FOR IMMEDIATE RELEASE
Artemis Recapitalizes 6 Properties with Rendina to Seed New JV for Development and Acquisition of MOBs Nationwide
Philadelphia, PA (September 29, 2021) — Newmark announces that it has arranged a strategic joint venture seeded by a national MOB portfolio recapitalization. Rendina Healthcare Real Estate “Rendina” is a leading, national medical office development and acquisition platform, fully integrated with development, ownership, management and leasing capabilities. A pioneer in the healthcare real estate development sector, Rendina has developed more than 8.5 million square feet during its 35-year history. This transaction marks an inflection point in the growth of the company as the firm partners with Artemis Real Estate Partners (“Artemis”), an institutional investment manager that focuses on equity and debt investments in healthcare real estate across the United States.
Rendina and Artemis have entered into a joint venture to develop and acquire a national portfolio of healthcare properties. The venture was seeded with the recapitalization of six properties developed by Rendina. The nearly 230,000 square foot portfolio spans four states, with concentration in the Northeast, and is leased to some of the leading healthcare systems and physician group practices in the country. The joint venture will immediately invest in an additional 140,000 square foot medical office development, followed by a near-term development and acquisition pipeline.
Newmark’s Healthcare Capital Markets Group represented Rendina on the portfolio recapitalization, advised Rendina and Artemis on establishing the joint venture, and secured the acquisition and development financing. The transaction was led by Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group.
“Like-minded investment philosophy, culture-fit, sophisticated understanding of the healthcare real estate market and appetite for portfolio growth were key criteria in our selection process. Artemis checked all the boxes we were looking for in a programmatic equity partner, said Richard Rendina, Chairman & CEO of Rendina.
Kevin Nishimura
“Artemis is excited to partner with a best-in-class sponsor like Rendina to grow a high quality portfolio of healthcare real estate assets. Rendina has the relationships and proven track record that we were looking for in a partner” stated Kevin Nishimura, Principal of Artemis Real Estate Partners.
“Rendina has seen tremendous success having developed for many of the Nation’s largest and most highly-regarded health systems, and dominant physician networks,” said Appel. “This programmatic venture further supports Rendina’s growth, providing the firm additional resources to meet the evolving needs of healthcare providers across country,” added Miele.
“This joint venture will make Rendina even more competitive on development opportunities and will also provide us the acquisition platform and portfolio growth we have long-desired”, said Richard Rendina. “We believe the combination of Rendina’s expertise with Artemis’ capital will be a winning recipe not just for us, but for our healthcare provider clients as well.”
“Rendina believes our health system relationships are our most valuable assets. Artemis understands this nuance to our business, and has shown us that they value relationship-based business and decision-making the same way Rendina does,” said Richard Rendina.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
About Rendina Healthcare Real Estate
Rendina is a recognized leader in healthcare real estate and a trusted real estate partner for health systems, hospitals, and medical groups throughout the country. Over the course of 35 years, Rendina has developed and acquired more than 7.88 million square feet. Historically, 85 percent of its transactions are for existing relationships, a tacit endorsement from a notable client roster. Rendina’s completed projects span the country and are supported by its headquarters in South Florida and five satellite offices in strategic regions across the United States including Arizona, California, New Jersey, Ohio and Texas. Through this network the Company’s national reach and experience is accentuated by its physical presence in many of the nation’s key healthcare markets. With an exclusive focus on healthcare real estate and an unparalleled sector knowledge, Rendina’s full-service platform provides an array of services related to strategy, execution, and operations. Highlighted among them are ambulatory planning, feasibility analysis, site selection, at-risk development, design, construction oversight, space programming, acquisitions, leasing, and property management. Collectively, Rendina can deliver a single-source solution for its healthcare clients, an important distinction from merchant builders and design-build firms. With an average executive management tenure of more than 15 years and a tenant satisfaction rate consistently greater than 90%, the success of Rendina’s platform echoes both internally and externally. From the inception of a project vision through the entire project life cycle, Rendina has the scale, experience, insight and passion to turn any vision into a reality.
About Artemis Real Estate Partners
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised approximately $6 billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on healthcare real estate (including medical office and senior housing), multifamily, industrial, office, retail, hospitality, and self-storage. Artemis specializes in joint venture partnerships with established, diverse and emerging operating partners and direct investments. More information can be found at www.artemisrep.com.
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Media Contact:
Lizzy Mahan
t 303-260-4437
lizzy.mahan@nmrk.com
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