Cullman, AL Seavest Healthcare Properties closed on the sale of Cullman Professional Office Building III, a 52,128 s/f, on-campus medical office building affiliated with Cullman Regional Medical Center.

Seavest acquired the property for $11.5 million after it was built in 2010. The two tenants of the facility at the time of sale were Cullman Primary Care, a leading multispecialty group in Cullman County, and Cullman Regional Medical Center, a 145-bed medical center that is owned and operated by the Health Care Authority of Cullman County.

“We acquired Cullman Professional Office Building III in 2010 to take advantage of the market environment at that time,” Seavest senior managing director Jonathan Winer said. “It was class A asset on the campus of a thriving medical center, physically connected to the only hospital in the vicinity and 100% leased by the area’s two foremost healthcare providers.”

Seavest Healthcare Properties LLC is a sector-focused real estate investment management firm that forms joint ventures with established developers to build new properties and acquires existing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are held in dedicated healthcare real estate investment funds.