CLEVELAND, Jan. 5, 2022 /PRNewswire/ -- Provider Real Estate Partners, a dedicated investor in medical office properties nationwide, completed the acquisition of three medical office buildings during the fourth quarter of 2021 in Brighton, Michigan; Albany, Georgia; and Shallotte, North Carolina. The properties represent a combined total of 119,408 square feet, bringing Provider's total portfolio to over 148,000 square feet of medical office building space.
"We are thrilled to add three new properties to the portfolio," said Bill Ross, COO of Provider. "In these deals, we have partnered with high-quality medical tenants, including large institutional health systems and leading independent physician practices."
Fourth Quarter Transactions
In Brighton, Michigan, the 81,269 square-foot Genoa Medical Center is anchored by IHA, one of the largest multi-specialty healthcare groups in Michigan. IHA is a wholly owned subsidiary of Saint Joseph Mercy Health System and a member of Trinity Health. The fully leased property is also home to independent orthopedic, ophthalmology, and dermatology practices.
The 25,762 square-foot Albany Urology Clinic in Albany, Georgia includes one of the most productive surgery centers across all medical specialties in southwest Georgia. The property is comprised of clinical space and a surgery center, fully occupied by the physicians and staff of Albany Urology, which was established and has served the greater Albany and Dougherty County communities since 1972.
In one of the fastest growing counties on the East Coast, Novant Health physicians offer primary and convenient care services at the 12,377 square foot Oceanside Family Medicine & Convenient Care facility in Shallotte, North Carolina. The property is 100% leased to Novant Health, which has over 35,000 team members and physician partners providing care for patients across North Carolina, South Carolina, and Georgia.
As part of the transactions closed in the fourth quarter, a group of the physician partners reinvested $1.5 million into the Provider Real Estate fund, an option offered by Provider to physician real estate owners. "I am excited to invest in the fund alongside our new partners at Provider," said Albany Urology's Dr. Michael Daugherty. "The reinvestment allows me to capitalize on the value of our clinic and surgery center and diversify my remaining medical office real estate investment across a portfolio of high-quality properties on a tax-deferred basis."
About Provider Real Estate Partners
Provider Real Estate Partners is a Cleveland, Ohio, based investor in medical office buildings throughout the United States. We have an experienced team of real estate professionals dedicated to partnering with physicians to maximize their investment in medical office real estate, streamline their operations, and plan for future growth. www.providerrep.com
Joe Boehm IV
SOURCE Provider Real Estate Partners