17-Property Medical Outpatient Portfolio Comes To Market

CBRE’s U.S. Healthcare Capital Markets Group just brought to market a significant institutional opportunity: Project Harbor, a 17-property medical outpatient portfolio spanning nearly 800,000 square feet of stabilized, income-producing healthcare real estate.

Positioned as a confidential offering, Project Harbor represents a fully scaled platform of outpatient medical assets anchored by some of the most established names in the U.S. healthcare system. The portfolio is characterized by strong occupancy, long-term lease stability, and a tenant base deeply rooted in creditworthy health systems and providers.

A Stabilized, Income-Driven Platform

At the core of Project Harbor is a durable operating profile. The portfolio totals 798,259 square feet across 17 assets, with a 98% occupancy rate and a weighted average lease term (WALT) of 6.9 years, reflecting long-term tenant commitment and predictable cash flow.

The in-place net operating income stands at approximately $22.2 million, supported by a 2.4% average annual rent escalation, providing steady embedded growth over time. Together, these fundamentals position the portfolio as a stable, income-oriented investment with both defensive characteristics and long-term upside.

Anchored By Leading Health Systems

A defining feature of Project Harbor is its tenant composition. More than half of the portfolio’s tenancy—approximately 52%—is backed by major health systems and credit-rated providers, including nationally recognized organizations such as Optum (UnitedHealth Group), Northwell Health, Lehigh Valley Health Network (Jefferson Health), and Our Lady of the Lake Surgical Hospital (Franciscan Missionaries of Our Lady Health System).

These relationships provide a strong credit foundation and reinforce the long-term durability of cash flows, particularly in a healthcare sector increasingly driven by scale, consolidation, and system-based outpatient expansion.

Strategic Market Positioning

Geographically, Project Harbor is distributed across a diversified mix of high-performing and high-growth U.S. markets. The portfolio is anchored in some of the nation’s most prominent metropolitan statistical areas, including New York–Newark–Jersey City (#1 MSA), Boston–Cambridge–Newton (#11), Charlotte–Concord–Gastonia (#22), and Raleigh–Cary (#42).

In addition to these core gateway and Tier 1 markets, the portfolio also extends into expanding Sun Belt regions such as Sarasota/Bradenton, Florida and Warner Robins, Georgia—areas benefiting from population growth, healthcare demand expansion, and favorable demographic trends.

Built for Modern Outpatient Care

Beyond location and tenancy, Project Harbor is distinguished by its operational infrastructure. The portfolio includes seven surgical center facilities, each designed to support high-acuity outpatient procedures and equipped with advanced surgical and imaging capabilities. This specialization reflects broader healthcare delivery trends, where procedures continue to shift away from inpatient hospital settings toward cost-efficient, technologically advanced outpatient environments.

Key Investment Attributes

Project Harbor offers a combination of scale, credit quality, and market positioning that is increasingly rare in the medical real estate sector. Key highlights include:

• A diversified portfolio across 17 institutional-grade properties
• Strong exposure to top 50 U.S. MSAs, with over half of NOI derived from these markets
• Significant Sun Belt growth exposure
• Anchoring by leading, credit-rated healthcare systems
• Embedded income growth supported by contractual rent increases
• Fee simple ownership across high-barrier-to-entry locations
• Immediate scale in the outpatient medical real estate sector

In total, Project Harbor presents a stabilized, credit-backed medical outpatient platform that blends defensive income characteristics with long-term structural growth drivers in one of the most resilient segments of commercial real estate.

Source: HREI