Liverpool, New York, May 18, 2021 – McapMediaWire – Supurva Healthcare Group, Inc. (OTC Pink: SPRV) remains poised to expand its portfolio of medical office buildings (“MOBs”). The Company has signed four Letters of Intent to acquire two medical office buildings in Greenville and Columbia, South Carolina, and two medical office buildings in Southwest Florida.
John D. Murphy, Jr., the Company’s CEO, stated: “Both South Carolina and Florida are experiencing exponential growth in the number of people and businesses relocating to these states. Favorable tax conditions, housing costs, and lower cost of living will be driving thousands of people from the Northeast burdened with skyrocketing state and local tax bills. The Covid-19 pandemic has also spurred a significant increase in relocations to South Carolina and Florida. This population growth fuels demand for medical service providers and medical office space.”
Mr. Murphy continued: “We have established strict underwriting guidelines for any acquisition to include, but not be limited to, the tenant’s financial strength, type of medical practice, terms and conditions of the existing leases to be assumed, building location and age, health system affiliation, population, and market trends.”
The four MOBs subject to Letters of Intent range from 10,000 to 40,000 square feet. Each MOB is fully leased to financially strong health systems. Tenants are subject to long-term, triple-net-term leases with rent escalation clauses.
Mr. Murphy concluded: “While the Letters of Intent are subject to certain customary conditions that must be satisfied prior to closing, we remain confident that both the Company and the sellers will meet these conditions, and we will be able to close the first of these transactions within the next four months.”
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