NexCore Group, a national healthcare real estate developer, and Nuveen Real Estate, one of the five largest global real estate investment managers, have closed on their sixth transaction together. The pair have struck a deal to acquire a healthcare real estate portfolio, which includes 29 assets spanning 13 states and totaling 1,165,173 square feet, from IRA Capital for $620.4 million, or $532 per square foot. It’s one of the largest healthcare real estate transactions in 2021 so far.
The portfolio consists of $463 million in medical office buildings (MOBs) and $157 million in life sciences facilities. The release did not specify the facilities or the locations.
The transaction expands NexCore’s strategic initiative to acquire and develop healthcare and life sciences portfolios nationwide with its capital partners. For Nuveen, this deal highlights the firm’s track record in developing and acquiring assets affiliated with leading healthcare systems, physician practices, research institutions and life sciences companies.
Nexcore and Nuveen partnered up in November 2020, and since then have closed more than $687 million in acquisitions, including 34 buildings comprising 1.4 million square feet, as well as two additional buildings in development, which will add another 200,000 square feet. Previous acquisitions totaled $58 million and included five properties in Georgia, Illinois, Texas (two) and Colorado.
