November 12, 2019
Welltower will acquire a 29-property Class-A medical office building portfolio from Hammes Partners for $787 million. It follows a December 2018 purchase from Milwaukee-based Hammes for $391 million.
Separately, Toledo, OH-based Welltower announced an additional gross investment volume of $885 million across four separate outpatient medical transactions which are currently under contract. Further details weren’t disclosed. Welltower has closed or announced more than $3.5 billion of outpatient medical acquisitions this year.
“These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” said Welltower CEO Thomas J. DeRosa. “We continue to upgrade the quality of our portfolio and align ourselves strategically with leading not-for-profit health systems.”
The 1.5-million-square-foot Hammes portfolio’s assets are concentrated in the New York and Boston MSAs, along with other dense population centers in Massachusetts, California, Texas and Maryland.
Pictured: A Hammes medical office property on Long Island, NY.
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