Healthcare: Wadley MOB Portfolio for Sale
Months after Wadley Regional Medical Center emerged from Chapter 11 reorganization, the health care system’s real estate collection has hit the sales block. The five-asset portfolio includes the system’s 539,007-square-foot, 382-bed hospital, 98,000-square-foot medical office building and a ground lease for the 78,000-square-foot, 60-bed HealthSouth Rehabilitation Hospital of Texarkana, along with a single-user occupied medical office building and warehouse storage.
Andy Glinski with Marcus & Millichap Real Estate Investment Services’ special assets group in Denver, CO has the marketing assignment along with Bradley Bailey, an associate vice president in the company’s Austin, TX office. Glinski says the real estate is being brought to market by creditors impacted by Wadley’s Chapter 11 filing in early 2009. Though Wadley’s operations were sold to Brim Healthcare of Texas LLC in February 2009, Brim Healthcare didn’t want the real estate. “This portfolio came to us through a bankruptcy, but the assets themselves aren’t bankrupt,” says Glinski, who is working with Marcus & Millichap partner Jake Steele on the portfolio’s marketing.
The hospital built in the late 1950s and renovated throughout the years, is at 1000 Pine St. Wadley Medical Office Building, at 1002 Texas Ave., was built in the early 1990s. In addition to the HealthSouth ground lease, the 15,408-square-foot GTE Building at 1001 Walnut St. is part of the deal, as is the single-user office Wilson Building at 520 W. 12th St.
Glinski and Bailey tell GlobeSt.com that one-offs will be considered and no call for offers set. “We’ll probably market this through the New Year, and then set a call for offers if there hasn’t been much movement,” Glinski adds.
Bailey points out that the portfolio has several unique qualities, not the least of which is it includes a regional hospital. Furthermore, the regional hospital serves the four-state area of Texas, Arkansas, Louisiana and Oklahoma. As a result, Bailey says the preferred buyer type would be one able to reposition the properties to take advantage of their locations and potential target markets. “The buyer should also be able to move forward with the city of Texarkana and should be able to close fairly quickly,” Bailey notes.
By Amy Wolff Sorter for GlobeSt
