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Greene Park Capital Invests $602M In Health Care Real Estate In Collaboration With Capital Partner, Northwest Properties REIT

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Greene Park Capital continues to show a robust pipeline of health care real estate investment, announcing that it closed a $602 million transaction in collaboration with its capital partner, NorthWest Healthcare Properties REIT.

This “significant milestone event,” as Greene Park Capital called it, marks the REIT’s entry into the US. The portfolio includes 27 specialized healthcare real estate assets across five asset classes located in 10 states.

“REITs are stepping back into the game,” Jeffrey A. Piehl, MAI, Partner and Real Estate Lead at HealthCare Appraisers, tells GlobeSt,

As detailed in Health Care Appraisers’ 2022 Medical Office Fundamentals Outlook, “new institutional investors and capital are actively pursuing US-based healthcare real estate, and medical office properties, in particular.

“The MOB asset class and its recession-resilient fundamentals has attracted capital worldwide as recently witnessed by the large-scale transaction by the Canadian REIT, a portfolio that included properties across the spectrum of healthcare real estate, illustrating the depth of demand across healthcare real estate facilities.”

Acquired Portfolio Diverse

Included in the diverse portfolio of assets as part of the initial transaction are medical office buildings, acute care hospitals, inpatient rehabilitation facilities, ambulatory surgical centers, micro hospitals and behavioral health facilities.

 “Our strategy is to focus on customer-centric healthcare providers that can adapt to new technologies, new delivery models, and evolving regulations,” Greene Park Co-Founder and Managing Partner Jason Simmers said in prepared remarks,

 

Source: GlobeSt.

New Medical Office Building Is On The Way In Frisco

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Dallas-based medical property firm Caddis Partners is building an office building in Frisco.

The 60,000-square-foot Frisco Medical Pavilion II will be located at 12950 Dallas Parkway near Texas Health Frisco hospital. Construction is set to start midyear with an opening in the summer of 2023. Transwestern Real Estate Services is marketing the project to medical tenants.

“Building on the success of our Frisco Medical Pavilion development, which broke ground in 2018 and is now 100% leased, we are excited to begin the development of Frisco Medical Pavilion II in the fast-growing Frisco, Texas, market,” Caddis’ W. Todd Jensen said in a statement.

The medical office building will include space for a potential ambulatory surgical center on the first floor.

“Built with both the physician and patient in mind, Frisco Medical Pavilion II is an excellent opportunity for specialty medical practices seeking Class A space in one of the fastest-growing submarkets in the United States,” Transwestern’s Brooke Sutherland said.

Caddis oversees a portfolio of more than 70 properties across 16 states with almost 5 million square feet. Caddis has offices in Dallas, Atlanta, Phoenix, Houston and Washington, D.C.

 

Source: The Dallas Morning News