Newmark Facilitates $72.7 Million Sale Of Medical Office Building Portfolio Spanning Four States
Newmark announces the $72.7 million sale of a five building, Class A medical office building portfolio.
The 179,000-square-foot portfolio comprising outpatient medical office buildings and surgery centers spans four states—Pennsylvania, Connecticut, Georgia and Texas. Newmark represented the seller in the sale to a state pension fund.
Newmark Senior Managing Director Jay Miele, Executive Managing Director Ben Appel, and Senior Managing Directors John Nero and Michael Greeley of Newmark’s Healthcare Capital Markets group led the transaction, in cooperation with local licensees.
“This sale marks an important milestone in our ongoing advisory work with this client,” said Miele. “The opportunity to invest in strong institutional-quality assets in the healthcare real estate sector was attractive to buyers, especially given that industry-leading providers anchor the portfolio.”
At the time of the sale, the institutional-quality portfolio of properties was 99% leased overall, with a weighted average remaining lease term of 5.5 years primarily to leading health systems, credit tenants and dominant physician networks. Since 2018, portfolio ownership has eticulously maintained each asset’s best-in-class, high-end medical office finishes through over $4.5 million in capital improvements.
“The properties are anchored by market-leading health systems, with strong track records of providing mission critical services to the community and are therefore poised for continued growth and long-term success,” said Appel.
Source: HREI
