The blockbuster deal is probably the largest non-merger MOB portfolio sale thus far in 2024. The price is based on information compiled by healthcare real estate data from Revista.
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
Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas.
A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction.
The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.
Source: REBusiness Online
Receive newly posted industry news and information delivered right to your email inbox!
