McShane Medical Properties and Nationwide Health Properties Inc. Acquire Seven-Building Medical Facility Portfolio

ROSEMONT, Ill. -- Raymond M. Braun, president of McShane Medical Properties, announces the formation of McShane / NHP JV, LLC, a joint venture relationship with Nationwide Health Properties, Inc. for the acquisition of medical and healthcare properties.  McShane Medical Properties is an entity of Rosemont, Ill.-based The McShane Companies, a diversified real estate development, construction, investment and acquisitions firm.  Nationwide Health Properties, Inc. is a publicly traded real estate investment trust (REIT) that invests in senior housing, long-term care and medical office buildings throughout the United States. 

In its initial venture acquisition, the McShane / NHP joint venture completed the acquisition of a seven-building medical office and urgent care facility portfolio from St. Anthony’s Medical Center in St. Louis. The venture, known as NHP / McShane SAMC, LLC, acquired four on-campus medical office buildings including the 115,481-square-foot Heart Center located adjacent to the hospital’s four-story expansion; the 103,350-square-foot Medical Plaza; and Medical Office Buildings A and B totaling 89,742 square feet. Three off-campus urgent care centers were also acquired, including the 28,157-square-foot Fenton Urgent Care Center, the 49,660-square-foot Lemay Urgent Care Center, and the 18,146-square-foot Arnold Urgent Care Center. 

St. Anthony’s Medical Center is the third-largest medical center in the St. Louis metropolitan area, offering premier healthcare services to more than 225,000 patients annually. Since its establishment over 130 years ago, the hospital system has continued to expand its reach within the community and its medical services by offering advanced treatment in a number of specialties including cardiology, women’s services, oncology/cancer care, orthopedics, neurology and emergency medicine.  

Braun remarked, “The St. Anthony’s portfolio provided a strong anchor to the acquisition of this portfolio since the Medical Center leases nearly 40 percent of the building portfolio for its physicians and services.  In addition, the portfolio is 90 percent leased and offers our joint venture the opportunity of a stable real estate investment coupled with the opportunities available with the remaining vacant space.”    

“Our new joint venture relationship with McShane provides an excellent opportunity for NHP to partner with a proven leader in the medical office sector. NHP’s ready access to capital and long-term focus on healthcare investment coupled with McShane’s proven track record and strong relationships with growing hospital systems, particularly in the Midwest, represents a tremendous opportunity for both organizations,” commented Steve Graham, senior investment officer with NHP.

J. Michael Davis, managing director, Chicago, and Alfonzo León, vice president, San Francisco, of Cain Brothers represented St. Anthony’s Medical Center in the transaction.  Lynn Schenck, Bob Staniforth and David Steinbach of the CB Richard Ellis office in St. Louis have been appointed the exclusive marketing agents for the leasing interests of the McShane / NHP properties. 

Source: McShane Medical Properties

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