HealthCap Announces New Building Acquisition
Hospital-Affiliated Medical Office Building in Pennsylvania
DALLAS (April 14, 2015) - HealthCap, a national healthcare private equity and real estate investment firm, recently completed the latest transaction in an active national acquisition program it has executed over the past several years. Under the program, HealthCap has focused on purchasing off-campus medical buildings operated by market leading healthcare systems and physician practice groups delivering primary care and key outpatient services to patients in convenient, cost-effective and strategically important locations.
The newest purchase is a 28,230 square foot, three-story medical office building located in Erie, Pennsylvania. The Allegheny Health Network - Sassafras building is located just three blocks north of Allegheny Health Network’s 358-bed Saint Vincent Hospital, on the southern edge of the Erie central business district. Constructed in 2004, the property is 100%-leased by Allegheny Health Network (“AHN”), an eight (8) hospital, not-for-profit, integrated healthcare system serving 29 Pennsylvania counties and portions of West Virginia, Ohio and New York. AHN is part of Highmark Health, the 4th largest Blue Cross and Blue Shield-affiliated company nationally and the largest health insurer in Pennsylvania. Building services include women’s rehabilitation, Saint Vincent Corporate Wellness, The Occupational Health Center, The Center for Pain Management, Saint Vincent Dermatology and administrative services for Saint Vincent Medical Group. The property provides patients with an attractive, convenient and easily accessible alternative to AHN Saint Vincent’s large and congested hospital campus.
About HealthCap
HealthCap is a private equity firm specializing in creative growth capital and real estate solutions for the strategic needs of the healthcare industry. HealthCap assists its operating partners by providing growth capital, facilitating buy-outs and recapitalizations, and executing strategic healthcare real estate initiatives. Since 1996, HealthCap has sponsored more than $1.1 billion in healthcare sector investments. For more information, please visit healthcap.com