Transaction gives Lincoln Harris CSG an expanded leasing, property and project management presence in Georgia and Northern Florida; HARG will focus on acquisitions and development
DALLAS and ATLANTA, June 12, 2019 – Lincoln Harris CSG and HealthAmerica Realty Group (HARG) announce the acquisition of HARG’s healthcare real estate services group by Dallas-based Lincoln Harris CSG – Healthcare Group. The acquisition closed May 16.
The strategic transaction transfers Atlanta-based HARG’s leasing, property management and construction management services platform for approximately 28 properties to Lincoln Harris CSG, a leading national healthcare real estate services firm with offices in 13 states.
The former HARG office now becomes the Atlanta regional office for Lincoln Harris CSG, giving the firm an expanded presence in Georgia and Northern Florida. At the same time, it allows HARG to remain active with development and acquisitions in the healthcare real estate space.
HARG President, CEO and Founder Thomas W. “Tommy” Tift III will now serve as an Executive Vice President with Lincoln Harris CSG. All other HARG employees have also joined the Lincoln Harris CSG team.
Webber Beall, Executive Vice President, Lincoln Harris CSG, says the acquisition made perfect sense for both companies.
“The reason that we did it is very simple,” Mr. Beall says. “We felt like it was a very good fit from our perspective and from Tommy’s perspective. It was a natural transition.”
He continues: “Strategically it’s a good fit, not only because we have matching service lines, cultures and values, but also because Tommy and the HARG team are steeped in healthcare knowledge. Understanding the business of healthcare provides a competitive advantage. That’s a critical match. We have it. Tommy has it, too.” Both firms have at least two decades of experience in the healthcare real estate space. HealthAmerica was formed in 1994; Lincoln Harris CSG, a subsidiary of Lincoln Property Company, entered the market in 1997.
“And we each have client relationships the other doesn’t,” Mr. Beall adds. “We intend to grow our business collectively.”
Mr. Tift echoed those sentiments, adding that the transaction brings additional scope and scale that HealthAmerica couldn’t duplicate on its own.
“Our world has gotten so much more complicated in the medical office realm. Not that many people were doing it when we started. There were just a handful of us out there. But today to be competitive, you need that depth. That was one of the motivating factors for me,” he says.
“Now I am also free to focus 100 percent on business development,” he adds. “It feels good because I’m getting back to the things I used to do more regularly, such as meeting with hospital executives and looking at buildings. To me, that’s the fun part. It frees me up and now I have this powerhouse behind me. It also gives Lincoln Harris a quick inroad into Georgia and Northern Florida.”
Mr. Tift and Mr. Beall met about 10 years ago when serving on the same panel at a healthcare real estate conference. Two years ago, during the annual BOMA International Medical Office Buildings + Healthcare Real Estate conference, the two began exploring opportunities for a business collaboration. They subsequently established a strategic alliance.
“After forming the strategic alliance, it became evident that we needed to be on the same team with the same brand to reach our full potential,” Mr. Beall explains. Negotiations regarding the acquisition of HARG’s services platform began last year. Then, when the 2019 BOMA MOB conference took place in early May, Mr. Beall and Mr. Tift again took the opportunity to meet – this time to work through some of the final details of the transaction, and closed about two weeks later.