NEW YORK, July 21, 2016 /PRNewswire/ -- An affiliate of WESTPORT CAPITAL PARTNERS LLC, a real estate investment firm, and EVEREST WP, LLC, a real estate investment firm, today announced that they have formed a joint venture partnership (the "Company").
The Company has been formed to acquire high quality, Class A and B medical office buildings, primarily in established strategic markets across the U.S. The Company plans to assemble an institutional quality portfolio through a series of one-off, single-asset, and portfolio purchases from medical office owners and hospital systems across the country.
The Company expects to target medical office buildings with the following characteristics;
Properties with use limited to offices for doctors, medically-related ancillary uses (e.g., ambulatory surgery center, outpatient treatment), and offices for non-doctor health care professionals such as dentists, chiropractors, physical therapists and psychologists
Recent vintage Class A and B properties with mission critical improvements
Properties with proximity to a thriving hospital campus or strategically located off-campus buildings
Properties with stable, in place leases, with credit tenants like a hospital system or large-scale physician group; and with synergistic co-tenancy and lease-up opportunities
The Company Completes First Acquisition: Pentagon Medical Office Building
The Company has completed its first acquisition with the purchase of the Pentagon Medical Office Building, a three-story, multi-tenant medical office building in Columbus, Ohio, for $11.1 million. The property is situated on approximately eight acres near the Mount Carmel East Hospital campus. Constructed in 2006, the building contains approximately 63,000 square feet and is currently 98 percent leased to established medical practices.
"We are very pleased to complete the acquisition of the Pentagon medical office building," said Russel S. Bernard, the Managing Principal of Westport Capital Partners LLC. "This unique evolving market space continues to offer differentiated and attractive investment opportunities for Westport Capital Partners and our investor-partners."
About Westport Capital Partners
Westport Capital Partners LLC is a real estate investment firm which provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
About Everest Medical Core Properties
Everest Medical Properties is an institutional real estate manager focusing on medical core real estate properties across the United States. Its mission is to provide stable income and competitive total returns to institutional and individual investors by acquiring high-quality medical office properties. The team has over 100 years of combined commercial real estate and finance experience with major companies. For more information on Everest Medical Core Properties, visit www.everestmcp.com or contact us at [email protected].