Brown Gibbons Lang & Company (BGL), an independent investment bank and financial advisory firm, said Oct. 15 that it sold the Garden State Medical Center real estate portfolio, totaling about 46,000 rentable square feet in central and southern New Jersey, to Scottsdale, Ariz.-based real estate investment trust STORE Capital. BGL’s Healthcare Real Estate team served as the exclusive adviser to the seller in the transaction.
Founded in 2004, GSMC is one of the largest physician-owned orthopedic and interventional pain practices at the Jersey Shore, with specialization in orthopedic and spine surgery, interventional pain management, sports and regenerative medicine, and rheumatology.
The portfolio consists of seven practice locations across the state. The largest property, in Whiting, houses Manchester Surgery Center, GSMC’s ambulatory surgery center (ASC). The center has four private pre-operation areas, four post-anesthesia care unit beds, four Phase 2 Recovery areas, and two operating rooms. The multi-specialty ASC is equipped for a range of surgical specialties.
Led by John Riddle and Sean Maynard, BGL’s health care real estate team is a leading adviser to private and institutional health care organizations, offering capital market strategies and solutions, including sale-leaseback transactions, asset disposition, debt/equity recapitalization, private placement and tax-deferred UPREIT structures (An UPREIT, or umbrella partnership real estate investment trust, pools real estate assets under a single partnership.)
Brown Gibbons Lang & Company is an independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions and other strategic matters.
According to its website, STORE Capital is one of the largest and fastest-growing net-lease REITs in the United States.
