Lillibridge Healthcare Services, a subsidiary of the Chicago-based Ventas healthcare real estate investment trust, has acquired five medical office buildings on the campuses of two ThedaCare hospitals in Wisconsin.
The five class “A” buildings total 225,000 square feet on the grounds of ThedaCare hospitals in Appleton and Neenah, Wis. Lillibridge said the purchase price for the facilities was $36.6 million.
The deal was the first acquisition under the new Lillibridge/Ventas platform and was funded by Ventas with cash on hand.
The medical buildings will be managed by a subsidiary of Lillibridge.
“These high-quality, well-occupied, on-campus assets are an excellent addition to our portfolio of medical office buildings, and we look forward to growing a new relationship with a highly rated hospital system.” said Todd W. Lillibridge, executive vice president of medical property operations for Ventas and CEO of Lillibridge.
ThedaCare is a community health system consisting of four hospitals with $550 million in annual revenue.
Ventas owns 241 senior housing facilities, 40 hospitals, 187 skilled nursing facilities and 130 medical office buildings and other healthcare facilities in the United States and Canada. Through Lillibridge, the REIT provides management, leasing, marketing, facility development and advisory services to hospitals and health systems.