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Harrison Street Acquires Portfolio Of Eleven Medical Office Buildings In Six States

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Ryan Cos. has completed the disposition of an 11-building medical office portfolio encompassing 500,778 square feet throughout Florida, Illinois, Minnesota, North Carolina, North Dakota and Wisconsin.

Harrison Street Real Estate Capital acquired the portfolio, while Ryan Cos.’ healthcare real estate management arm will continue to offer operations services. Newmark’s Healthcare Capital Markets Group represented the seller.

The portfolio includes the 24,000-square-foot Surgery Partners Valley Ambulatory Surgery Center in Saint Charles, Ill., along with a multi-use integrated service center, among others. Completed in 2019, the Saint Charles asset at 2475 Dean St. traded for $13.9 million, according to Kane County records.

The portfolio sale succeeded another medical office transaction between Ryan Cos. and Harrison Street. Last week, the latter acquired three medical facilities across suburban Milwaukee from Ryan Cos. for a total of $92.6 million, according to the Milwaukee Business Journal. The trio of assets is currently leased to The Froedtert & the Medical College of Wisconsin and Children’s Hospital of Wisconsin.

A Cross-Sector Developer

Over the past five years, Ryan Cos. has completed more than 3.1 million square feet of medical facilities nationwide, but the developer is also active across other sectors. Last July, the company teamed up with DWS Group to develop Confluence at Mesa Gateway, a speculative industrial project totaling more than 515,000 square feet in Mesa, Ariz. The six-building industrial park is slated for a mid-2022 completion.

Ryan Cos. is also on track to break ground on a 400,000-square-foot Class AA office tower in Plano, Texas. The 24-story building is already 50 percent preleased to Ryan LLC, a tax services, software and technology firm. The office tower is scheduled for completion in early 2024.

 

Source: Commercial Property Executive

AEW, Cypress West JV Buys Four-Property Medical Office Portfolio In Florida

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Newmark announced it advised on the sale of a four-property, medical office portfolio on behalf of Miami-based PrimeMed Realty, LLC (“PrimeMed”).

The portfolio totals 96,395 rentable square feet of medical office and ambulatory surgery center space located throughout the Greater Orlando and Miami areas of Florida. The properties were leased to a diverse roster of health system, physician group and specialty care provider tenants. Two of the properties are strategically located adjacent to leading health system acute-care hospital campuses.

Newmark’s Healthcare Capital Markets group, including Managing Director John Nero, Senior Managing Directors Michael Greeley and Jay Miele, Executive Managing Director Ben Appel, and Associates Ron Ott and Adam Goss, in cooperation with Vice Chairman Todd Perman, led the portfolio sale execution on behalf of the seller, PrimeMed. In addition, Newmark’s Boston-based Debt and Structured Finance group procured acquisition financing for the buyer, a joint venture between Boston-based AEW Capital Management and Cypress West Partners.

“We commend PrimeMed on the aggregation of a high-quality portfolio, which generated significant investor attention and interest given its alignment with leading healthcare providers and significant concentration within high-growth and attractive Florida markets,” said Nero.

“We were pleased with the market’s response to the portfolio investment opportunity and are excited to realize a successful transaction for PrimeMed and our investors through Newmark’s execution of a competitive process, led by John Nero,” concluded Chris Montello, Co-Founder of PrimeMed Realty, LLC.

 

Source: Newmark

Artemis Recapitalizes Six Properties With Rendina To Seed New Joint Venture For Development And Acquisition Of MOBs Nationwide

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Newmark announced that it has arranged a strategic joint venture seeded by a national MOB portfolio recapitalization.

Rendina Healthcare Real Estate  is a leading, national medical office development and acquisition platform, fully integrated with development, ownership, management and leasing capabilities. A pioneer in the healthcare real estate development sector, Rendina has developed more than 8.5 million square feet during its 35-year history.

This transaction marks an inflection point in the growth of the company as the firm partners with Artemis Real Estate Partners, an institutional investment manager that focuses on equity and debt investments in healthcare real estate across the United States.

Rendina and Artemis have entered into a joint venture to develop and acquire a national portfolio of healthcare properties. The venture was seeded with the recapitalization of six properties developed by Rendina. The nearly 230,000 square foot portfolio spans four states, with concentration in the Northeast, and is leased to some of the leading healthcare systems and physician group practices in the country. The joint venture will immediately invest in an additional 140,000 square foot medical office development, followed by a near-term development and acquisition pipeline.

Newmark’s Healthcare Capital Markets Group represented Rendina on the portfolio recapitalization, advised Rendina and Artemis on establishing the joint venture, and secured the acquisition and development financing. The transaction was led by Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group.

“Like-minded investment philosophy, culture-fit, sophisticated understanding of the healthcare real estate market and appetite for portfolio growth were key criteria in our selection process. Artemis checked all the boxes we were looking for in a programmatic equity partner, said Richard Rendina, Chairman & CEO of Rendina.

“Artemis is excited to partner with a best-in-class sponsor like Rendina to grow a high quality portfolio of healthcare real estate assets. Rendina has the relationships and proven track record that we were looking for in a partner” stated Kevin Nishimura, Principal of Artemis Real Estate Partners.

“Rendina has seen tremendous success having developed for many of the Nation’s largest and most highly-regarded health systems, and dominant physician networks,” said Appel.

“This programmatic venture further supports Rendina’s growth, providing the firm additional resources to meet the evolving needs of healthcare providers across country,” added Miele.

“This joint venture will make Rendina even more competitive on development opportunities and will also provide us the acquisition platform and portfolio growth we have long-desired”, said Richard Rendina. “We believe the combination of Rendina’s expertise with Artemis’ capital will be a winning recipe not just for us, but for our healthcare provider clients as well. Rendina believes our health system relationships are our most valuable assets. Artemis understands this nuance to our business, and has shown us that they value relationship-based business and decision-making the same way Rendina does.”

 

Source: HREI