• Focused | Experienced | Independent
  • Focused | Solely focused on the U.S. healthcare real estate sector
  • Experienced | Professionals have been involved with over $5 billion of assignments
  • Independent | Unbiased client goal driven advice free of any conflicts of interest
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Acting on behalf of numerous health systems, developer / owners, and capital sources, HRE Capital professionals have been involved in more than $4 billion in healthcare-related real estate assignments throughout the United States.

Our experience, proven track record and in-depth knowledge of the healthcare real estate sector, coupled with our independence and focus, uniquely positions HRE Capital to provide our clients with the highest level of transaction and advisory services.

Please click on the images to the left for Case Studies highlighting our recent transactions as well as some of the various advisory services we provide.

Greenville Health System

ROA, Portfolio Monetization & Developer Selection

Overview
Greenville Health System ("GHS") engaged HRE Capital as its exclusive financial advisor with respect to the comprehensive evaluation and strategic monetization/developer selection of owned and to be developed medical office buildings, a cancer center, administration buildings and a fitness center. HRE Capital utilized its unique Strategic Real Estate Options Assessment to evaluate the options for a portfolio of more than 25 assets. In total, 10 transaction structures were explored, which ultimately led to the monetization of certain assets. The monetization process allowed GHS to reinvest significant proceeds into its existing healthcare operations and improve upon its already strong capital structure.
Location Greenville, South Carolina
Client Summary
  • Four acute-care and 11 specialty healthcare facilities with 1,268 beds
  • AA Bond Rating (Fitch)
  • Total Assets of $1.7 billion
  • Annual Revenues of $1.4 billion
Services Provided
  • ROA
  • Portfolio Monetization
  • Developer Selection
Transaction Summary Monetization of a 16-building 855,376 square foot portfolio with a total value of $163 million and Developer Selection for several to-be-developed assets totaling $75 million.

Yale-New Haven Hospital

Developer Selection & Consulting

Overview
Yale New Haven Hospital ("YNHH") engaged HRE Capital as its real estate advisor with respect to the comprehensive evaluation and selection of development firms for the construction of two projects totaling $110 million in value. In the developer selection process, HRE Capital assisted YNHH in determining the most appropriate developer / owner, negotiated the appropriate lease rates after a thorough market analysis and negotiating the lease control provisions that YNHH desired. Each process resulted in the competitive selection of two well-established development firms with extensive experience.
Location New Haven, Connecticut
Client Summary
  • 1,541-bed academic health system
  • A+ Bond Rating (S&P)
  • Total Assets of $2.5 billion
  • Annual Revenue of $1.7 billion
Services Provided
  • Consulting
  • Developer Selection
Transaction Summary

Developer Selection for the construction of:

  • $55 million, 146,000 square foot on-campus Clinical Laboratory directly connected to a Cancer Center
  • $55 million mixed-use project including a parking garage, retail / office building, and 24-unit extended stay hotel.

Townsend Capital

Asset Disposition & Developer Selection

Overview
HRE Capital was selected as the exclusive financial advisor on behalf of Townsend Capital related to the disposition of the Smyth Professional Office Building and associated development rights at the Good Samaritan Hospital in Baltimore, Maryland. The 99 percent occupied on-campus medical office building is primarily leased to MedStar Health and Johns Hopkins, two of the premier healthcare providers in the Mid-Atlantic United States. HRE Capital undertook an effort to coordinate a competitive bid process for the asset and development rights, marketing it to a highly regarded and reputable audience of medical office investors and developers located throughout the United States.
Location Baltimore, Maryland
Client Summary
  • Founded in 1975, with a significant presence in real estate and emerging energy
  • Core focus on opportunistic investments in the office, healthcare and research sectors
  • Current portfolio spans 18 states
Services Provided
  • On-Campus Asset Disposition
  • Developer Selection
Transaction Summary Disposition of a 62,092 square foot on-campus medical office building and development rights for a to-be-constructed 52,000 square foot medical office building.

FPR Medical Properties

Portfolio Recapitalization & Joint Venture Structuring

Overview
HRE Capital was selected as the exclusive financial advisor to FPR Medical Properties to assist in establishing a programmatic joint venture relationship to recapitalize a medical office building portfolio and to fund future acquisition and development projects throughout the Mid-Atlantic ("Venture"). These efforts resulted in a Venture that expects to invest approximately $400 million in a diverse mix of on- and off-campus medical office buildings throughout the Mid-Atlantic region.
Location Mid-Atlantic
Client Summary
  • Wholly-owned subsidiary of one of Washington D.C.’s largest owners and operators of commercial real estate
  • Focused on the development, acquisition and management of medical office buildings   
Services Provided
  • Portfolio Recapitalization
  • Joint Venture Structuring
Transaction Summary Recapitalization of a 400,000 square foot medical office building portfolio and joint venture equity raise for future acquisition and development projects.

