Birmingham-based Sanders Trust has sold a $240 million portfolio of medical properties — 11 properties in eight states — to a public pension fund.
Sanders Trust partnered with Harrison Street on the property disposition, with help from CBRE. Lincoln Advisors, affiliated with Lincoln Property Co. in Dallas, purchased the properties.
“The Sanders Trust has continued to secure attractive development and acquisition opportunities despite the current headwinds and the challenging economic environment,” said Rance Sanders, CEO of the Sanders Trust, in a media release. “We’ve achieved our investment goals and are excited to be looking to re-deploy equity into new acquisition and development projects.”
The Sanders Trust specializes in medical properties, developing and acquiring medical office buildings, inpatient rehabilitation hospitals and other specialty hospitals. It was founded in 1989 and has handled properties in 29 states.
“The health care real estate sector has been relatively stable throughout the past year despite the uncertainty and economic struggles the country has faced due to the COVID-19 pandemic,” the Trust said in its media statement.
The portfolio transaction announced this week included facilities in Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa.