January 11, 2023 11:00 AM
Newmark announces the $131 million sale of a 13-property, approximately 300,000-square-foot medical office building portfolio located in eight states. Newmark Executive Managing Director Ben Appel and Senior Managing Directors Jay Miele, Michael Greeley and John Nero of Newmark’s Healthcare Capital Markets group represented the seller, an affiliate of Montecito Medical, and procured the buyer, an institutional core fund.
“The buyer, seller and lender—who all executed flawlessly in the current environment—deserve a lot of credit in getting this transaction done,” said Appel. “These properties will be great additions to the investor’s portfolio.”
The portfolio comprises 13 outpatient medical office buildings and ambulatory surgery centers located mostly in the southern United States in growth submarkets. The portfolio is 100% leased to a mix of leading investment-grade health systems and dominant physician networks in practice areas, including general surgery, spine care, orthopedics, women’s care, diagnostics and comprehensive multi-specialty services.
“These premier assets are premiere examples of the flight-to-quality trend we are witnessing among investors in the medical office building sector today,” said Miele. “This portfolio is among the most notable trades in 2022.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information about Montecito Medical, please visit www.montecitomac.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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