API Healthcare HQ sold for $13 million

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An affiliate of Glen Allen, Va.-based Morse Capital Partners recently purchased the two-story, 73,756-square-foot API Healthcare corporate headquarters office building at 1550 Innovation Way in Hartford for $13 million, according to state records.

The property was sold by an affiliate of KBS Construction Inc. Joe Powers and Jeff Rowlett of Marcus & Millichap marketed the property for the seller and secured the buyer.

API has about 11 years remaining on a 17-year lease (signed in 2008) for the building, which was constructed on a 21-acre site in 2004.

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“It’s a passive investment (for Morse Capital Partners),” Powers said.

Earlier this year, General Electric acquired API Healthcare, which is a health care specific vendor focused on workforce management software and analytics. API’s solutions – staffing and scheduling, patient classification, human resources, talent management, payroll, time and attendance, business analytics, and staffing agency offerings – are used by more than 1,600 hospitals and staffing agencies in the U.S.

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