Ryan is pleased to share the sale of 11 medical office assets to Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets. The portfolio of 11 buildings totals 500,778 square feet across six states including Florida, Illinois, Minnesota, North Carolina, North Dakota and Wisconsin. The mix of buildings includes single- and multi-tenant medical office, ambulatory surgery centers and a multi-use integrated service center. Ryan’s healthcare real estate management team will continue managing these buildings under the new ownership.
“There has been exceptional investment interest and demand in healthcare, making it the ideal time for Ryan to move forward with the sale,” said Andrew Twito, vice president of capital markets, Ryan Companies. “It also enables us to redeploy capital to new projects for healthcare clients as we continue providing flexible and competitive financing options.”
The portfolio represents 5% of total square footage Ryan has delivered to healthcare clients. In the past five years alone, Ryan has delivered more than 3.1 million square feet of healthcare space across 22 states. Newmark’s Healthcare Capital Markets group represented Ryan in the portfolio sale.
“We sincerely appreciate the opportunity to represent Ryan Companies in this milestone transaction,” said John Nero, managing director of Newmark’s Healthcare Capital Markets group. “Ryan’s development capabilities and expertise in the healthcare sector created a truly best-in-class portfolio and drove significant investor interest in this opportunity throughout the marketing process.”
The transaction marks the third medical office investment for Harrison Street and Ryan, having previously acquired two medical office buildings located in Delafield and Menomonee Falls, Wisc., which are currently occupied by Froedtert and Children’s Hospital of Wisconsin. Harrison Street and Ryan have executed 17 transactions together across the senior living, medical office, and healthcare sectors.