$8,100,000 Transaction
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News Release: Fairfield Advisors announces sale of 2 Medical Office Building Portfolio in Des Moines
News Release: BGL Welcomes Scott Mattson and Michael Magruder; Establishes Technology Vertical
Sep. 14, 2023 — Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the addition of Managing Directors Scott Mattson and Michael Magruder and the establishment of a new Technologyvertical. The creation of the Technology team and its planned build-out further expand the firm’s ability to provide exceptional advisory services to leading middle-market companies.
“BGL is committed to continually building upon our existing platform in order to provide the most comprehensive M&A and capital markets advisory offerings possible,” said BGL’s Executive Committee. “Technology is reshaping all of our clients’ industries and represents a significant opportunity for their differentiation and growth. We are excited to welcome Scott and Michael to the firm and know that their significant industry experience and professional networks provide the ideal base from which BGL can launch its next chapter of growth in this important sector.”
Scott, based in Boston, will serve as Head of BGL’s Technology vertical. With nearly 20 years of technology industry M&A advisory and public and private financing experience, he has completed over 100 transactions totaling more than $40 billion in value. Scott joins BGL from William Blair & Company, where he served as a Partner and Managing Director focused on a number of application software and technology verticals during his twelve years at the firm. He started his investment banking career at Canaccord Genuity where he served as a Principal in the technology group, and previously served in the Navy where he procured nuclear submarines. Scott earned his MBA from the University of Maryland’s R.H. Smith School of Business and graduated with distinction from the United States Naval Academy with a B.S. in economics.
“I’m excited to join the growing team at BGL,” said Mattson. “Together with Michael, I look forward to building the firm’s Technology practice and providing clients with deep industry expertise and unmatched client service.”
Michael has more than 15 years of experience advising growth-stage and middle-market technology companies, with a focus on the industrial and supply chain software sectors. Prior to joining BGL, Michael led the industrial software vertical at Madison Park Group, a software-focused investment banking firm. Michael will operate out of the firm’s New York City office; a graduate of NYU’s Stern School of Business, he majored in finance and marketing.
Scott and Michael are the most recent additions to BGL’s managing director ranks in a year marked by significant growth; thus far in 2023, BGL has also welcomed new managing directors and expanded its capabilities in Digital Infrastructure, Aerospace, Defense & Government Services (ADGS), Transportation & Logistics, and Capital Markets.
News Release: Swinerton Set To Top Out Bridge Labs At Pegasus Park
The renovation and expansion will bring additional cutting-edge life science space to Dallas’ rapidly growing industry.
9/14/23
Swinerton, a national industry-leading construction management and general contracting firm, is working with Montgomery Street Partners, J. Small Investments, and an affiliate of Lyda Hill Philanthropies, to construct 135,000 square feet of new research and development lab space at Pegasus Park. The next phase of the Pegasus Park master planned campus, known as Bridge Labs, includes demolition, ground-up construction, and interior renovations that will provide the region’s first institutional-quality, speculative life science real estate, providing the tools and flexibility needed for supporting science entrepreneurs and companies instilling market growth within the region. With construction scheduled to top out in October and completion tracking for the second quarter of 2024, the project will solidify Pegasus Park as the epicenter for life sciences and biotechnology in Dallas.
Bridge Labs is located at 3020 Pegasus Park Drive, adjacent to the 37,000-square-foot BioLabs space that opened in 2020. Swinerton collaborated with Property Management Advisors and Perkins+Will Architects to develop creative solutions for the renovation and expansion, resulting in the addition of more rentable square footage and improving the project’s overall feasibility.
To create Bridge Labs, renovations are underway to two adjoining buildings on campus. Construction includes demolishing all existing architectural and MEP features of one building and returning the structure to its original two-story core and shell. Demolishing the second building will make way for a larger, and more cohesive, two-story building. Bridge Labs will add 135,000 square feet to the Pegasus Park campus. The core structure of the new facility includes a main lobby, three staircases, two elevators, chemical and chemical waste storage, glass wash, mail room, restrooms, loading dock, wellness area, mechanical/boiler room, and electrical rooms. The building will also include new windows and a new façade. The labs will feature the first institutional-quality space in Dallas with industry-leading specifications. The new space will also offer prebuilt lab suites that will provide the tools and flexible space needed for growth-stage life sciences companies.
