A recently sold 37,282-square-foot portfolio sale consisted of five emergency rooms in Texas that were originally build-to-suits for Neighbors Emergency Centers in 2015. The properties are in Lufkin, Grand Prairie, El Paso, Lake Jackson and Victoria, TX.

Neighbors ER facilities were built to provide around-the-clock adult and pediatric emergency care. But Neighbors went bankrupt shortly after the properties were built, and the owners were left with vacant under-performing assets. Both the seller and buyer in the transaction were developers.

Matthews Real Estate Investment Services recently arranged the sale of the five-property healthcare portfolio. Matthews Healthcare Division brought a developer to the table who was working with a surgery center client that was interested in the locations. Rahul Chhajed and Michael Moreno represented the buyer.

“We were thrilled to be able to help the seller finally get these assets off their books,” said Chhajed. “Furthermore, the buyer was able to add a significant amount of value by converting these into surgery centers and signing long-term leases, and the tenant was happy with backfilling well-located pieces of medical real estate.”