News Release: Caddis-Invesco Real Estate JV acquires two medical office buildings, enters California market


Caddis rounds out its inaugural medical office acquisition fund with assets in Georgia and California

2625 Shadelands Drive in Walnut Grove, Calif. outside of San Francisco is 100 percent leased by leading healthcare providers.

WALNUT CREEK, Calif.; MARRIETTA, Ga.; and DALLAS, Jan. 20, 2021 – Caddis® and the joint venture (JV) partner of its first medical office acquisition fund, Invesco Real Estate, a global real estate investment manager, have acquired Caddis’ first healthcare asset in California – a 60,000-square-foot medical office building (MOB) at 2625 Shadelands Drive in Walnut Grove, about 30 miles east of San Francisco.

The JV also recently acquired the 35,500-square-foot Class A 660 Cherokee Street MOB in Marietta, Ga., about 20 miles north of Atlanta.

The acquisitions, which closed October and November of last year, mark Caddis’ inaugural MOB acquisition fund’s 28th and 29th properties to date and will close out the fund. Caddis, a Dallas-based national healthcare real estate firm, launched the fund in late 2017 and intends to have the initial closing for its second acquisition fund this month. Caddis partnered with Invesco Real Estate in 2017.

“Our first acquisition fund enabled Caddis to capitalize on the many opportunities available in the medical office market, which has shown continued strength and resiliency through difficult economic circumstances this year” says Lance M. Hardenburg, Caddis’s Managing Partner and CEO. “Through our first fund, we have acquired a number of stellar properties in ideal locations that are occupied by leading healthcare providers, and our new medical office buildings in Walnut Grove and Marietta are no exception.”

He added, “We are thrilled to expand our company’s presence in the beautiful state of California and the fast-growing San Francisco bay area.”

Daniel Kubiak, Managing Director and Portfolio Manager at Invesco Real Estate, notes, “Our joint venture partnership with Caddis in 2017 was Invesco Real Estate’s first investment venture into medical office facilities, and we’ve been very pleased with the results. All of the acquisitions purchased through the Medical Office Building Acquisition Fund I have fit well with our premium income-focused strategy and provided both durability and diversification to our portfolio. We have enjoyed working with Caddis and look forward to continued growth of our relationship.”


Tenants at Shadelands MOB include Stanford Health Care, John Muir Health and Muir Ortho, the largest orthopedic group in Northern California. The asset is located in the 267-acre Shadelands development, a vibrant work-life destination near the I-680 Highway 24 interchange which offers a dynamic mix of both public and private enterprise and cultural offerings, including professional services, R&D, manufacturing, telecom, healthcare, education, athletic facilities and community gardens. A senior living community is currently under construction. Shadelands is nestled at the base of majestic Mount Diablo and Mount Diablo State Park, affording residents abundant greenspace and trails. Shadelands is served by the Bay Area Rapid Transit in addition to a free shuttlebus service provided by local businesses.

The transaction was brokered by Marcus & Millichap.


The recently developed Marietta MOB is 100 percent leased by Piedmont Health on a long-term basis. The asset hosts primary care, cardio, pulmonary, and sleep medicine service lines and is adjacent to the thriving 633-bed WellStar Kennestone Hospital.

Zee Jennings, Caddis’s Director, Capital Markets, noted, “We are pleased with our newest acquisitions. They are high-quality facilities with credit-rated tenants, and they are located in beautiful, growing communities with exceptional amenities. We’re also pleased to acquire these properties with our long-standing JV partner Invesco Real Estate.”

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $80.4 billion in real estate assets under management, 574 employees and 21 regional offices across the U.S., Europe and Asia (as of Sept. 30, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;

About Caddis

Caddis® is a national real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis™ has developed or acquired nearly 5 million square feet of medical assets valued in excess of $1 billion. In its annual Construction and Design Survey, Modern Healthcare magazine recognized Caddis as the 5th largest healthcare development company in the United States. For more information about Caddis, please visit

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News Media Contact: Stacey J. Robinson, 469-547-5421,

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