Company”).
The Company has been formed to acquire high quality, Class A and B medical office buildings, primarily in established strategic markets across the U.S. The Company plans to assemble an institutional quality portfolio through a series of one-off, single-asset, and portfolio purchases from medical office owners and hospital systems across the country.
The Company expects to target medical office buildings with the following characteristics;
- Properties with use limited to offices for doctors, medically related ancillary uses (e.g., ambulatory surgery center, outpatient treatment), and offices for non-doctor health care professionals such as dentists, chiropractors, physical therapists and psychologists
- Recent vintage Class A and B properties with mission critical improvements
- Properties with proximity to a thriving hospital campus or strategically located off-campus buildings
- Properties with stable, in-place leases, with credit tenants like a hospital system or large-scale physician group; and with synergistic co-tenancy and lease-up opportunities
The Company Completes First Acquisition: Pentagon Medical Office Building
The Company has completed its first acquisition with the purchase of the Pentagon Medical Office Building, a three-story, multi-tenant medical office building in Columbus, Ohio, for $11.1 million. The property is situated on approximately eight acres near the Mount Carmel East Hospital campus. Constructed in 2006, the building contains approximately 63,000 square feet and is currently 98 percent leased to established medical practices.
“We are very pleased to complete the acquisition of the Pentagon medical office building,” said Russel S. Bernard, the Managing Principal of Westport Capital Partners LLC. “This unique evolving market space continues to offer differentiated and attractive investment opportunities for Westport Capital Partners and our investor-partners.”
About Westport Capital Partners
Westport Capital Partners LLC is a real estate investment firm which provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
About Everest Healthcare Properties
Everest Healthcare Properties is an institutional real estate manager focusing on medical real estate properties across the United States. Its mission is to provide high current and total returns to institutional investors by acquiring and adding value to high-quality healthcare properties. The Everest team has significant institutional quality real estate experience with firms such as Cole Real Estate Investments, ING/Clarion, AIG Real Estate, Simon Properties, Principal Financial and Healthcare Trust of America. For more information on Everest Healthcare Properties, please visit www.everesthealthcareproperties.com or contact us at email@example.com.