LaSalle picks up $100m healthcare portfolio

Joining a growing number of firms setting their sights on the healthcare sector, LaSalle has reportedly purchased nine medical office buildings in New York state.

LaSalle Investment Management has acquired nine medical office buildings from New York-based real estate company First Columbia for a reported $100 million (€71 million). The properties were acquired by LaSalle Medical Office Fund II, which currently has $55 million in property assets.

According to press reports, eight property deals have already closed, including the Hudson Medical Center in New Windsor; Hudson Slingerlands Crossing I and II; the Hudson Benedictine Cancer Center in Kingston; Plank Medical Center in Clifton Park; the New Paltz Medical Center; a St. Peter’s Hospital-leased building in Guilderland and the Cushing Center; and a building at St. Claire’s Hospital in Schenectady.

The ninth property, Pruyn Pavilion at Glens Falls Hospital in Glen Falls, is expected to close in the next few weeks.
First Columbia, based in Latham, New York, develops, finances and operates office campuses, corporate build-to-suits, master-planned communities, and high tech facilities throughout the Northeast in addition to medical complexes. 

LaSalle is not the only firm busy in the US healthcare sector. In July, Westport Capital Partners acquired four healthcare facilities in New England in partnership with Capital Health Group and Kaplan Development Group. The properties comprised 369 assisted-living and independent units.

In the same month, The Carlyle Group paid $4.9 billion for Toledo, Ohio-based Manor Care, a provider of short-term post-acute and long-term health services. The acquisition saw more than 500 nursing facilities throughout the US go to Carlyle ownership.