Posted November 16, 2005
NexCore Group’s owned healthcare portfolio now consists of 1 million square feet and $250 million in properties across the country.
NexCore Group has purchased four medical office properties for $11 million. The transaction adds 55,800 square feet to NexCore’s portfolio of healthcare properties in northern Indiana, bringing the total to nearly 133,000 square feet acquired in the state in the past two years.
Located in Mishawaka, Elkhart, South Bend and LaPorte, the four properties were purchased from one selling entity, a physician clinical practice interested in monetizing real estate assets to focus on operational investments. The transaction was structured as a sale-leaseback with an affiliate of the seller remaining in tenancy following closing under a long-term lease agreement. NexCore Group will provide asset management services through its affiliate NexCore Properties LLC.
With the completion of this acquisition, NexCore Group’s owned healthcare portfolio consists of about 1 million square feet and $250 million in properties across the country. The transaction is part of the company’s acquisition program to buy $400 million of health care real estate during the next three years. In excess of $100 million of these acquisitions will take place in the next 12 months.