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Washington DC  + DC  + Finance  | 
VA healthcare facility in Chattanooga, TN

Easterly Enters Joint Venture to Acquire VA Portfolio for $636M

Washington, D.C.-based Easterly Government Properties, Inc., has formed a joint venture to acquire a 1.2-million-leased-square-foot portfolio of 10 properties fully leased by the Department of Veterans Affairs. The portfolio is expected to close on a rolling basis by the end of 2023 for a purchase price of approximately $635.6 million under predominately 20-year firm term leases.

Easterly will retain a 53% stake in the venture, receive asset management fees from the JV partner, and be responsible for the day-to-day property management.

Each of the 10 facilities will house vital medical, dental, and mental health care services for veterans. To ensure the portfolio meets its mission, the VA plans to invest more than $174 million into its tenant finishes and state-of-the-art medical equipment and technology.

“In addition, all are built-to-suit, Class A, mission critical, green facilities and will help provide enhanced medical care for our nation’s deserving veterans,” said William C. Trimble III, Easterly’s CEO.

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Easterly’s Trimble

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

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