Rendina Companies recently announced the $288 million sale of 17 medical office buildings and its affiliated property management group, Paramount Real Estate Services, to Health Care REIT, Inc. The transaction, an extension of a long-term strategic relationship between the companies, enables the Palm Beach Gardens, FL-based company to re-invest in its core strength the development of medical office buildings and ancillary healthcare service buildings throughout the country.
The sale includes medical office buildings in 10 states: Alaska, Arizona, California, Florida, Missouri, Nevada, Oklahoma, South Carolina, Tennessee and Texas. Rendinas 170 hospital and physician partners will also receive significant proceeds from the sale thanks to the companys distinctive equity program, which allows its partners to participate in property ownership with no cash investment.
