Metro Medical Plazas
The Metro Health Plazas consist of five buildings, representing 83,549 square feet, located
in and around the greater Grand Rapids community. The Plazas are leased
by Metro
Health Hospital for their physician medical offices. The Plazas are a key
factor to Metro
Health Hospital’s overall success, as the individual medical practices within the Plazas
refer patients to the main hospital for treatment.
Before Metro Health could begin construction of its new replacement hospital and campus,
it needed to enhance its balance sheet and its liquidity. As co-developer
of Metro Health’s
replacement campus, The Granger Group offered the hospital
a financial solution —
both
a sale/leaseback transaction and an opportunity to
introduce the hospital to the
philanthropic leaders of West Michigan. The Granger Group purchased Metro Health’s
outpatient facilities for $13 million, providing the hospital with an immediate cash
infusion. The transaction was then structured through both a long-term lease and
financing, granting Metro a future option to
purchase and maintain long-term strategic
control over the facilities and
properties. The opportunity to invest in the outpatient
clinics was then presented
to the philanthropic leaders. This offering provided the
individuals with a solid
investment opportunity and offered Metro Health a chance
to build a relationship with the investors.
