Broemmer of Broad Street Advisors brokers sale of MOB portfolio

Broad Street Advisors of New York has completed the sale of a three-building MOB portfolio. The portfolio was sold by United Trust Fund (UTF). The assets were originally purchased by UTF through a sale/leaseback structure with St. Joseph's Mercy Health Care, a wholly owned subsidiary of the Sisters of Mercy Health System. The buyer was New York-based American Realty Capital Trust (ARCT), a public, non-traded REIT. Keith Broemmer, managing partner at Broad Street Advisors, handled the transaction. "We are continuing to see strong demand for free standing assets leased long term to credit tenants, and our extensive relationships with sellers and buyers in this sector has enabled us to execute on several of these transactions in recent months", said Broemmer. "In this case, St. Joe's credit and the long-term, bond-net lease were very attractive, and ARCT transacted very aggressively and closed early."