Grant Dziuda, Montgomery Street Partners’ Senior Project Manager notes, “We are excited to partner with Swinerton to continue the progress at Pegasus Park and grow the ecosystem, paving the way for world-class laboratory space. Bridge Labs will serve as Dallas’ premier life sciences destination, and we are proud to develop space that drives collaboration and innovation.”
Throughout the design and construction process, Swinerton partnered with the project team to proactively identify any challenges using 3D laser scanning to collect as-built building conditions – identifying structural elements and building systems hidden within the walls, ceilings, and floors. The project team then leveraged the complex data to revisit the space virtually, increasing field quality and procurement accuracy.
Tyler Whitaker, Vice President and Division Manager of Swinerton’s Dallas office, says, “It’s been an honor to partner with Montgomery Street Partners on this project. Our team has enjoyed leveraging our expertise to build ground-up core and shell space for a state-of-the-art life science laboratory. The impact of Pegasus Park on the Dallas area can’t be overstated.”
News Release: OGA Breaks Ground on New Office Complex for Tennessee Orthopaedic Alliance
27,750-square-foot Clarksville facility will offer a more robust catalog of services
Nashville, Tenn. (Sept. 14, 2023) – Oman-Gibson Associates (OGA), a full-service health care real estate firm based in Nashville, recently broke ground on an orthopaedic office building complex for Tennessee Orthopaedic Alliance (TOA) in Clarksville, Tenn. The new 27,750-square-foot medical office building will be located on a 6.81-acre site off I-24 Exit 11 at 1000 S. Gateway Blvd. and is a relocation of the physician group’s Clarksville offices, currently located at 141 Hillcrest Drive in Clarksville.
In addition to physician office space, the new facility will feature an even more robust catalog of orthopaedic services, including urgent care, advanced imaging, a larger physical therapy facility, and a sports performance facility that includes an outdoor artificial turf area. The new facility is expected to be completed by late 2024.
“The Clarksville community is growing quickly, and TOA’s new state-of-the-art facility, with enhanced clinic, physical therapy, imaging services, and specialized orthopedic urgent care, will meet that need,” said Rob Simmons, Chief Executive Officer of TOA. “In addition to these enhanced services, we will also become a stronger resource for the community with our sports performance programming. For more than 90 years, TOA has been at the forefront of orthopedics. This facility demonstrates our commitment to support the communities we serve with a comprehensive approach to support active lifestyles.”
“We’re grateful for our years-long partnership with TOA and their trust in us to bring their vision to life,” said Bond Oman, OGA chief executive officer. “The new Clarksville complex exemplifies our commitment to providing cutting-edge medical spaces that cater to the evolving needs of both providers and patients, and we look forward to realizing this vision with TOA.”
OGA has completed multiple developments for TOA, the most recent being a 55,000-square-foot orthopedic medical office building and ambulatory surgery center in Murfreesboro, TN.
Brasfield & Gorrie is serving as general contractor, Earl Swensson Associates is the project’s architectural firm, and the civil engineer is Fulmer Lucas Engineering.
Currently, OGA has 225,000 square feet of medical real estate under development in the Nashville MSA and more than 500,000 square feet in current projects and deals in progress around the country.
About OGA: Oman-Gibson Associates, dba OGA, founded in 1991, is a privately owned, full-service health care real estate and development firm based in Nashville. OGA offers a range of real estate services to clients, such as development, project management, acquisition, site selection and lease consultations. In the past 15 years, OGA has averaged more than $100 million in health care development annually and developed more than 400 properties across 35 states for customers ranging from physician groups, behavioral health groups and national surgery centers to major hospitals and health systems. For more information, please visit www.oman-gibson.com.
News Release: Meadows & Ohly Welcomes George Olmstead as Senior Vice President of Brokerage Services
Atlanta, GA, September 14, 2023 – Meadows & Ohly, LLC, a comprehensive healthcare real estate services firm, is delighted to announce the newest addition to its team, George Olmstead, who will serve as Senior Vice President of Brokerage Services. With an impressive 25-year track record in the healthcare real estate industry, George brings to Meadows & Ohly unparalleled expertise and an in-depth understanding of how medical office building owners and users leverage their spaces to deliver both a superior patient experience and economic performance.