Saline Memorial Hospital

ROA & Portfolio Monetization

Overview
Saline Memorial Hospital ("SMH") engaged HRE Capital as its financial advisor with respect to the comprehensive evaluation, strategic implementation and monetization of a portfolio of four medical office buildings totaling 110,315 square feet. The portfolio consisted of three on-campus buildings with direct connection to SMH, and an off-campus asset with significant hospital occupancy. The strategic transaction bolstered SMHl’s liquidity position, allowed for strategic relationships through a physician-ownership option and enabled the hospital to further its mission of providing best-in-class healthcare to local residents.
Location Benton, Arkansas
Client Summary
  • Standalone community hospital with 167 beds
  • Unrated
  • Total Assets of $72 million
  • Annual Revenues of $80 million
Services Provided
  • ROA
  • Portfolio Monetization
Transaction Summary Monetization of a four-building 110,315 square foot portfolio with a total value of $15 million. Transaction was structured to include an ownership option for physician-tenants.

Cirrus Group

Portfolio Disposition & Development Presale

Overview
HRE Capital was selected as the exclusive financial advisor to The Cirrus Group related to the disposition of a 15 building, 704,326 square foot portfolio (“Portfolio”) with a national footprint across six states.  The $266 million Portfolio was 95% occupied and comprised of a diverse mix of healthcare real estate assets including medical office buildings, specialty hospitals, rehabilitation centers, ambulatory surgery centers and long-term acute care hospitals.  The disposition, which was negotiated as a “tranched” transaction, includes a presale structure for certain projects that are currently under development.
Location National
Client Summary
  • Founded in 1996 and headquartered in Dallas, Texas
  • Completed the development or acquisition of over 1.7 million square feet of healthcare real estate
  • Projects included acute-care and rehabilitation hospitals, ambulatory surgery centers and medical office buildings
Services Provided
  • Portfolio Disposition
  • Development Presale
Transaction Summary Disposition of a 704,326 square foot, 15 building healthcare real estate portfolio located across six states. 

AW Property Co.

Recapitalization & Acquisition Capital Raise

Overview
HRE Capital was selected as the exclusive financial advisor to AW Property Co. related to the joint venture equity financing for the value-add acquisition and recapitalization of a ten building, 710,546 square foot medical office building portfolio (“Portfolio”) located throughout South Florida. Nine of the buildings were acquired from and located on various campuses of a national health system. One recapitalized asset, a previously owned 75,800 square foot off-campus building, was contributed to the venture. HRE Capital undertook an effort to implement a competitive process for the procurement of an equity capital partner. The structured process resulted in the selection of a well-established equity partner with a national presence across multiple real estate asset types.
Location South Florida
Client Summary
  • Full-service real estate owner and property manager
  • Operates over 85 office, medical office and retail building, totaling 2.7 million square feet
  • Seven offices located throughout Central and South Florida
Services Provided
  • Acquisition and Recapitalization Joint Venture Financing
Transaction Summary Joint venture equity raise for the acquisition and recapitalization of a 10 building, 710,546 square foot medical office portfolio located throughout five cities in South Florida.

Richmond Honan Development and Acquisitions, LLC

Sale / Master Leaseback

Overview
HRE Capital was selected as the exclusive financial advisor to Richmond Honan Development and Acquisitions, LLC related to the capitalization of two medical office buildings totaling 167,082 square feet (“Assets”) located in Knoxville, Tennessee. Constructed in 2009, the Assets are master leased by one of the region’s largest for-profit healthcare providers, Provision Health Partners, LLC (“Provision”) and are located on the campus of a medical destination where Provision is developing a $100 million Proton Therapy Center.
Location Knoxville, Tennessee
Client Summary Richmond Honan
  • Developed and acquired over six million square feet of healthcare real estate
Provision Health
  • Multi-specialty physician practice focused on providing cancer treatment services
Services Provided
  • Sale / Leaseback
Transaction Summary Sale / leaseback of two medical office buildings totaling 167,082 square feet.

