Blueprint Healthcare Real Estate Advisors is breaking into the realm of medical office building acquisitions after proving itself as an active dealmaker in seniors housing brokerage. Late last year, Blueprint hired Eric Lee and Chris Lashmet, two veterans in the MOB and REIT space, to build out the practice, which is starting to bear fruit.
Blueprint represented the seller, MDG Real Estate Global, in the deal. Seavest Healthcare Properties, backed by its parent company Seavest Investment Group, was selected as the buyer after a competitive marketing process where several MOB players submitted competitive bids.
Built in 2013, the targeted building features eight stories and 72,000 square feet of medical offices and academic spaces. It hosts a mix of medical specialties in cardiology, gastroenterology, oncology, ophthalmology, pharmacy services, and a nursing school. It also includes an on-site parking garage. The building is fully leased and benefits from significant investment grade-rated tenants, including NYU Langone Health and Touro College School of Health Sciences. Those credit tenants and health systems account for 92% of the building’s rentable area.
CIT Group Inc.‘s Healthcare Finance business served as the sole lead arranger to finance the acquisition of the property, providing a $33.2 million loan. Messrs. Lee and Lashmet worked on the deal, as did Michael Segal of Blueprint.
