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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

Seavest And Nuveen Partner In $1 Billion Medical Office Transaction

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Seavest Healthcare Properties, LLC, the New York City and White Plains based healthcare real estate investment management firm, a division of the Seavest Investment Group, LLC, has concluded a transaction including a portfolio recapitalization in partnership with Nuveen Real Estate, one of the largest real estate managers globally.

The approximately $1 billion transaction closed in December 2021. Seavest recapitalized a portion of its portfolio of high-quality medical office buildings with Nuveen which has $1.2 trillion under management and $144 billion in real estate assets across the globe. The transaction extends Seavest’s and Nuveen’s existing relationship in the medical office building and outpatient medical facility sector.

“This transaction is a great addition to Nuveen’s healthcare real estate portfolio, and we are excited to expand our partnership with Seavest. Nuveen is focused on investing in strategically located, high quality medical facilities that are positioned to efficiently deliver quality care to the surrounding community. This portfolio accomplishes that,” said Andrew Pyke, Head of Healthcare Real Estate at Nuveen.

“The transaction is a testament to our ongoing success working together,” said John Winer, Senior Managing Director & CIO of Seavest.  “We have assembled a portfolio of highly strategic medical properties through our acquisition and development efforts. This enhancement to our partnership with Nuveen enables Seavest to advance our mission of building long term relationships with our health system and physician tenants.”

BlackBirch Capital acted as the exclusive financial advisor to Seavest Healthcare Properties in the transaction. Goodwin Proctor, LLC served as legal counsel.

 

Source: HREI

Mortenson Development, Seavest Healthcare Partner On Candelas MOB

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Mortenson Development Inc. and Seavest Healthcare Properties will joint venture on SCL Health’s new 43,732-square-foot Class A medical office building at the intersection of West 91st Place and Candelas Parkway within Candelas in Arvada. Mortenson’s construction arm will build the two-story facility, which was designed by Davis Partnership Architects.

Over the last decade, Mortenson has worked with SCL Health to deliver more than 40 projects. This marks the first project in which Mortenson will act as a developer/owner for the nonprofit health care organization.

“Access to quality health care has never been more important, and we’re proud to be working with SCL Health to bring this primary care facility to the Candelas community,” said Taber Sweet, director of real estate development with Mortenson Development Inc.

Mortenson was responsible for site planning and design services for the development, including managing all entitlements and city approvals.

Asked what patients and providers will most appreciate: “The continuity of design as it flows from the exterior to the interior, which is reflected in the use of warm wood tones and the linear patterns in the ceilings and floors,” said Wendi Ekborg, Davis Partnership principal. “For this growing community, having access to an outpatient clinic facility such as this will be more than just a convenience; it will continue to build community and home.”

 

“The design inspiration pays tribute to the open fields of northwest Arvada through the notion of two overlapping branches laying in prairie grass,” said Davis Partnership’s Cody Weaver, AIA, NCARB, LEED Green Associate. “The gray panel used at the screen wall, entry and stair reflects the texture of bark that wraps the branch with adjacent warm tone panels echoing the wood core of the branch creating openings in the façade for connection from the exterior to interior. The irregular window patterning is much like the voids within grass allowing light to pass through the dense prairie. The brick masonry color represents the hues found in prairie grass while the brick banding reflects the setting sun,” he said.

Associated Bank provided the construction financing loan totaling approximately $9.6 million. The project team anticipates completion next summer.

 

Source:  CREJ