Property owner sells stake in Rayus Radiology imaging centers for $75M
A Florida property owner has sold their stake in a handful of imaging centers occupied by Rayus Radiology for $75 million.
Commercial real estate firm Marcus & Millichap reported the deal July 10, noting that it includes a portfolio of six facilities in the Sunshine State. Calabasas, California-headquartered M&M received 17 offers for the properties after executing a targeted marketing strategy that produced “significant interest.”
“South Florida, Palm Beach County in particular, is one of the hottest markets in the country. Medical assets are highly desired and these assets were 99% leased,” Howard Bregman, first VP of investments in Marcus & Millichap’s Fort Lauderdale office, told Radiology Business.
Private equity-backed Rayus Radiology acquired the centers from Diagnostic Centers of America in 2021. However, the owners of DCA hung onto their stake in the real estate following the sale, according to Bregman. A “general partner,” whom he declined to identify, held 50% ownership of the properties and has now decided to buy out the other 50% from fellow shareholders, he noted.
Rayus Radiology declined to comment on the deal Monday.
The transaction included six fully occupied buildings with Minneapolis-based Rayus serving as the primary or sole tenant, along with one parcel of land. They’re located in Delray Beach, West Palm Beach, Wellington and Boynton Beach.
At the time of the sale, Diagnostic Centers of America had eight locations and did not employ radiologists. Instead, it had a partnership with Boca Radiology Group, which reads studies and collects the professional fee while DCA received the technical component. Mednax Inc. acquired Boca Radiology Group in 2020 before Radiology Partners bought Mednax later that year for $885 million.
Rad Partners declined to provide comment.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.