Nueterra Companies & Miami Children’s Hospital

Specialty Hospital Acquisition Capitalization

Overview
HRE Capital acted as a financial advisor to a joint venture (“JV”) between the Nueterra Companies and Miami Children’s Hospital related to the acquisition and renovation of the Miami International Medical Center (“MIMC”), a 154,300 square foot, 146-bed specialty hospital located in Miami, Florida. These efforts procured a well-capitalized investor positioned to i) acquire the real estate simultaneously with the JV’s purchase of the MIMC operations and ii) fund a complete renovation ($40 million) of the facility. The selected investor completed a complex sale / leaseback transaction in a restrictive timeframe that met the JV’s various financial and operational goals.
Location Miami, Florida
Client Summary Nueterra Companies
  • Global leader in developing joint equity partnerships with hospitals, health systems, governments and physicians.
  • Specializes in surgical hospitals, ambulatory surgery centers, community hospitals, among others.

Miami Children’s Hospital
  • 289-bed children’s hospital
  • Total Revenue of $500+ million
  • Investment grade credit rating (Fitch: A, S&P: A)
Services Provided
  • Acquisition Capitalization
  • Sale / Leaseback
Transaction Summary Capitalization of the acquisition and renovation of a 146-bed specialty hospital.

Meadows & Ohly

Portfolio Disposition

Overview
HRE Capital was selected as the exclusive advisor to Meadows & Ohly (“M&O”) related to the sale of a ten building, 1,007,395 square foot medical office portfolio (“Portfolio”). Concentrated in the major metropolitan areas of Atlanta, Georgia and Charlotte, North Carolina, the 90 percent occupied Portfolio is affiliated with large regional health systems such as Novant Health, the University of Tennessee Medical Center and Duke Lifepoint Healthcare. With an ultimate value of $268 million, the Portfolio represents one of the largest medical office dispositions by a privately-held regional developer. In addition, M&O was able to retain long-term management and leasing responsibilities.
Location North Carolina / Georgia / Tennessee
Client Summary
  • Full service advisor / developer / operator of healthcare real estate across the Southeastern United States.
  • Recognized as one of the nation’s preeminent healthcare real estate firms.
  • Delivers healthcare real estate solutions across a portfolio of over 5.7 million square feet.
Services Provided
  • Portfolio Disposition
Transaction Summary Sale of a ten building, 1,007,395 square foot medical office portfolio.

Viking Partners

Asset Disposition

Overview
Viking Partners (“Viking”) engaged HRE Capital as its exclusive advisor with respect to the sale of a 148,896 square foot, 98 percent occupied medical office building located on the campus of, and directly connected to, the Mid-Hudson Regional Hospital in Poughkeepsie, New York. The Atrium at Mid-Hudson Regional was 79 percent leased to the Hospital, which is a member of Westchester Medical Center, one of upstate New York’s largest non-profit health systems. HRE Capital structured a transaction that was able to meet Viking’s goals related to pricing and structure and overcame certain hurdles (short-term ground lease and flat rental rate).
Location Poughkeepsie, New York
Client Summary
  • Private equity real estate firm founded in 1991.
  • Owns and operates a portfolio of office, mixed use and retail properties throughout the Midwest and Southeast.  
  • Principals of Viking have invested in 100+ projects totaling over four million square feet with a value over $500 million.
Services Provided
  • Asset Disposition
Transaction Summary Sale of a 148,896 square foot on-campus medical office building.

LaSalle Investment Management

Portfolio Disposition

Overview
HRE Capital was selected as the exclusive financial advisor to LaSalle Investment Management (“LaSalle”) related to the sale of a five asset, 199,063 square foot medical office portfolio (“Portfolio”) located throughout South Florida.  All buildings in the Portfolio are either located on, or immediately adjacent to, an acute-care hospital campus operated by a leading national health system.  The 79 percent occupied Portfolio is affiliated with Community Health Systems and the Hospital Corporation of America. On behalf of LaSalle, HRE Capital coordinated a highly competitive marketing process to procure a well-capitalized and experienced medical office investor / operator seeking to acquire a regionally concentrated medical office portfolio. 
Location South Florida
Client Summary
  • One of the world’s leading real estate investment managers.
  • Nearly 700 employees in 17 countries worldwide.
  • Manages $50 billion of private and public property equity and debt investments for public and private pension funds, insurance companies, governments, endowments and private individuals. 
  • Independent subsidiary of Jones Lang LaSalle (NYSE: JLL), one of the world’s largest real estate companies.
Services Provided
  • Portfolio Disposition
Transaction Summary Sale of a five asset, 199,063 square foot medical office portfolio.