Chevy Chase, MD-based Artemis Real Estate Partnershttp://www. nmrk.com — in a $1-billion joint venture with Jupiter, FL-based Rendina Healthcare Real Estate and CalSTRS — has acquired a portfolio of 12 medical office buildings. The properties are located in multiple states and total 352,981 square feet.
Newmark facilitated the transaction, equity placement and financing. Jay Miele, Ben Appel, Michael Greeley and John Nero of Newmark, in cooperation with local licensees, represented the seller in the transaction. Newmark advised on the 2021 formation of the JV, which was seeded with a portfolio of six medical office buildings that were developed and acquired by Rendina.
The newly acquired portfolio’s assets are utilized for high acuity services and span eight states — FL, GA, IL, MN, NV, OH, TX and VA — and are collectively 96% occupied. The portfolio’s features include 10 assets located in Certificate of Need states, a weighted average remaining lease term of 6.6 years and an average annual rental rate increase of 2.20%.
“The assets combine to offer income durability from long-term leases for nearly half of the portfolio, coupled with near-term growth opportunities stemming from accretive leasing to existing and new tenants in markets with strong underlying and long-term fundamentals,” said Miele.
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