NEW YORK, Feb 8, 2012 (GlobeNewswire via COMTEX) — Medistar Corporation, under the advisement of healthcare investment banking firm Hammond Hanlon Camp LLC, has completed the sale of three healthcare properties which were developed and owned by Medistar.
On January 31, 2012, Griffin-American Healthcare REIT II, Inc. closed on the purchase of the Spokane Integrated Medical Plaza, a 96,000 square foot medical office building and 395-space attached parking structure in Spokane, Washington for $32.5 million. The property is strategically located adjacent to the Deaconess Hospital campus. Community Health Systems and Northwest Orthopedic Specialists lease 97 percent of the building’s net rentable area pursuant to long-term leases.
On December 16, 2011, Duke Realty Corporation closed on the purchase of a 36-bed short stay surgical hospital and a 53,000 square foot medical office building. The portfolio, which sold for $43.47 million, is located in San Antonio, Texas. The hospital is 100% leased by CHRISTUS Santa Rosa Health System, a part of CHRISTUS Health, one of the nation’s largest Catholic healthcare systems. CHRISTUS Santa Rosa also leases more than 70 percent of the fully occupied, multi-tenant medical office building.
P.J. Camp, a principal with Hammond Hanlon Camp LLC, said “We were pleased to work with a very well-regarded development company in Medistar. The properties attracted interest from a wide spectrum of investors as a result of their high-quality construction and strong credit tenancy.”
About Medistar Corporation
Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of healthcare real estate. The company focuses on medical office buildings, integrated medical plazas and other facilities for the healthcare industry, as well as corporate developments and corporate facilities.
About Griffin-American Healthcare REIT II, Inc.
Griffin-American Healthcare REIT II, Inc. is a real estate investment firm that specializes in the acquisition and management of healthcare real estate. As a leading publicly registered non-traded real estate investment trust, the company seeks to raise up to $3.0 billion in equity and to acquire a diversified portfolio of healthcare-related assets focused primarily on medical office buildings, hospitals, and skilled nursing and assisted living facilities. The REIT currently owns a diverse and growing portfolio of clinical healthcare-related real estate valued in excess of $600 million. The company is based in Newport Beach, CA.
About Duke Realty Corporation
Duke Realty Corporation, a publicly traded real estate investment trust based in Indianapolis, IN, is one of the largest commercial real estate companies in the United States. Founded in 1972, the company owns and operates approximately 143 million rentable square feet of industrial, office and medical office properties in 18 major U.S. cities. Duke Realty’s healthcare division has over 20 years of experience supporting hospitals and physician groups with development, ownership, leasing and management services related to healthcare real estate. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index.
About Hammond Hanlon Camp LLC
Hammond Hanlon Camp LLC (“H2C”) is a healthcare-focused strategic advisory and investment banking firm with a particular emphasis on the not-for-profit sector. The firm traces its heritage back almost 30 years through its predecessor organizations, including Shattuck Hammond Partners. H2C’s principals have served as lead advisors on transactions in the healthcare industry totaling over $30 billion. The company is based in New York and has offices across the country in San Diego, Atlanta and Chicago. h2cllc.com
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SOURCE: Hammond Hanlon Camp LLC
CONTACT: Brittany Mazin
Hammond Hanlon Camp LLC