New York, NY (September 15, 2021) — Newmark announces that it has advised Global Nephrology Solutions (GNS) on a strategic $64.9M real estate transaction involving 15 dialysis and medical office facilities spanning 160,854 square feet. GNS is one of the largest kidney care platform and management services organizations in the United States. Newmark’s Vice Chairman Todd Perman, Senior Managing Director Jay Miele, Managing Director John Nero and Associate Directors Chris Witcher and Mohsin Azmi advised GNS on the transaction.
“We were very appreciative of the opportunity to advise the team at Global Nephrology Solutions on this transaction. The physician groups collectively owned a highly attractive real estate portfolio and recognized the opportunity to present scale to the market in the dialysis and medical office sector where investors see significant value in the aggregation of a high-quality portfolio,” said Nero. “We look forward to future opportunities with the GNS team as we continue to advise on the next phase of their real estate strategy across the U.S.”
As part of the transaction, Newmark worked with affiliated physician group practices of GNS, including Southwest Kidney Institute and Florida Kidney Physicians, to advise on the roll-up of properties and restructure select leases within the properties to position the portfolio for monetization.
“On behalf of GNS and its affiliated practices, Southwest Kidney Institute (SKI) and Florida Kidney Physicians (FKP), I want to thank the entire Newmark team for their expertise, guidance, and professionalism in executing a complex process involving multiple facilities across two states,” said Rajiv Poduval, CEO of GNS. “Their attention to detail and willingness to go out of their way to support us through the more demanding aspects of the process made this a great experience. We are incredibly pleased with the results and look forward to a continued partnership. As a Nephrologist-led platform, GNS is committed to enhancing value-creation opportunities for all our affiliated providers and practices.”
The transaction encompassed multiple phases, including the sale of existing assets and future development projects. The portfolio totals 160,854 square feet throughout Arizona and Florida and is 100% leased to 15 tenants under long-term, triple-net leases with attractive rent growth and lease term fundamentals. This transaction will position GNS to grow more cohesively as they move ahead with future development projects backed by institutional capital gained from monetization.
“We are very proud to work alongside GNS, which is creating an unmatched kidney care platform in the country,” said Perman, Head of Global Healthcare Services. “The transaction was a success because we took a strategic, provider-centric approach to their high-quality and sizable portfolio working in concert with multiple physician groups.”
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