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New Healthcare Joint Venture Secures $300M Pipeline

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The types of projects that will be supported include orthopedic centers, medical outpatient buildings, and inpatient rehabilitation facilities that will be developed across five undisclosed states.

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Newmark Arranges $300 Million Joint Venture With Catalyst Healthcare Real Estate And Heitman To Fund MOB And IRF Development Pipeline

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Catalyst and Heitman have entered a joint venture to develop a national portfolio of healthcare properties, including both medical outpatient buildings, orthopedic centers of excellence, and inpatient rehabilitation facilities. The venture will start by funding the development of seven, ground-up or in-process developments–totaling nearly 500,000 square feet, spanning five states and encompassing blue chip tenants.

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Big Sky Medical Expands Dallas-Fort Worth Footprint With Medical Office Building Acquisition

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Big Sky Medical has acquired Richardson Medical Center I, a 118,472-square-foot medical office building in Richardson, Texas, from Pillar Commercial.

Bank of America provided the acquisition loan, according to Collin County records. Newmark represented the seller.

The property previously traded in 2019 as part of a portfolio transaction that also included the 120,000-square-foot Richardson Office Center II, CommercialEdge data shows. Pillar Commercial bought the duo from Buchanan Street Partners with healthcare conversion in mind for both assets. That same year, Methodist Richardson Medical Center purchased RMC II to accommodate the expansion of the hospital’s campus.

Originally completed in 1998, the two-story RMC I underwent cosmetic renovations in 2017. The property features 60,000-square-foot floorplates, a passenger elevator, controlled access and offers 720 car parking spots at a ratio of six spaces per 1,000 square feet. Its repurposing into a medical office building began earlier this year.

Located at 3101 E. President George Bush Highway, the property is some 20 miles Northeast of downtown Dallas. Medical providers in the surrounding area include the 334-bed Methodist Richardson Medical Center, Breckenridge Medical Plaza, Nova Medical Centers and Texas Health Neighborhood Wellness Cityline.

The Newmark team representing the seller included Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, Senior Managing Director John Nero and Executive Managing Director Ben Appel, alongside Senior Managing Directors Jay Miele and Michael Greeley.

Big Sky Medical’s Texas Presence

Big Sky Medical has invested in more than 7 million square feet of health-care assets, valued at more than $2.2 billion. Earlier this year, the company expanded its Texas medical office footprint with several other acquisitions. The firm purchased Texas Tech Physicians of El Paso at Transmountain, a 110,465-rentable-square-foot medical office building in El Paso.

More recently, Big Sky Medical acquired a three-property portfolio totaling 110,636 square feet in metro Houston, from Caddis Healthcare Real Estate. The buildings are fully leased to Memorial Hermann Health System.

 

 

Source: CPE