Provider Real Estate Partners, a Cleveland-based investment group focused on acquiring and operating medical office buildings across the country, announced Wednesday (Jan.5) that it has purchased three medical office buildings, a total of 119,408 square feet of office space, for a total of nearly $ 50 million in the fourth quarter of 2021.

Bill Ross, COO of Provider, said in the statement: “In these agreements we have partnered with high quality medical tenants, including large institutional health systems and leading independent physician practices. plan. “

Part of the provider’s strategy is to accommodate physicians who wish to retain an interest in real estate that they are disposing of for liquidity, retirement or other reasons.

As part of the transactions closed in the fourth quarter, a group of physician partners reinvested $ 1.5 million in the Provider Real Estate fund, an option offered by Provider to physicians who own real estate.

Dr. Michael Daugherty, a member of Albany Urology in Albany, GA, who recently sold a property to Provider, said in the statement, “The reinvestment allows me to capitalize on the value of our clinic and surgical center. and to diversify my remaining medical practice. real estate investment through a portfolio of high quality properties on a tax deferred basis. “

The properties are in three states.

In Brighton, Michigan, the 81,269 square foot Genoa Medical Center is anchored by IHA, one of Michigan’s largest multi-specialty healthcare groups. IHA is a wholly owned subsidiary of Saint Joseph Mercy Health System and a member of Trinity Health. The fully leased property also houses independent orthopedics, ophthalmology and dermatology practices.

In Albany, Georgia, the property is the 25,762 square foot Albany Urology Clinic, which is occupied by Albany Urology and includes clinical space and a surgical center.

In Shallotte, North Carolina, the facility is Oceanside Family Medicine & Convenient Care. The facility is 12,377 square feet in size and is rented by physicians from Novant Health who provide primary care and hands-on services in the building. Novant Health is a primary and practical care practice with more than 35,000 team members and physician partners who care for patients in North Carolina, South Carolina and Georgia.

The acquisitions bring Provider’s total portfolio to more than 148,000 square feet of medical offices. Provider announced its first acquisitions, two medical buildings, last July.

Ross and three other former Forest City executives started the company with Joseph Boehm IV, a managing partner who serves as the company’s spokesperson and has six years of experience in alternative investments at Ancora, the wealth manager based in Mayfield Heights.

Forest City was acquired by Brookfield Asset Management of Toronto in 2018.