CLEVELAND, July 14, 2021 /PRNewswire/ -- Provider Real Estate Partners, a dedicated investor in medical office properties nationwide, completed the acquisition of two medical office buildings in Little River, South Carolina and Las Cruces, New Mexico. The properties offer a combined total of 28,899 square feet, leased by leading urology and gastroenterology practices in their respective markets. The deals are Provider Real Estate Partners' first transactions in its inaugural fund.
"We are excited to announce our first two property acquisitions," said Joe Boehm, CEO of Provider. "Both deals align strongly with our investment criteria, with high-quality real estate in markets with robust growth and demographics, anchored by strong 'specialty surgical' tenants."
At the 15,455 square-foot medical office in Little River, Atlantic Urology provides clinical, imaging, and pathology services. Atlantic Urology has eight offices across Myrtle Beach, one of the fastest growing markets nationwide, employs over 160 people, and is owned by GenesisCare, the largest radiation-oncology provider in the U.S.
The 13,444 square-foot Lohman Endoscopy Center is home to Digestive Disease Consultants of Las Cruces, the sole gastroenterologists practicing at Memorial Medical Center and MountainView Regional Medical Center, the dominant healthcare centers in Las Cruces. The property includes both the medical offices for Digestive Disease Consultants and the endoscopy center, a partnership between the practicing physicians and LifePoint Health, which operates over 85 domestic healthcare facilities.
Additionally, Dr. Glenn Gangi of Atlantic Urology has elected to reinvest a portion of his ownership in the Little River property into the Provider Real Estate fund on a tax-deferred basis, an option offered to physician real estate owners by Provider.
"We are thrilled that Dr. Gangi chose to become a partner in our fund," said Bob O'Brien, CFO of Provider. "His investment further aligns us with our tenant and provides Dr. Gangi the ability to diversify his 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