George’s dedication to excellence within the healthcare real estate sector has consistently earned him recognition as one of Atlanta’s premier leasing agents. He was honored by the Atlanta Business Chronicle in 2014 as the No. 1 Landlord Producer in the metro area and as a Top Office Leasing Broker in 2017 and 2013 by CoStar. In 2022 alone, George accomplished a remarkable $43 million in transaction volume across investment sales, agency, and tenant representation. Some of his long-standing listings include:
- Emory University Hospital Midtown Medical Office Tower (365,000 SF)
- Meridian Mark Plaza (160,000 SF)
- 1801 Peachtree (55,000 SF)
- 371 East Paces Ferry Medical Office Building (111,000 SF)
Prior to joining Meadows & Ohly, George served as Managing Director of the Healthcare Advisory Practice at Cushman & Wakefield. In his new role as Senior Vice President, George will join Brandon Wallace and Co-Lead the firm’s Brokerage Services division, continuing to serve the needs of healthcare systems, providers, and investors by facilitating real estate transactions, whether it involves leasing, buying, or selling healthcare real estate.
“I am incredibly excited to not only re-join my former business partner, Brandon Wallace, but to become a part of the distinguished Meadows & Ohly platform,” said George Olmstead.
Meadows & Ohly Executive Vice President and Partner, Brandon Wallace, expressed his enthusiasm for George’s addition to the team, stating, “We are thrilled to welcome George to the Meadows & Ohly team. His exceptional talent and extensive industry knowledge will undoubtedly enhance our ability to provide top-tier real estate solutions to our clients, reinforcing our commitment to excellence in the healthcare real estate sector.”
As Meadows & Ohly continues to expand and strengthen its presence both in existing and new markets, the addition of George Olmstead marks a significant milestone in the firm’s pursuit of delivering the full continuum of real estate solutions to its clients.
About Meadows & Ohly, LLC
Meadows & Ohly is a comprehensive real estate services firm that has served the healthcare industry since 1972. The Meadows & Ohly team brings a powerful combination of strategic expertise and operational knowledge to every engagement, with an overarching focus on creating environments that support better healthcare. For more information, visit www.meadowsandohly.com.
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News Release: JLL Income Property Trust Fully Subscribes $90 Million Life Sciences DST
Chicago (September 12, 2023) – JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $7 billion in portfolio assets, announced today that it has fully subscribed JLLX Ardenwood, DST. The $90 million, two-property life sciences portfolio, located in Fremont, California, was structured as a Delaware Statutory Trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate, while also deferring taxes, maintaining their allocation to real estate and enjoying the opportunity to realize long-term appreciation in a tax efficient manner.
“We are pleased to have fully subscribed JLLX Ardenwood, DST,” said Drew Dornbusch, Head of JLL Exchange. “We continue to see strong demand from 1031 exchange investors and their financial advisors, as demonstrated by the successful syndication of this $90 million offering.”
“Life science properties in the Bay Area are among the strongest performing in the medical/healthcare sector, with demand significantly outpacing supply. With a weighted average lease term of more than six years, the Ardenwood properties provide our investors a durable stream of income from Class A real estate leased to strong, creditworthy tenants,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Wealth management firms and their property owner clients who participated in the JLLX Ardenwood, DST offering recognized the high-quality real estate, the benefits of our institutional management, and the investor-friendly structure of our JLL Exchange platform.”
Since launching the program in 2020, JLL Exchange has provided investors with more than $1 billion of like kind exchange interests through 19 DST offerings to property owners seeking to reinvest proceeds from their sale of appreciated investment real estate in a tax efficient manner. JLL Income Property Trust has completed 9 full cycle 721 UPREIT transactions totaling more than $680 million to date.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
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About JLL Exchange
The JLL Exchange program offers private placements through the sale of interests in Delaware Statutory Trusts (DSTs) holding real properties. For more information, visit www.jllexchange.com.
About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $78 billion of assets in private and public real estate property and debt investments as of June 30, 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com.
Valuations, Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
News Release: Rendina Healthcare Real Estate Announces Key Executive Promotions
NEWS PROVIDED BY Rendina Healthcare Real Estate
12 Sep, 2023, 14:00 ET
JUPITER, Fla., Sept. 12, 2023 /PRNewswire/ — Rendina Healthcare Real Estate, a national leader in healthcare real estate development, is delighted to announce the advancement of two distinguished team members in recognition of their remarkable contributions and expertise.
David B. Rendina Named Chief Strategy Officer
David B. Rendina – Chief Strategy Officer
David B. Rendina, previously serving as the Executive Vice President – Development & Acquisitions, has been promoted to the role of Chief Strategy Officer. In this capacity, David will be responsible for developing and implementing the strategic plan for Rendina, expanding, and maximizing profitability of Rendina’s portfolio of healthcare real estate.
