MIDDLETOWN, OH—A partnership of Dallas-based MedProperties and Columbus, Ohio-based Equity Inc. has acquired the 103,000-sq.-ft. Atrium Medical Center here for an undisclosed amount.
GE Capital provided the debt financing for the transaction. The five-story medical office building, at 200 Medical Center Drive, is one of nine buildings that have been built on a 200-acre hospital campus, which opened in 2007. The 314-bed hospital was a replacement for Middletown Regional Hospital.
“The Atrium investment was compelling to us as a result of its on-campus location, the strength of the hospital system, and the economic growth that is occurring between the cities of Dayton and Cincinnati where the project is located,” said MedProperties Managing Principal Roman J. Kupchynsky in a statement. “In addition, industry professionals now know that the Accountable Care Act is here to stay, so system plans for expansion that were previously on hold appear now to be moving forward. We believe this acquisition will benefit from this timing and momentum.”
Lee Jackson, senior vice president of Healthcare Transactions and Acquisitions for Equity, said the facility is connected to the hospital on four levels, which allows for direct access between hospital services and physician offices. “This provides added convenience for patients, staff and physicians as well as increased efficiency and collaboration among health services,” he said in the statement.
The MOB includes a number of hospital services, including cardiac rehabilitation, the Wilbur & Mary Jean Cohen Women’s Center and physician education facilities. The building also houses physician office suites, a retail pharmacy and hospital administrative offices.