PPG Buys Remaining Interests in Outpatient Properties from NexCore Group

PPG Medical Properties, LLC has closed on the acquisition of the remaining minority interest owned by principals of NexCore Group in a seven-property, $125 million healthcare real estate portfolio totaling more than 442,000 square feet.
 
NexCore principals and PPG Medical Properties formed a partnership to acquire the portfolio in December 2003. Now PPG Medical Properties has acquired the remaining interests held by NexCore-related principals. Terms of the sale were not disclosed.
 
The properties include:

• 2-story, 106,800 square foot Longmont Medical Campus, Longmont, Colo.
• 2-story, 78,000 square foot Gateway Medical Building, Phoenix, Ariz.
• 3-story, 57,650 square foot Centennial Medical Office Building II (at Centennial Healthcare Plaza), Englewood, Colo.
• 2-story, 67,000 square foot Panorama Orthopedics, Golden, Colo.
• 3-story, 54,600 square foot Preston Center One, Fort Collins, Colo.
• 2-story, 37,000 square foot South Bend Orthopaedics Center, South Bend, Ind.
• 1-story, 41,000 square foot Allied Physicians Surgery Center, South Bend, Ind.

Both firms indicate that the transaction complements their business plans.