Celebrating a decade with Rendina, David’s impactful contributions have been a cornerstone of the company’s growth and direction. His notable achievements include orchestrating the investment of $450 million, which corresponds to over 1,850,000 square feet of healthcare real estate spanning 14 states. With a diverse background encompassing acquisition, development, asset management, financial analysis, business growth, project financing, leasing, and marketing, David is well suited for this new role.
David is a Florida Licensed Real Estate Broker, Board Member of the Abacoa Property Owners’ Assembly, and the President of the Rendina Family Foundation. He plays an active role on the Florida State University Real Estate Center Conference Committee. David graduated from Florida State University with Bachelor of Science degrees in both Finance and Economics.
Benny Flores Promoted to Chief Financial Officer & President – Property Management
Benny Flores – Chief Financial Officer & President – Property Management
With over two decades of tenure at Rendina, Benny Flores has been officially named Chief Financial Officer & President – Property Management.
In his capacity as CFO, Benny’s purview will encompass strategic planning, operational efficiency, and financial outcomes. His impactful journey at Rendina has seen him taking charge in areas such as corporate and property accounting, financial documentation, insurance protocols, cash flow management, IT systems, and HR processes.
In his role as President – Property Management, Benny will lead the operations of Rendina’s national property management department/services. Rendina’s property management continues to grow at a rapid pace and now encompasses over 50 buildings and more than two million square feet, which includes a blend of healthcare, commercial, and mixed-use properties.
Benny began his career in public accounting with BDO Seidman, LLC in NYC, focusing primarily on the banking and healthcare industries. Benny is a graduate of Pace University, where he majored in accounting with an emphasis on management. He also holds the title of Certified Public Accountant.
“David and Benny have been invaluable cornerstones in the foundation and evolution of our company,” said Richard M. Rendina, Chairman & CEO. “Their expertise, dedication, and unwavering commitment to excellence have consistently driven us forward. These promotions are well-deserved and signal our confidence in their leadership as we continue to navigate the ever-evolving landscape of healthcare real estate. I’m excited for the future of Rendina with them at the helm of their respective departments.”
About Rendina Healthcare Real Estate
Rendina Healthcare Real Estate is a distinguished leader in healthcare real estate, renowned for providing comprehensive, single-source solutions tailored for healthcare professionals, operators, and investors. Established over 36 years ago as an innovative family-owned business, Rendina has successfully developed and acquired more than 9 million square feet with a flawless financial transaction record of nearly $2.3 billion. Rendina’s unique strength lies in its experienced professionals and deep sector knowledge, coupled with a diverse suite of services encompassing everything from planning, financing, constructing, and managing properties for healthcare uses, such as ambulatory care centers, outpatient facilities, medical offices, and specialty care clinics. This comprehensive approach ensures seamless project execution from conception to completion, solidifying Rendina’s reputation as an unparalleled leader in the industry.
SOURCE Rendina Healthcare Real Estate
News Release: Cooperman Barnabas Medical Center Places Final Steel Beam for New Cancer Center Building
SEP 12, 2023
Celebratory events held for patients, survivors, donors, and staff as hospital marks construction milestone.
9/12/23 Photo by John O’Boyle
Cooperman Barnabas Medical Center (CBMC), an RWJBarnabas Health facility, raised the final steel beam today on its freestanding Cancer Center, now under construction. Cancer survivors, oncology department staff, board members, and donors added their signatures to the steel beam during morning and evening ceremonies — leaving their permanent mark on the five-story, 137,000-square-foot facility.
Scheduled for 2025 completion, the $225-million outpatient facility on CBMC’s Livingston campus will serve as the northern hub for the integrated oncology services offered by RWJBarnabas Health and Rutgers Cancer Institute of New Jersey, the state’s only National Cancer Institute-designated Comprehensive Cancer Center.
“Cooperman Barnabas Medical Center is a regional leader in cancer care, and with the construction of this state-of-the-art facility, we are setting a new standard for top-quality care,” said Richard L. Davis, the hospital’s President and CEO. “With world-class amenities and a team that includes some of the top cancer specialists in the nation, the new Cancer Center will be a premier destination for patient-centered and research-driven cancer care in this region and beyond.”
“There is absolutely nothing more important to our community than having best-in-class health care. The creation of a state-of-the-art cancer center here at CBMC represents one of the most significant events in this community and continues the ongoing growth and transformation of the Medical Center. Our vision of reimagining cancer care could not have occurred without the generosity and support of our many donors. We are grateful for their support and to everyone who has played a role in bringing this project to life,” said Bruce Schonbraun, Chair of the Board of Trustees at CBMC.
