AEW, Cypress West JV Buys Four-Property Medical Office Portfolio In Florida
Newmark announced it advised on the sale of a four-property, medical office portfolio on behalf of Miami-based PrimeMed Realty, LLC (“PrimeMed”).
The portfolio totals 96,395 rentable square feet of medical office and ambulatory surgery center space located throughout the Greater Orlando and Miami areas of Florida. The properties were leased to a diverse roster of health system, physician group and specialty care provider tenants. Two of the properties are strategically located adjacent to leading health system acute-care hospital campuses.
Newmark’s Healthcare Capital Markets group, including Managing Director John Nero, Senior Managing Directors Michael Greeley and Jay Miele, Executive Managing Director Ben Appel, and Associates Ron Ott and Adam Goss, in cooperation with Vice Chairman Todd Perman, led the portfolio sale execution on behalf of the seller, PrimeMed. In addition, Newmark’s Boston-based Debt and Structured Finance group procured acquisition financing for the buyer, a joint venture between Boston-based AEW Capital Management and Cypress West Partners.
“We commend PrimeMed on the aggregation of a high-quality portfolio, which generated significant investor attention and interest given its alignment with leading healthcare providers and significant concentration within high-growth and attractive Florida markets,” said Nero.
“We were pleased with the market’s response to the portfolio investment opportunity and are excited to realize a successful transaction for PrimeMed and our investors through Newmark’s execution of a competitive process, led by John Nero,” concluded Chris Montello, Co-Founder of PrimeMed Realty, LLC.