REIT pays $29 million for medical campus in Carson |

REIT pays $29 million for medical campus in Carson

NNBW staff

Todd Jensen, chief investment officer of American Realty Capital Healthcare Trust, says its purchase last week of Carson Tahoe Specialty Medical Plaza is a strong additional to the company’s rapidly expanding portfolio of income-generating healthcare facilities.

ARC Healthcare Trust, a subsidiary of American Realty Capital of New York City, seeks to build its portfolio of healthcare facilities to $3 billion to $4 billion over the next four to five years, Jensen says. The public non-traded REIT paid $29 million for the 154,622-square-foot Carson Tahoe Medical Plaza.

The facility was attractive to American Realty Capital Healthcare Trust for several reasons, Jensen says. The plaza has a diverse tenant mix, which includes a long-term acute care program, imaging and ultrasound services, a lab, wound-care clinic and ophthalmology surgery center. The primary tenant, Carson Tahoe Regional Healthcare, also is the dominant medical provider in the region and carries a BBB rating from Standard and Poors, Jensen says.

“Within the healthcare niche we want to have a diversified pool of asset types. Carson Tahoe Regional Healthcare is a very strong operator and carries an investment-grade rating. This asset, while sizeable, carries many long-term leases, particularly with the primary tenant.”

Jensen says the facility in Carson City, which was part of a three-property purchase totaling $60.9 million, came across ARC’s radar through contacts with a developer in Texas that was preparing to divest a sizeable portfolio of medical properties. ARC was able to negotiate a sale for the three buildings, which include properties in Las Vegas and Phoenix, before the properties went on the open market.