At the new Cancer Center, patients will have access to medical, surgical, and radiation oncology services under one roof, with amenities that include a wig and prosthetic studio, yoga classes, music therapy, and psychosocial support services. Private infusion rooms and short-term and extended-stay facilities will also be available.
“The Cancer Center at Cooperman Barnabas Medical Center is part of an overall major investment by RWJBarnabas Health and Rutgers Cancer Institute to transform oncology services across the state including the construction of the Jack and Sheryl Morris Cancer Center, the state’s first freestanding cancer hospital,” said Steven K. Libutti, M.D., Director of Rutgers Cancer Institute of New Jersey and Senior Vice President, Oncology Services at RWJBarnabas Health.
The medical center’s partnership with Rutgers Cancer Institute of New Jersey provides patients access to the most advanced treatment options, including clinical trials, CAR T-cell therapy, immunotherapy, and precision medicine.
“This new Cancer Center will be synonymous with clinical excellence, collaboration, and a commitment to integrated care, delivered by world-class physicians and specialists,” said Michael Scoppetuolo, M.D., Medical Director of the Cancer Center at CBMC. “This is what the future of cancer care looks like in the Garden State and beyond. I’m honored to be a part of it.”
“Cancer treatment is getting more targeted and precise every year,” added Alison Grann, M.D., Chair of the hospital’s Department of Radiation Oncology and the Northern Region Director of Radiation Oncology, RWJBarnabas Health. “The Cancer Center will provide patients with the most advanced multidisciplinary, patient-centric cancer care available in one central location.”
Learn more about the new Cancer Center at Cooperman Barnabas Medical Center.
September 12, 2023
Feature Story: When will MOB sales bounce back?
Probably not before the elections of 2024, according to an InterFace panel
By John B. Mugford
The InterFace Healthcare Real Estate conference investment panel included (from left to right): John Fry, SVP- Acquisitions, Rendina Healthcare Real Estate; Ryan Crowley, SVP, Investments, Healthcare Realty; Alex Bell, Partner, Catalyst Healthcare Real Estate; Eric Lee, Managing Director Medical & Life Sciences, Berkadia Real Estate Advisors LLC; Chris Morgan, Senior Manager, Investments, Big Sky Medical; and the moderator, Andy Dow, Shareholder, Member of Board of Directors and Chair, Real Estate Industry Group, of Winstead PC.
(HREI™ photo)
On the surface, the current state of the medical office building (MOB) investment market is about as slow as it’s been for years, maybe decades.
“The first half of the year volume was down … anywhere from 66 to 71 percent versus the first half of 2022,” said Andy Dow, an attorney with a focus on healthcare real estate (HRE) and the chair of the Real Estate Industry Group with Dallas-based Winstead PC. “The (second quarter) volume was roughly $1.2 billion, which was the lowest quarterly volume ever recorded by RevistaMed (an HRE data and research firm) since it was founded in 2015.”
However, as is typically the case with a complex, robust industry like HRE, there is much more going on than meets the eye.
For example, while sales of MOBs are certainly slow, a panel of HRE investors noted last week that Continue reading “Feature Story: When will MOB sales bounce back?”
News Release: The Sanders Trust Develops $72 Million Behavioral Health Hospital
FOR IMMEDIATE RELEASE
September 12, 2023
Grand Opening for 124,000-sq. ft. Facility in Massachusetts
Birmingham, Ala. – The Sanders Trust, one of the nation’s leading healthcare real estate investment and development companies, is pleased to announce the grand opening of Valley Spring Behavioral Health Hospital located in Holyoke, Massachusetts. The ribbon cutting took place on August 14, 2023.
The Sanders Trust was selected as the developer and building owner of the $72,000,000, 124,000-square-foot facility that features 150-beds, 30 of which are being operated by the Massachusetts Department of Mental Health. The facility is spacious with an abundance of natural light. It includes ample spaces for psychotherapy, rooms for art and occupational therapy, a gymnasium for physical activity and recreation, and access to outdoor spaces for fresh air. The hospital was created carefully for a specialized environment that ensures safety, comfort, and privacy for patients.
