Nuveen Global Cities REIT, Inc. announced that it acquired on September 8 a 10-facility medical office building (MOB) portfolio. The purchase price was approximately $300 million.
The portfolio consists of buildings in Atlanta, Pittsburgh, Tampa and Dallas and totals 661,000 square feet. The portfolio includes high-quality, newly constructed or newly renovated assets that were 96% leased at acquisition with a granular rent roll of 57 tenants.
Nuveen Global Cities REIT, Inc. (GCREIT) is sponsored by Nuveen, LLC, a TIAA company, and externally advised by its affiliate Nuveen Real Estate Global Cities Advisors, LLC, an investment advisory affiliate of Nuveen Real Estate.
The portfolio expands GCREIT’s exposure to the healthcare sector in target cities selected for resiliency. The acquisition will increase GCREIT’s allocation in the healthcare sector to 21%.
According to the LevinPro HC database, this deal marks the 137th MOB transaction of the year. This deal has the third-largest purchase price for MOBs in 2022. The two largest MOB deals of the year are National Real Estate Advisors and Catalyst Healthcare Real Estate purchasing 2 MOB portfolios for $420 million and Remedy Medical Properties and Kayne Anderson Real Estate buying a 23-facility MOB portfolio for $350 million.
