USAA Real Estate Company and HSA PrimeCare Announce Joint Venture to Acquire and Develop Healthcare-Sector Properties in the Midwest
USAA Real Estate Company ("USAA RealCo") and HSA PrimeCare, the national healthcare real estate division of Chicago-based HSA Commercial Real Estate, today announced the formation of a joint venture to acquire and develop outpatient healthcare real estate assets across 11 states throughout the Midwest. Together with this announcement, the new joint venture also made its first acquisition, of a 97,375-square-foot portfolio of medical office assets located in northwest Indiana and in Tinley Park, Ill., a suburb southwest of Chicago.
The newly-formed equity fund is positioned to acquire and/or develop a broad range of healthcare real estate such as medical office buildings, cancer centers, ambulatory surgery centers, medical wellness centers, and other specialty centers. HSA PrimeCare, a leading developer and manager of medical office buildings in the Midwest, will provide investment analysis, development, leasing and property management services to the newly formed partnership.
Executive leadership of HSA PrimeCare and HSA Commercial who will collectively lead this venture include Bob Smietana, Dan Miranda and John Wilson. Commented John Wilson, president of HSA PrimeCare: "We are extremely proud to be forming this new venture with USAA Real Estate Company. USAA RealCo's unparalleled reputation, coupled with its exceptional depth of resources and commitment to healthcare real estate, will combine with our own expertise and local knowledge to create a preferred provider of real estate solutions for healthcare providers."
Through its own proprietary analysis, USAA RealCo identified the healthcare real estate sector as one poised for strong growth potential. In forming the joint venture with HSA PrimeCare to pursue acquisition and development of healthcare real estate assets, USAA RealCo broadened its geographic exposure to the sector beyond the Southeast, where it began investing in 2015, to include the Midwest. Today, through co-investments and joint ventures, USAA RealCo's portfolio includes approximately 415,000 square feet of healthcare real estate assets.
"We are delighted to have established this important relationship with HSA PrimeCare, which represents the continuation of our strategy to expand our portfolio of healthcare real estate assets across the country, with best-in-class partners recognized for their expertise, leadership and cultural compatibility. Partnered together, we hope to capitalize on the emerging opportunities in the healthcare industry," commented Len O'Donnell, president & CEO of USAA RealCo.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About HSA PrimeCare / HSA Commercial Real Estate
HSA PrimeCare partners with some of the leading health care institutions in the nation to create development, project management, leasing, monetization, and property management real estate solutions that address the needs of today's patients while satisfying the financial goals of the health system. A leading developer and manager of medical office buildings in the Midwest, HSA PrimeCare has developed, acquired, or serviced health care properties of more than 1,500,000 square feet. HSA PrimeCare is a division of Chicago-based HSA Commercial Real Estate, a diversified, full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. For more information, please visit www.hsaprimecare.com or www.hsacommercial.com.