The project is a joint venture between Lifepoint Health and Baystate Health and will allow for specialized care for behavioral health patients. The new facility in Holyoke will increase capacity for inpatient behavioral healthcare for adults, children, and adolescents in the area by 50 percent. Built with the unique needs of behavioral health patients in mind, the $72 million facility is designed so patients receive their care and treatment in an environment that supports their recovery.
“The Sanders Trust is proud to be chosen as the developer and building owner for this behavioral health hospital in Massachusetts,” states Rance Sanders, President and CEO of The Sanders Trust. “Among other fantastic service providers, we’re honored to be a part of constructing hope, healing, and providing a safe haven for those in the Holyoke area.”
The Valley Spring Behavioral Health Hospital is located at 45 Lower Westfield Road in Holyoke, Massachusetts. The Sanders Trust worked with full-service architectural & interior design firm, Stengel Hill Architecture, headquartered in Louisville, Kentucky. DPR Construction was the general contractor for the project, headquartered in Redwood City, California.
For more information about the Valley Spring Behavioral Health Hospital or The Sanders Trust’s role in this development, please contact Krista Conlin at krista@kcprojects.net.
ABOUT THE SANDERS TRUST
The Sanders Trust develops and acquires medical office buildings, inpatient rehabilitation hospitals, specialty hospitals and other mission critical healthcare facilities nationwide. Headquartered in Birmingham, Alabama, The Sanders Trust has been a recognized leader in the investment community for healthcare clients since its inception in 1989 and has developed or acquired medical properties in 30 states. For more information on The Sanders Trust, visit www.SandersTrust.com.
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For more information, contact:
Krista Conlin, krista@kcprojects.net
News Release: NexPoint Announces Co-investment in NexPoint Life Sciences II DST, Continuing Commitment to Life Sciences with a Focus on CDMOs and cGMP Facilities
NEWS PROVIDED BY NexPoint
12 Sep, 2023, 08:30 ET
DALLAS, Sept. 12, 2023 /PRNewswire/ — NexPoint, a multibillion-dollar alternative investment platform, announces it has made an initial investment in NexPoint Life Sciences II DST, a Delaware statutory trust (DST), through a fund advised by its affiliate. The investment represents 6% of the total equity available. NexPoint plans to increase the investment size, ultimately targeting 10%-12% of the total equity available. The investment aligns NexPoint’s and DST investors’ interests and underscores the firm’s commitment to the life sciences sector. The DST acquired the two properties earlier this year. The properties, located in Philadelphia, PA, are occupied by a subsidiary of Adare Pharmaceuticals, Inc., a contract development and manufacturing organization (CDMO) focused on oral dosage forms for the pharmaceutical industry.
Within life sciences, NexPoint sees CDMOs—and the manufacturing facilities they operate—as a key area of growth. NexPoint sees a significant demand in the United States for facilities that meet the standards of current good manufacturing practices (cGMP). America’s existing cGMP infrastructure cannot support the development and production needs of the life sciences industry, which is rapidly evolving with the commercialization of novel and emerging products and therapies. Other factors adding to demand for cGMP manufacturing facilities are bipartisan governmental initiatives to re-shore manufacturing and supply chains back to the United States, as well as the sector growth in healthcare that is driving commercial-scale pharmaceutical manufacturing activity. NexPoint’s co-investment in the Life Sciences II DST is driven by these industry trends, along with the predictable cash flow offered by the properties’ triple-net tenant, Adare Pharmaceuticals, Inc.
“Real estate plays a critical role in this rapidly evolving industry and can help accelerate innovation for life sciences companies at all stages of development,” said Matt McGraner, NexPoint Real Estate Advisors’ Chief Investment Officer. “As we continue to grow our life sciences platform, our investment in NexPoint Life Sciences II DST allows us to dedicate capital alongside our investor base and increase our exposure to cGMP facilities, which we believe have some of the strongest tailwinds within life sciences real estate.”
NexPoint expects to pursue additional opportunities in the cGMP space and plans to continue to invest alongside investors in future life sciences offerings.
About NexPoint
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information visit nexpoint.com.
Important Disclosures
Only “accredited investors” (as that term is defined in Rule 501 promulgated under the Securities Act of 1933) who meet certain minimum requirements may invest. Investing in NexPoint Life Sciences II DST interests involves a high degree of risk. Past performance does not guarantee future results. Before investing, please review the applicable offering materials, including NexPoint Life Sciences II DST’s Confidential Private Placement Memorandum as amended or supplemented from time to time, including the “risk factors” described therein.
