Seattle real estate group buys dialysis center buildings in Augusta, Auburn
Photo / Courtesy of CBRE|The Boulos Co.
9 Industry Ave., Auburn
Photo / Courtesy of CBRE|The Boulos Co.
164 Civic Center Drive, Augusta
A Seattle-based real estate group has purchased office buildings in Augusta and Auburn that contain kidney dialysis centers that are run by a German health care company. The purchases were part of the group’s strategy to invest in dialysis and other health care facilities.
Areteaus Realty Trust purchased 9 Industry Ave., Auburn, for $2.7 million and 164 Civic Center Drive, Augusta, for $1.5 million. Tony McDonald of CBRE|The Boulos Co. and Andrew Whipple of Jones Lang Lasalle brokered the deals, which both closed on March 31. The Auburn and Augusta buildings were sold by Greenwing LLC and Anatinae LLC, respectively.
Both buildings contain dialysis centers owned by the North American branch of Fresenius, a health care company based in Bad Homburg, Germany. The German company reported €23.2 billion in sales and €1.086 billion in net income for fiscal year 2014, with a positive outlook for growth in 2015, according to a company report in February. It had 216,275 employees as of December.
Chris Aggerholm, a partner with Areteaus, told Mainebiz in a phone interview that his realty group focuses on acquiring, developing, owning and managing mission-critical health care facilties across the country, with a focus on kidney dialysis centers.
“It’s a growing sector of the medical field, and we feel it has a long-term horizon,” he said.
Aggerholm declined to disclose how many properties the group owns, but said in more general terms that Areteaus owns “many” properties across the country and has several under construction. He did say, however, that the Auburn and Augusta buildings are the first two properties the group has purchased in Maine and in New England.
According to the group’s website, Areteaus “has been involved with the construction, tenant build out and operations of 100-plus dialysis clinics and other health care real estate projects across the country.” The website also said the group’s “principals each have 20-plus years of investment and real estate experience representing over $2 billion in transaction value.”
Areteaus plans to own the buildings long term, Aggerholm said, and there are no plans to make any changes to the buildings. He said the tenants’ occupancy and credit were two of the major considerations when the group decided to buy the buildings.
Aggerholm didn’t elaborate on why the group focuses on investing in dialysis center facilities. But federal statistics for kidney failure indicate a growing need for treatment. Between 1980 and 2009, the prevalent rate for total and permanent kidney failure in the U.S. increased nearly 600%, from 290 to 1,738 cases per million, according to the National Institutes of Health.
This story was originally published in the Mainebiz Real Estate Insider.
Most Recent
Most Recent
Comments