Lillibridge purchases 455,367 sf medical office building portfolio from SSM Health Care - St. Louis
CHICAGO, May-4 2005 — Lillibridge, one of the nation's largest private healthcare real estate firms, has acquired a portfolio of 10 medical office buildings from SSM Health Care — St. Louis in Missouri.
With 7 hospitals, nearly 2,000 staff physicians and 8,600 employees, SSM Health Care-St. Louis is the second-largest healthcare system in St. Louis. Its parent organization, SSM Health Care, also based in St. Louis, is sponsored by the Franciscan Sisters of Mary, and in 2002 became the first healthcare recipient of the Malcolm Baldrige National Quality Award. The system owns, operates and manages hospitals and nursing homes in four states: Missouri, Illinois, Wisconsin and Oklahoma.
"These assets have a strong market position and complement our existing portfolio," said Todd W. Lillibridge, chairman and chief executive officer of Lillibridge. "Missouri is a target market for our organization, and this acquisition adds to our presence in the St. Louis area."
On the selection process, Ron Levy, president and CEO of SSM Health Care-St. Louis, said, "We chose Lillibridge because of its long history and experience working with other non-profit hospitals, and its reputation for managing on-campus medical office buildings."
FIRST-CLASS ASSETS IN A GROWING MARKET
The medical buildings (based in the suburbs surrounding St. Louis) are on and off the campus of SSM Health Care — St. Louis. The acquisition includes:
- 3 on-campus buildings at SSM St. Mary's Health Center in Richmond Heights
- 2 on-campus buildings at SSM DePaul Health Center in Bridgeton
- 2 on-campus buildings at SSM St. Joseph Health Center in St. Charles
- 1 on campus building at SSM St. Joseph Hospital West in Lake Saint Louis
- 2 off-campus properties in O'Fallon and St. Peters
All SSM Health Care services and programs currently provided at the sites will continue without interruption. The properties are in excellent condition, have many convenient amenities, and are 90% occupied.
"We are well positioned to continue to acquire medical-related real estate in attractive growth markets," said Joseph G. Kurzydym, chief financial officer of Lillibridge. An affiliate of Heitman is Lillibridge's joint venture partner on the SSM Health Care portfolio. Heitman is one of the largest real estate investment firms
in the United States with approximately $13 billion in assets.
The SSM Health Care acquisition comes on the heels of the announcement that Lillibridge has acquired the assets of Mediplex Medical Building Corporation (MMBC) of Plano, Texas.
ABOUT LILLIBRIDGE
Lillibridge provides real estate services and capital exclusively to hospitals and healthcare systems. As "The Total Healthcare Real Estate SolutionSM" the company offers a full complement of capabilities — buys and develops medical office and outpatient / ambulatory care facilities; provides program management services
to build and/or renovate inpatient / acute care hospitals; offers strategic leasing and comprehensive development services; provides asset and property management services; and advises clients on a wide variety of strategic, financial, and operational real estate issues.
Lillibridge's national scope encompasses more than 250 hospitals and healthcare systems; 6,000 physicians and hospital tenants, a track record of over 150 completed development projects, and 8.5 million square feet of properties across 40+ states. Headquartered in Chicago, Lillibridge has three regional offices and local offices in
27 markets.
ABOUT SSM HEALTH CARE
With 7 hospitals, nearly 2,000 staff physicians and 8,600 employees, SSM Health Care-St. Louis is committed to serving the comprehensive health needs of St. Louis area residents. Sponsored by the Franciscan Sisters of Mary, SSM includes SSM Cardinal Glennon Children's Hospital, SSM DePaul Health Center, SSM
St. Joseph Health Center, SSM St. Joseph Hospital West, SSM St. Joseph Hospital of Kirkwood, SSM St. Mary's Health Center and SSM Rehab, plus three medical groups: SSM St. Charles Clinic Medical Group, SSM Medical Group and SSM DePaul Medical Group.
Its parent organization, SSM Health Care, also based in St. Louis, in 2002 became the first health care recipient of the Malcolm Baldrige National Quality Award. The system owns, operates and manages hospitals and nursing homes in four states: Missouri, Illinois, Wisconsin and Oklahoma.