Contacts
Media Relations
Mike Geller, Prosek Partners for NexPoint
mgeller@prosek.com
Investor Relations
Kristen Thomas, NexPoint
IR@nexpoint.com
SOURCE NexPoint
News Release: Healthpeak Properties Publishes Updated Investor Presentation
DENVER–(BUSINESS WIRE)--Healthpeak Properties, Inc. (NYSE: PEAK), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced the publication of an updated investor presentation in advance of upcoming investor meetings.
The presentation is available on Healthpeak’s investor relations website at https://ir.healthpeak.com.
ABOUT HEALTHPEAK PROPERTIES
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.
News Release: $14.5M refinancing secured for Stamford, Connecticut, medical office building
News release
JLL Capital Markets led the financing efforts for Holly Pond Plaza, which is 99% occupied
BOSTON, Sept. 11, 2023 – JLL Capital Markets announced today that it has arranged a $14.5 million refinancing for Holly Pond Plaza, a 73,060-square-foot, multi-story medical office building in Stamford, Connecticut.
JLL worked on behalf of the borrower, Faros Properties, to secure the five-year, fixed-rate loan through Silicon Valley Bank, a division of First Citizens Bank.
Completed in 2003 and renovated in 2013, Holly Pond Plaza is 99% leased to three credit worthy tenants. The building features four floors of medical office space above four levels of parking for 222 vehicles.
Holly Pond Plaza is situated on 0.60 acres at 1281 East Main St. in Fairfield County. This area of southwest Connecticut features several prominent health systems, which has spurred the expansion of outpatient services and the number of medical office facilities in the area. The Stamford medical office is particularly strong with a robust occupancy rate and strong annual rent growth.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.
“Strong in-place metrics, along with the Sponsor’s strong reputation and track record of consistent top of the market performance at the property, resulted in competitive marketing process with multiple lenders offering attractive financing options,” Schneider said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
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About Faros Properties
Faros Properties is a real estate investment firm with more than $1Bn of assets that targets long-term private investment opportunities, while prioritizing core investments in supply-constrained markets that have high concentrations of intellectual capital. Established by Jeremy Leventhal, Alexander Leventhal and Elliot Gould, its predecessor companies trace their roots to family-owned operations, and for over six decades the family has actively engaged in the construction, development, acquisition, and management of real estate throughout the country.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 5873
Email: Kristen.Murphy@jll.com
News Release: OhioHealth Grant Cancer Center to Open Downtown on Sept. 12
Columbus, OH, September 11,2023
OhioHealth will open the Grant Cancer Center, located at 303 E. Town Street on the campus of OhioHealth Grant Medical Center, for patient care on Tuesday, Sept. 12.
This nearly $25 million investment will provide an even more collaborative approach to cancer care in an easy-to-access location for the most frequently used cancer services – whether that is regular screening, active treatment or survivorship support.
“Five years ago we expanded our cancer footprint at Grant,” said Praveen Dubey, MD, OhioHealth VP of Cancer Care. “Given the success and growth of that program, we are expanding our services on the campus to continue to serve downtown and surrounding communities. We will also be advancing our presence in radiation oncology by adding a new Linear Accelerator and relocating our radiation oncology services from Grant’s lower level to the first floor of the Bone and Joint Center to allow for a better patient experience.”
The Grant Cancer Center, which is 29,340 square feet and two floors, will include the following services:
Infusion services (expanding from 16 chairs to 28 chairs)
Medical oncology and hematology
Radiation oncology
Lab services
Pharmacy
Supportive Care
Patient navigators for personalized assistance
Genetic counseling
Financial counseling
Nutrition counseling
Survivorship and high risk clinics
Cold cap therapy to prevent or minimize chemotherapy-induced hair loss
Additional Services
Imaging
Precision medicine
Research and clinical trials
Blood transfusion
Valet parking
“We are thrilled to grow our already exceptional cancer care program at Grant and provide accessibility and comfort to our patients and their families,” said Michael Lawson, Grant president. “This continues to be an exciting time for Grant and for those who seek care in and around downtown Columbus. The Grant Cancer Center opening kicks off some major growth downtown with the incoming $400 million investment to build a new ambulatory facility and trauma center, emergency department and critical care pavilion breaking ground soon.”
The Grant Cancer Center complements many of the other recent advancements OhioHealth is making in the communities we serve around cancer, including the Westerville Cancer Center, Dublin Cancer Center, Marion Cancer center and the upcoming OhioHealth Pickerington Methodist Hospital. These investments are amplified by OhioHealth’s “Keep Making Plans” cancer campaign, a powerful message to our community and cancer patients which serves as a reminder that life with and beyond cancer can be exceptional.
