Haag Brown Buys 10 NEA Clinics for $14M

by Arkansas Business Staff  on Monday, Mar. 20, 2017 11:09 am  

Brad Parsons

NEA Baptist Clinic, a multi-specialty group practice, and Haag Brown Commercial, both of Jonesboro, announced on Monday the $14 million sale of 10 off-campus urgent care clinics in northeast Arkansas to the real estate development group.

The clinics were acquired by Haag Brown's HB Medical LLC from Northeast Arkansas Clinic Properties, a real estate holding company created by the clinic's founders, according to a news release.

Five of the clinics are in Jonesboro. The others are in Cherokee Village, Newport, Osceola, Paragould and Trumann.

The clinics will continue to operate as they always have following the sale, NEA Baptist and Haag Brown said.

"This acquisition is the culmination of conversations that have been taking place over a period of years …," Haag Brown Commercial Principal Joshua Brown said in a news release. "Many people think of Haag Brown as a retail development company, but we are also extremely active in medical related real estate development." 

He told Arkansas Business the clinics, combined, are 100,000 SF and this project diversivies the group's portfolio. 

"We've had a company goal to become more of a medical development company over the next two to five years, and this charts us down that path," Brown said. 

The group said it has completed more than 30 medical projects worth a total of more than $50 million.

Brown said in an email that these kinds of deals don't happen often in Arkansas. 

"It is likely the largest real estate deal in our trade area since the sale of the Turtle Creek Mall … It is the biggest deal we acquired," he said.

NEA Baptist CEO Brad Parsons said NEA has "significant plans in store for expanded services and conveniences for our patients and this partnership lays the foundation to begin implementation."

Parsons was not available to elaborate on the comment; his office said he was out of town. The clinic's marketing representative was also unavailable.

Brown said he didn't know the details of the clinic's plans but said the real estate group was well equipped to help out with any expansion effort and do so efficiently. 

 

 

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