Ryan Companies US, Inc. closed the sale of a portfolio of medical office assets to Harrison Street, an investment management firms exclusively focused on alternative real assets.
The portfolio is made up of 11 buildings totaling 500,778 square feet across 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 percent 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.
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.