Total Square Footage: 45,465
Acquired: December 28, 2021
Tenant Name: Ventra Health, Inc.
Royal Oak Realty Trust (“Royal Oak”) is pleased to announce the completion of our latest acquisition.
On December 28, 2021, Royal Oak acquired the office facility of Ventra Health, Inc. (“Ventra”) located in Jacksonville, FL, our third investment in the state of Florida. The property is located in the Jacksonville metropolitan statistical area (“MSA”), the 39 th largest MSA in the United States. Jacksonville is the largest city in terms of area in the contiguous United States, serving as a gateway to the state of Florida and a major distribution point for goods being transported throughout the eastern seaboard. By the end of Q2 2021, Jacksonville’s workforce had recovered to more than 98% of pre-pandemic peak employment levels. Ventra signed a 12-year absolute net lease at closing.
The Ventra property was originally built in 2004 undergoing a significant renovation in 2019 and consists of 45,465 square feet of office space. The property sits on approximately 5.86 acres and boasts an attractive parking ratio of 5.98/1,000 square feet. The property will be the primary facility for Ventra Health’s Emergency and Hospital Medicine business, as well as the primary presence in the Florida market.
Ventra is a leading provider of outsourced revenue cycle management services and practice management solutions. The Company’s national footprint serves a diverse group of customers, including private practices, PPM organizations, hospitals, and health systems. Varsity Healthcare Partners, a lower middle-market healthcare focused private equity firm, began developing Ventra Health in late 2019 with their acquisition of emergency medicine focused DuvaSawko. Since then, the platform has rapidly expanded in size, scope, and capability through the additions of Abeo (November 2020) and Gottlieb (April 2021). With Abeo, the Company entered the market for anesthesia RCM services, while Gottlieb deepened its expertise in emergency medicine and expanded its portfolio to include hospital medicine.