The Grant Cancer Center was designed by MA Design and built by Daimler and Smoot Construction.
About OhioHealth
Based in Columbus, Ohio, OhioHealth is a nationally recognized, not-for-profit, charitable, healthcare outreach of the United Methodist Church.
Serving its communities since 1891, OhioHealth is a family of 35,000 associates, physicians and volunteers, and a network of 14 hospitals, three joint-venture hospitals, one managed-affiliate hospital, 200+ ambulatory sites and other health services spanning a 50-county area. It has been recognized by FORTUNE as one of the “100 Best Companies to Work For” 15 times since 2007. For more information, visit ohiohealth.com.
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For Sale: 2600 Redondo Ave – 100% Leased, Purpose-Built Medical Office Building on 5.7 Acres in Long Beach, CA
2600 REDONDO AVE
LONG BEACH, CA
100% Leased, Purpose-Built Medical Office Building on 5.7 Acres of Land with 66% Investment Grade Tenancy
CAPITAL MARKETS | INSTITUTIONAL GROUP
CBRE
The Offering
CBRE Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in 2600 Redondo Avenue, a six-story, three-tenant, 100%-leased, 153,172-square-foot medical office building located on 5.71 acres in suburban Long Beach, CA. Investors stand to benefit from an interconnected “sticky” medical rent roll providing 66% investment-grade credit tenancy with a compelling mark-to-market opportunity upon tenant rollover, with in-place rents 23% below market. The essential-use tenants face high barriers to exit, with significant ongoing investment into their spaces, and hard to get permits in-place.
The Long Beach medical office market has markedly outperformed other Southern California submarkets with tightening vacancy rates (3.5% in Q2 2023, down 9.8% since 2013) and dwindling supply (no new inventory over the last 10 years), according to CBRE Research, Q2 2023. The location provides regional access to an aging population and neighboring synergistic medical companies.
The Seller is offering the Property with an opportunity to assume an attractive $37 million, 3.87% interest-only loan, maturing in July 2026.
PROPERTY OVERVIEW
ADDRESS: 2600 Redondo Ave., Long Beach, CA
ZONING: Planned Development
– 15 (Redondo Ave)
PROPERTY TYPE: Purpose-Built Medical Office
# OF STORIES: Six
BUILDING SIZE: 153,172 SF (BOMA)
YEAR BUILT: 1989
LOT SIZE: 5.71 Acres
WALT: 3.2 Years
OCCUPANCY: 100% (66% Investment Grade)
PARKING: 537 Surface Stalls (4.0/1,000 SF)
Executive Summary | Confidentiality Agreement
Contact Information
INVESTMENT ADVISORS
Mike Longo
Senior Vice President
+1 310 363 4906
Lic. 01887292
michael.longo@cbre.com
Todd Tydlaska
Executive Vice President
+1 310 363 4902
Lic. 01329711
todd.tydlaska@cbre.com
Sean Sullivan
Executive Vice President
+1 310 363 4910
Lic. 01199428
sean.sullivan@cbre.com
Melissa Moock
Senior Associate
+1 310 363 4937
Lic. 01987890
melissa.moock@cbre.com
Mark Shaffer
Senior Vice President
+1 213 613 3758
Lic. 01253743
mark.shaffer@cbre.com
John Scruggs
First Vice President
+1 949 725 8592
Lic. 01796826
john.scruggs@cbre.com
U.S. HEALTHCARE CAPITAL MARKETS
Chris Bodnar
Vice Chairman
+1 720 635 2653
Lic. 01892501
chris.bodnar@cbre.com
Zack Holderman
Senior Vice President
+1 858 546 4670
Lic. 01434957
zack.holderman@cbre.com
OFFICE LEASING EXPERTS
Tim Vaughan
Senior Vice President
+1 310 363 4888
Lic. 00902652
tim.vaughan@cbre.com
Dave Smith
Senior Vice President
+1 310 363 4887
Lic. 00991425
dave.smith@cbre.com
DEBT & STRUCTURED FINANCE
Greg Grant
Senior Vice President
+1 310 363 4935
Lic. 01844513
greg.grant@cbre.com
PeteObradovich
Associate
+1 949 338 9325
pete.obradovich@cbre.com
CAPITAL MARKETS | INVESTMENT PROPERTIES