The 1,165,173-square-foot portfolio across 13 states, purchased from IRA Capital, is the latest in a series of acquisitions made by the strategic partnership since the two firms began collaborating in 2020
 
The Dignity Health Medical Office Building in Surprise, Ariz., (top) and Mount Sinai – Long Island at 1155 Northern Blvd. in Manhasset, N.Y., (bottom) are two of the properties in the portfolio acquired by the NexCore-Nuveen partnership. |
CHICAGO and DENVER, Aug. 9, 2021 – Nuveen Real Estate, one of the five largest global real estate investment managers – as advised by Denver-based NexCore Group, a national healthcare real estate (HRE) developer – has closed on a $620.4 million healthcare real estate portfolio acquisition.
The transaction, which includes 29 assets spanning 13 states and totaling 1,165,173 square feet, closed Aug. 5.
The acquisition, which includes $463 million in medical office buildings (MOBs) and $157 million in life sciences facilities, is the latest transaction between NexCore and Nuveen to fund and own developments and acquisitions in healthcare and life sciences.
Jarrod Daddis, NexCore Group President and Managing Partner, says the transaction expands NexCore’s strategic initiative to acquire and develop healthcare and life sciences portfolios nationwide with our capital partners. This transaction with Nuveen demonstrates our track record in developing and acquiring credit assets affiliated with leading healthcare systems, physician practices, research institutions and life sciences companies.
“We at NexCore are proud to continue the synergies between our two leading firms, combining NexCore’s expertise in developing, leasing and managing healthcare real estate with Nuveen’s capital resources and generational real estate expertise,” Mr. Daddis says.
Todd Varney, NexCore Chief Development Officer and Managing Partner, says that, including this most recent transaction, the two firms have partnered since November 2020 on a total of more than $687 million in acquisitions, including 34 buildings comprising 1.4 million square feet, as well as two additional buildings in development, which will add another 200,000 square feet.
 
North Hills Health Center in Menomonee Falls, Wisc., (top) and the Pharmaceutical Product Development (PPD) building in Middleton, Wisc., (bottom) are also part of the portfolio. |
“We are excited to continue collaborating with our strategic partner, NexCore, to realize our goal of rapidly expanding our healthcare footprint through developments, acquisitions and sale leasebacks from healthcare providers,” notes Andrew Pyke, Head of Healthcare for Nuveen Real Estate.
“The NexCore/Nuveen partnership has been an extremely fruitful one where NexCore serves as the advisor, partner and property manager,” Mr. Varney explains. “Together, we offer innovative real estate strategies that support our clients’ long-term visions.”
Previous acquisitions, totaling $58 million, under the partnership since 2020 include these five assets:
- Locust Grove MOB in Locust Grove, Ga.
- Linden Oaks Behavioral Health MOB in Naperville, Ill.
- South Boerne MOB in Boerne, Texas
- SomaLogic in Boulder, Colo.
- Hillcroft Medical Center in Sugar Land, Texas
About NexCore Group LLC
NexCore Group is a national healthcare real estate investment and development company that focuses on acquiring, developing, owning and managing healthcare facilities including medical office buildings, wellness facilities, ambulatory surgery centers, single and multi-specialty physician buildings, life sciences facilities, senior living communities and transitional rehabilitation centers. NexCore partners with top healthcare systems, hospitals, physician groups, and assisted living, memory care and post-acute care operators, and reputable institutional and high net worth investors to develop, acquire and own high quality assets that serve their communities through significant job creation and the provision of quality healthcare services. Since 2004, the NexCore team has developed and acquired over 13.9 million square feet of healthcare properties across the country and currently manages over $2.8 billion of healthcare facilities. The company has been recognized repeatedly as one of the Top Healthcare Real Estate Developers in the U.S. by Modern Healthcare and HREI. NexCore is headquartered in Denver, with regional offices in Chicago; Bethesda, Md.; Portland, Ore.; Dallas; Orlando, Fla.; Laguna Niguel, Calif.; and Indianapolis. For more information, please visit NexCoreGroup.com. Contact: Kirstin Barbour, Marketing Director, 303-293-0693.
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