Birmingham-based The Sanders Trust completes $240 million sale
Alabama-headquartered The Sanders Trust, one of the nation’s leading healthcare real estate investment and development companies, this week announced it has completed the sale of a sizable portfolio of medical real estate.
The portfolio, valued at $240 million, consists of 11 properties located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The properties total approximately 474,100 square feet, according to a release.
Rance Sanders, CEO of The Sanders Trust, stated, “We’re pleased to have successfully executed the disposition phase of this portfolio.”
“The Sanders Trust has continued to secure attractive development and acquisition opportunities despite the current headwinds and the challenging economic environment. We’ve achieved our investment goals and are excited to be looking to re-deploy equity into new acquisition and development projects,” he continued.
The Sanders Trust and joint venture partner, Harrison Street, reportedly completed the disposition of the portfolio with assistance from Chris Bodnar and Lee Asher, vice chairmen of the Healthcare and Life Sciences Capital Markets team at CBRE. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company, purchased the assets on behalf of a public pension fund client.
“This transaction is the latest example of our successful partnership with The Sanders Trust. Our decade long partnership with the Sanders team has consistently identified opportunities in our target sectors that have delivered superior investment returns and we are excited about continuing to grow our partnership with them in the future,” said Ben Mohns, senior managing director and head of Asset Management – North America for Harrison Street.
The Sanders Trust develops and acquires medical office buildings, inpatient rehabilitation hospitals, specialty hospitals and other mission critical healthcare facilities nationwide. Located in Birmingham, The Sanders Trust has been a recognized leader in the investment community for healthcare clients since its inception in 1989 and has developed or acquired medical properties in 29 states.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn