Sanders Trust sells $240 million, 11 property portfolio

Birmingham’s The Sanders Trust has announced a $240 million sale of an 11-property portfolio of medical real estate, spanning eight states.

The Birmingham development and acquisition company, which specializes in healthcare facilities, sold the portfolio with joint venture partner, Harrison Street, to Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company. It purchased the assets on behalf of a public pension fund client.

The properties are located across Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa, and total approximately 474,100 square feet.

The deal was completed with assistance from Chris Bodnar and Lee Asher, vice chairmen of the Healthcare and Life Sciences Capital Markets team at CBRE.

“The Sanders Trust has continued to secure attractive development and acquisition opportunities despite the current headwinds and the challenging economic environment,” Sanders Trust CEO Rance Sanders said. “We’ve achieved our investment goals and are excited to be looking to re-deploy equity into new acquisition and development projects.”

The healthcare real estate sector has been relatively stable throughout the past year despite the economic uncertainty due to the COVID-19 pandemic, the company said in a statement.

“Our decade-long partnership with the Sanders team has consistently identified opportunities in our target sectors that have delivered superior investment returns and we are excited about continuing to grow our partnership with them in the future,” Ben Mohns, senior managing director and head of asset management – North America for Harrison Street, said.

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