Seavest Healthcare Properties LLC has divested of two of its early discretionaryfunds totaling 14 medical office buildings in six states through a sale to Duke Realty for $332 million, or $267 per sq. ft. The transaction closed in a staged process from Oct. 5 to Oct. 21.
The properties contain a combined 1.2 million sq. ft. of space and include three assets from Seavest Properties I and 11 assets from Seavest Properties II. The buildings are located throughout Florida, Texas, Louisiana, New Mexico, Virginia and Wisconsin.
“This historic transaction reflects the strength and stability of the [medical office building] sector,” said Seavest President and CEO Douglas Ray in a statement. “Seavest has been investing in healthcare real estate since the mid-1980s and with interest rates and capitalization rates near historic lows and prices verging on historic highs, this was an appropriate time for us to sell these assets on behalf of our investors.”
Evercore Partners acted as an advisor to Seavest in the.