PPG Medical Properties, LLC has closed on the acquisition of the remaining minority interest owned by principals of NexCore Group in a seven-property, $125 million healthcare real estate portfolio totaling more than 442,000 square feet.
NexCore principals and PPG Medical Properties formed a partnership to acquire the portfolio in December 2003. Now PPG Medical Properties has acquired the remaining interests held by NexCore-related principals. Terms of the sale were not disclosed.
The properties include:
- 2-story, 106,800 square foot Longmont Medical Campus, Longmont, Colo.
- 2-story, 78,000 square foot Gateway Medical Building, Phoenix, Ariz.
- 3-story, 57,650 square foot Centennial Medical Office Building II (at Centennial Healthcare Plaza), Englewood, Colo.
- 2-story, 67,000 square foot Panorama Orthopedics, Golden, Colo.
- 3-story, 54,600 square foot Preston Center One, Fort Collins, Colo.
- 2-story, 37,000 square foot South Bend Orthopaedics Center, South Bend, Ind.
- 1-story, 41,000 square foot Allied Physicians Surgery Center, South Bend, Ind.
Both firms indicate that the transaction complements their business plans.