Livingston sells fully-leased medical office building in Utah
Layton — An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the US, has sold two medical office properties totaling 31,500 square feet to AEI Net Lease Portfolio 19 DST.
The assets, which include a 15,000 square-foot building in Hayden, Idaho and a 16,500 square-foot building in Layton, Utah, are both 100 percent leased to BioLife Plasma Services L.P, an industry leader in the collection of high-quality plasma that is processed into life-saving plasma-based therapies. The properties sold for a total consideration of $14.4 million, according to Peter Scola, president and Co-CEO of Livingston Street Capital.
“The properties greatly benefit from the strength of the tenant and its long-term operating history at both of these locations,” says Scola. “There is strong investor demand for healthcare assets due to the duration of income and attractive stability they provide throughout economic cycles. Medical offices further proved their resilience during the pandemic, seeing the lowest decline in investment volume in 2020 of all major property sectors, and an increase in average asking price over that same period.”
Scola notes that part of Livingston’s strategy is to focus on investments that serve an essential need for tenants and that can achieve significant growth potential. This focus also means recognizing when it is time to be flexible and pivot acquisition and disposition strategies to best meet the ever-changing market and maximize returns.
“The facilities are newer construction, build-to-suit properties that are equipped to serve not only the immediate local community but populations that travel from further distances to receive life-changing therapies and tests,” says Scola. “These essential services, combined with the strength of the healthcare sector, make the properties positioned to generate stable, long-term growth. By leveraging these strengths, we were able to pivot our original strategy to meet the demand of the current market for quality properties and profitability monetize our investment.”
The two properties acquired include:
- 8300 N. Cornerstone Drive in Hayden, Idaho: This property is located in the eastern portion of Hayden, Idaho and is conveniently situated just off U.S. Route 95.
- 781 Heritage Park Boulevard in Layton, Utah: The property is located in Layton, the most populous city in Davis County and the ninth most populous city in the state.
In addition to healthcare assets, Livingston continues to actively acquire core and core-plus investments around the country across a range of sectors, including active adult, independent living, and traditional multifamily communities.
About Livingston Street Capital
Livingston Street Capital, LLC is a boutique private equity firm focused on commercial real estate investments throughout the United States. The company is situationally opportunistic, identifying and investing across various property types that fit its investment themes. Livingston has largely been focused on core and core-plus investments across a range of sectors. The company has purchase more than 1 million square feet of commercial properties that include office, industrial and medical office. The company has also aggregated a portfolio of core and core-plus active adult and independent living communities during the last two years and has developed a proprietary brand focused on resident engagement.
Based in Radnor, PA and New York City, Livingston has acquired a national portfolio of more than 1.1 million square feet of office, medical office, and industrial assets as well as more than 1,500 units of active adult and independent living properties to date. The company was founded by Peter Scola and Joseph Fox.