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Easterly to Acquire, Finish VA Outpatient Clinic
Easterly Government Properties Inc. is making a push into Department of Veterans Affairs real estate assets by agreeing to acquire and complete the Department of Veteran Affairs Outpatient Clinic at Fir Road and Trinity Place in Mishawaka, IN, a suburb of South Bend. In a separate transaction, Easterly acquired the VA ambulatory care center at 11201 Benton St. in Loma Linda, CA.
The Washington, DC-based REIT paid $260 million for both acquisitions from undisclosed buyers. The 71,000-square-foot VA-South Bend transaction is expected to close in Q3 2017. Upon completion of the facilities, (also in Q3 2017), Easterly plans to lease it to the VA for an initial term of 15 years.
“The Department of Veterans Affairs is a new market opportunity for Easterly Government Properties, and we are pleased to add this attractive development project to our existing portfolio of mission-critical government facilities,” said William C. Trimble III with Easterly.
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