Hammond Hanlon Camp LLC Advises Ciminelli Real Estate Corporation on the Acquisition Financing of a 170,000 Square Foot Portfolio
posted on September 24, 2015
NEW YORK — Ciminelli Real Estate Corporation (“Ciminelli”), together with a joint venture partner, successfully acquired a portfolio of four medical office buildings and cancer centers located throughout the Buffalo area (the “Portfolio”). Hammond Hanlon Camp LLC (“H2C”) served as the exclusive financial advisor to Ciminelli for the transaction.
The Portfolio totals more than 170,000 square feet of Class A clinical medical office, urology, radiology and cancer center space located throughout western New York in Orchard Park, Cambria, Cheektowaga and Jamestown. In addition to housing six linear accelerator vaults, the locations handle outpatient urology procedures and offer laboratory and imaging services including, MRI, CT Scan, ultrasound and X-ray.
Each property is subject to a long-term lease with Kaleida Health (“Kaleida”), the largest healthcare system in western New York. The leaseback follows Kaleida’s acquisition of the physician group practices that occupy the majority of the Portfolio, Western New York Urology Associates, LLC and Cancer Care of Western New York.
H2C was engaged by Ciminelli with respect to the acquisition and capitalization of the Portfolio, including the joint venture formation. The transaction represents the second successful healthcare real estate transaction in which H2C served as Ciminelli’s advisor. In 2013, H2C advised Ciminelli with respect to the development of Conventus, a 350,000 square foot medical office building on the campus of Buffalo Niagara Medical Campus.
“We are pleased to continue the successful relationship with H2C through our continued growth within the healthcare real estate sector,” said Paul F. Ciminelli, President and Chief Executive Officer of Ciminelli. “Having worked with the H2C team in the past, we felt confident they would secure the most appropriate partner for Ciminelli while achieving the goals of Kaleida and other key parties in the transaction. They exceeded our expectations and ensured the successful execution of a complicated transaction in an expedited timeframe.”
Through its competitive process, H2C identified the optimal capital partner to invest alongside Ciminelli, and advised Ciminelli through the formation of the joint venture and close of the transaction. As part of the joint venture, Ciminelli will provide property management services for the Portfolio.
“The H2C team did an excellent job advising Ciminelli on the formation of the joint venture and acquisition of the Portfolio,” said Dennis M. Penman, Executive Vice President and Principal at Ciminelli. “They offered a creative approach to the transaction that provided the most favorable results.”
Ciminelli is a multi-generational, full service real estate firm that is a leading developer, owner and property manager of commercial properties in Buffalo, throughout New York State, Southwest and Central Florida, Pennsylvania, and Connecticut. The company has developed, acquired and managed over 12 million square feet portfolio of commercial space.
“We continue to be impressed with Ciminelli’s ability to identify and structure new institutional-quality healthcare real estate investment and development opportunities,” said Jay J. Miele, Managing Director of H2C. “The deep relationships of Ciminelli’s principals in the Western New York market combined with the relationships developed through our processes will further their robust growth in the sector.” Email Jay
ABOUT CIMINELLI REAL ESTATE CORPORATION
Ciminelli Real Estate Corporation is a full service corporate real estate firm that is a leading developer and owner of commercial properties in Buffalo, throughout the Western New York region and beyond. The Company specializes in a full range of commercial real estate services, including development, asset management, property management, leasing, acquisition, disposition, and LEED consulting services, among others. Visit Ciminelli at www.ciminelli.com.
ABOUT HAMMOND HANLON CAMP LLC
Hammond Hanlon Camp LLC (“H2C”) is an independent strategic advisory and investment banking firm committed to providing superior advice as a trusted advisor to healthcare organizations throughout the United States. H2C’s professionals have a long track record of success in healthcare mergers & acquisitions, capital markets, real estate and restructuring transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value. Hammond Hanlon Camp LLC offers securities through its wholly-owned subsidiary H2C Securities Inc., member FINRA/SIPC. For more information, go to h2c.com.
623 Fifth Avenue
New York, NY 10022
3333 Piedmont Road
Atlanta, GA 30305
311 South Wacker Drive
Chicago, IL 60606
"Having worked with the H2C team in the past, we felt confident they would secure the most appropriate partner for Ciminelli while achieving the goals of Kaleida and other key parties in the transaction. They exceeded our expectations and ensured the successful execution of a complicated transaction in an expedited timeframe."
- Paul F. Ciminelli
President and CEO
4655 Executive Drive
San Diego, CA 92121