JLL Facilitates Recapitalization of 31-Building MOB Portfolio

JLL Facilitates Recapitalization of 31-Building MOB Portfolio

JLL Capital Markets represented Montecito Medical Real Estate in the $245 million recapitalization and financing of a 31-property medical office building portfolio with AEW Capital Management. The institutionally managed portfolio consists of 27 single-tenant and four multi-tenant buildings totaling 545,813 square feet across 10 states. The properties are purposely aligned with major health systems and dominant physician groups. Additionally, JLL worked on behalf of the new ownership group to secure $176 million in acquisition financing through BMO Harris. BMO’s dedicated team of real estate experts stay up to date with current market trends and conditions to help developers, REITs,... Read More »
MDVIP Gets New PE-Sponsors

MDVIP Gets New PE-Sponsors

The primary care operator MDVIP is being traded in a new deal announced last week. Goldman Sachs Asset Management Private Equity, the primary investing area within Goldman Sachs, and Charlesbank Capital Partners, a middle-market private investment firm with more than $15 billion of capital raised since inception, are taking majority ownership in MDVIP from Leonard Green & Partners. MDVIP was bought by Leonard Green & Partners in 2017 from Summit Partners, and the latter has maintained minority ownership until now. No financial terms were disclosed in the new deal. MDVIP provides membership-based healthcare with a national network of over 1,100 primary care physicians serving... Read More »
NexCore & Nuveen Buy 29-Asset Healthcare Portfolio for $620.4 Million

NexCore & Nuveen Buy 29-Asset Healthcare Portfolio for $620.4 Million

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... Read More »

The Primary Care Market Heats Up

Since the COVID-19 pandemic hit, there have been more than the usual number of large deals focused on primary care providers and clinics in North America. These clinics staff physicians (but are not run by them, like a physician group) and other healthcare providers to help patients with routine, non-emergency medical issues, and are often the first stop for a patient seeking treatment. A wide range of investors and strategic buyers have been moving into this space this year. Cano Health, Inc. (NYSE: CANO), one of the more active buyers, announced two deals in the second quarter expanding its primary care network in Florida. In June, it purchased University Health Care and its affiliates,... Read More »
JLL Facilitates Recapitalization of 31-Building MOB Portfolio

Cornerstone Grabs 12-Property Healthcare Portfolio

Cornerstone Companies, Inc. announced last week it has closed on its sixth medical office building portfolio, acquiring 12 healthcare real estate properties in nine states totaling more than 155,000 square feet. The portfolio was valued at $48.7 million, or close to $314 per square foot, and was completed by Cornerstone Fund VI, a private equity fund focused solely on medical real estate. The portfolio has a wide range of healthcare properties, including six individual clinical MOBs, three clinic/ambulatory surgery centers, an imaging and diagnostics center, a senior care facility, and a single stand-alone ambulatory surgery center.   The medical office buildings are Gateway Clinic Medical... Read More »
Partners Group Acquires Pharmathen

Partners Group Acquires Pharmathen

Outsourced R&D companies, such as CROs and CDMOs, have been in huge demand this year due to industry tailwinds. Biotech and pharma firms are racing to find treatment for diseases of high unmet need, and external research firms have the capabilities to help life science companies reach the finish line. The M&A market for CROs, especially, has been grabbing all the attention, but CMDOs are in high demand as well, as showcased by the acquisition of Pharmathen by private equity firm Partners Group from BC Partners for $1.9 billion. BC Partners invested in Pharmathen in mid-2015 in a transaction valued at approximately $560 million.  Founded in 1969, Pharmathen is a leading CDMO... Read More »