HSA PrimeCare, an operating division of HSA Commercial Real Estate, has acquired Crane Creek Medical Center, located at 2222 South Harbor City Blvd., Melbourne, Fla., in a joint venture with Chicago-based Harrison Street Real Estate Capital, said John Wilson, president, HSA PrimeCare, and John Mangel, vice president, development and acquisitions, HSA Commercial Real Estate. The 107,000-square-foot, six-story medical office building, built in 2009, was purchased from a joint venture of Milwaukee-based Zilber Ltd. and the buildingʼs anchor tenants, The B.A.C.K. Center and Osler Medical.
The B.A.C.K. Center, a neck and spinal specialty practice led by the renowned spinal surgeon Dr. Richard A. Hynes, currently occupies two floors totaling 68,000 square feet at Crane Creek. The B.A.C.K. Center offers spine surgery, neurosurgery, orthopedic, chiropractic and physical therapy services at this facility. The firmʼs office suite includes a pharmacy, a medical equipment company and a 6,400-square-foot auditorium in which the practice hosts educational programs and medical seminars. The remaining space is occupied by Osler Medical, a multispecialty medical group based in Brevard County that was recently integrated with The B.A.C.K. Center.
“Crane Creek Medical Center is a state-of-the-art medical office building occupied by best-in-class tenants,” said John Wilson, president, HSA PrimeCare. “As we continue to execute our acquisition plan, these are the types of opportunities we want to pursue.”
About Harrison Street Real Estate Capital LLC
Harrison Street Real Estate Capital LLC is a real estate private equity firm founded in 2005 that has more than $2.8 billion in assets under management (AUM) through private equity funds and public securities products. The private funds focus exclusively on the education, healthcare and storage segments of the U.S. real estate market. The firm, on behalf of Harrison Street Real Estate Partners I, II and III, currently owns approximately $2.4 billion in real estate assets including more than 15,800 student housing beds, 4,400 senior housing/assisted living units, more than 61,700 self-storage units, 2,850 dry and wet boat storage and 1 million square feet of medical office space. Harrison Street Real Estate Securities LLC currently manages more than $350 million in REIT securities through three distinct long-only product offerings. Recently, Harrison Street announced the launch of its third private equity fund with the latest closing occurring during the fourth quarter of 2010. For more information on Harrison Street Real Estate Capital, please visit www.harrisonst.com.