ING's $90m solash in medical office market.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY: ING Clarion Partners, a leading real estate investment advisory firm, has entered into a major new joint venture program with Montecito Medical Investment Company to acquire medical office properties across the country, it was announced today. In addition, the firms said that they have acquired their first properties--El Dorado in Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] , Vero Beach Vero Beach (vēr`o), city (1990 pop. 17,350), seat of Indian River co., E Fla., on Indian River (a lagoon and part of the Intracoastal Waterway); founded c.1888, inc. 1919. Medical Suites in Vero Beach, Florida Vero Beach is a city in Indian River County, Florida, USA. According to the U.S. Census Bureau's 2006 estimates, the city had a population of 19,916.[2] It is the county seat of Indian River CountyGR6. , Gwinnett Medical Office in Lawrenceville, Georgia Lawrenceville is the county seat of Gwinnett County, Georgia, in the United States. The 2000 census recorded the city's population as 22,397. The Census Bureau estimates the 2005 population at 28,393. and Knoll I & II in Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. . The four facilities total 466,000 s/f and were purchased for more than $90 million. Broad Street Advisors acted as an advisor to Montecito in forming the joint venture and as broker on the transactions. Robert Rizzi, executive vice president and partner at Broad Street, handled the transaction. ING Clarion noted a number of significant trends that support the firm's decision to enter the market for medical office properties. These include the general aging of the population and a corresponding need for more healthcare services; the migration of technology-based services out of the hospitals to specialized providers housed in standalone facilities; and an overall trend towards out-patient care. Over time. the two firms anticipate building a significant portfolio of medical property holdings. The new venture plans to expand by acquiring additional existing facilities, investing in properties with the potential for redevelopment and repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. , and by undertaking new development in selected major medical markets throughout the U.S. "We believe that medical office properties hold significant promise for investors in many of the portfolios under our management," said Edward M. Rotter, managing director at ING Clarion. "The tenant base is strong and stable, occupancy rates are high, and the current ownership is highly fragmented with few of these properties in the portfolios of institutional investors. We are looking forward to being a part of this exciting new market opportunity." |
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