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Hammes Sells 23-Property Medical Office Portfolio for $400M

Pictured is the South Kitsap Medical Center in Port Orchard, Washington, near Seattle.

MILWAUKEE — Hammes Partners has sold a 23-property medical office portfolio across nine states for $400 million.

The Class A properties, totaling 979,000 square feet, are located in Virginia, Washington, North Carolina, Illinois, New York, New Jersey, Pennsylvania, Alabama and Texas.

Mindy Berman and Steve Leathers of JLL Healthcare Capital Markets brokered the sale on behalf of Milwaukee-based Hammes. Giant healthcare REIT Welltower Inc. (NYSE: WELL) was the buyer, according to media reports.

“Selling points included the portfolio’s alignment with major health systems, durable income and locations in strong metro markets,” says Berman.

Hammes Partners is a private equity platform that invests on behalf of institutional investors, with a focus on the U.S. healthcare real estate market. Toledo, Ohio-based Welltower is a real estate investment trust that mostly invests in healthcare and seniors housing properties.

— Kristin Hiller

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