ASCs Inc. and J.H. Winokur, Inc. recently completed three ASC real estate sale and leaseback transactions for physician-owners:
• A 4-OR Multi-Specialty Surgery Center in Pennsylvania where the physician-owners are selling an interest in their center to a local hospital and wanted to sell the real estate while they still had full control over the terms of the lease.
• A 20,000-square foot Spine Center where the physician-owners felt they could best position their center for future success by divesting their real estate so that the new partners they were recruiting would be on an equal footing. The real estate sold for $6,800,000.
• A 15,000-square foot Multi-Specialty ASC in the Midwest recently sold for $6,000,000. They are in the process of selling a majority stake in their ASC business to an ASC management company and wanted to take some money off the table and eliminate annual income taxes on the rent received.
With healthcare real estate at historically high levels, the owners of these facilities were able to diversify their assets, take money off the table at capital gains rates and invest in higher yielding investments. Basic principles required to realize the maximum value for ASC/MOB real estate were incorporated into each of these transactions as follows:
1. Ensure there is a long-term (ideally 10 to 15 years) triple-net (NNN) lease in place.
2. Distribute an effective marketing package that presents the property in optimal light.
3. Market to an extensive list of national and regional qualified buyers who have shown a high interest in investing in ASC/MOB properties.
4. Engage a broker who has proven ability to negotiate and close ASC/MOB transactions in the most effective and timely manner.
5. Work with a broker who has extensive experience successfully selling physician-owned ASC and MOB real estate nationally and who has a proven track record of expediting the sales process and obtaining maximum value and best terms for the sellers.
6. Work with a broker who negotiates deals that leave the sellers in control of the property with no change in rent and no personal lease guarantees.
ASC’s Inc. advises physician-owners of ASCs, G.I. centers, heart centers, and surgical hospitals on merger and acquisition transactions, and on sale and leaseback of ASC/MOB real estate.
Broker J.H. Winokur, Inc., established in 1978, has successfully brokered the sale of well in excess of $2 Billion in real estate.