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USAA Real Estate Company (“USAA RealCo”) and HSA PrimeCare, the national healthcare real estate division of Chicago-based HSA Commercial Real Estate, recently announced a joint venture to acquire and develop outpatient healthcare real estate assets across 11 states throughout the Midwest.
Together with this announcement, the new joint venture also made its first acquisition, of a 97,375-square-foot portfolio of medical office assets located in northwest Indiana and Tinley Park, Illinois.
The newly formed equity fund is positioned to acquire and/or develop a broad range of healthcare real estate such as medical office buildings, cancer centers, ambulatory surgery centers, medical wellness centers and other specialty centers.
HSA PrimeCare, a leading developer and manager of medical office buildings in the Midwest, will provide investment analysis, development, leasing and property management services to the newly formed partnership.
Executive leadership of HSA PrimeCare and HSA Commercial who will collectively lead this venture include Bob Smietana, Dan Miranda and John Wilson.
Through its own proprietary analysis, USAA RealCo identified the healthcare real estate sector as one poised for strong growth potential. In forming the joint venture with HSA PrimeCare to pursue acquisition and development of healthcare real estate assets, USAA RealCo broadened its geographic exposure to the sector beyond the Southeast, where it began investing in 2015, to include the Midwest. Today, through co-investments and joint ventures, USAA RealCo’s portfolio includes approximately 415,000 square feet of healthcare real estate assets.
