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Artemis Joint Venture Acquires 12-Building Medical Office Building Portfolio Spanning Eight States

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Artemis Real Estate Partners, in a joint venture with Rendina Healthcare Real Estate and CalSTRS, has acquired a 12-building, 352,981-square-foot medical office portfolio.

Newmark acted as equity placement agent, broker and financial advisor for the transaction. The brokerage also facilitated Rendina and Artemis entering into a $1 billion joint venture back in 2021, a partnership that was seeded through the recapitalization of a six-property medical office building portfolio.

The 96 percent-occupied ensemble encompasses assets spanning Florida, Georgia, Illinois, Minnesota, Nevada, Ohio, Texas and Virginia. Most of the properties are located in Certificate-of-Need states, with their weighted average remaining lease term reaching 6.6 years.

Health systems, credit tenants and physician networks occupy more than half of the leased space in the portfolio. With a $21 triple-net rent operating income per occupied square foot, average rents across the assets are roughly 10 percent below national portfolio averages traded over the past five years.

Newmark’s Healthcare Capital Markets team representing the seller included Senior Managing Directors Jay Miele, Michael Greeley and John Nero, together with Executive Managing Director Ben Appel. Associates Adam Goss and Ron Ott provided financial analysis for the deal.

In early 2022, Artemis also entered in a joint venture with Thomas Park Investments, planning to invest a total of $500 million in the purchase of core-plus medical office properties. The partners seeded the venture with the acquisition of three assets totaling 92,000 square feet.

 

Source: Commercial Property Executive

Heitman Acquires A Six Baylor Micro-Hospital Medical Office Portfolio In Dallas-Forth Worth

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Heitman LLC, a global real estate investment management firm, today announced the acquisition of a six building portfolio of Baylor-anchored micro-hospital locations totaling approximately 190,000 square feet.

Heitman acquired the Baylor Scott & White Health System Medical Office Building portfolio on behalf of its global strategy in a joint venture with Seavest Healthcare Properties.

The properties were built between 2014-2018 and are affiliated with the largest hospital system in the Dallas-Fort Worth metroplex, Baylor, and are operated by Emerus Holdings who specializes in micro-hospital partnerships with large, sophisticated health systems.

The portfolio is 100% leased and the six properties are strategically located throughout the Dallas-Fort Worth area near population centers with access to major transportation nodes serving the larger metroplex.

“We are pleased to partner with Seavest, an established and high-quality MOB operator, to acquire this best-in-class micro-hospital portfolio on behalf of our global investment strategy and to work with Texas’ largest healthcare provider,” said Gordon Black, Heitman Senior Managing Director and Global Portfolio Manager. “Our global strategy invests across property types in the North American, European, and Asia-Pacific regions. The addition of the Baylor micro-hospital MOB portfolio provides our global portfolio strong risk diversification from both a regional and sector perspective as we continue to balance our portfolios to match today’s operating environment and continued uncertainty in the markets.”

BlackBirch Capital exclusively represented the seller.

 

Source: HREI