News Release: Newmark Announces Recapitalization of 10-Property Medical Office Portfolio, Seeding a Programmatic Joint Venture Between Woodside Health and Heitman


New York, NY (January 13, 2023) — Newmark announces the recapitalization of a 10-property, 423,000-square-foot medical office portfolio that spans four states. The recapitalization will seed a joint venture between Cleveland, Ohio-based medical office building acquisition and management firm Woodside Health, LLC (“Woodside”) and an affiliate of Heitman LLC (“Heitman”), a global real estate investment management firm. The relationship is Woodside’s first joint venture with an institutional partner and will enable the company to significantly expand its portfolio of healthcare real estate, a sector that outperformed throughout the pandemic.

Senior Managing Director Jay Miele, Executive Managing Director Ben Appel and Senior Managing Directors John Nero and Michael Greeley of Newmark’s Healthcare Capital Markets group, in cooperation with local licensees, represented Woodside in the recapitalization and procured the joint venture partner, Heitman.

“As a leading owner and operator, Woodside has successfully executed a value-add strategy that has solidified its dominant position in the medical office building sector,” said Miele. “This partnership with Heitman will support Woodside’s aggressive growth objectives by augmenting its investment criteria to include larger transactions across an expanded geographic footprint.”

The seed portfolio comprises ten properties—occupied by health systems, physician networks and independent doctors—across Texas, Arizona, Georgia and Florida, totaling approximately 423,000 square feet. The portfolio’s attractive profile is highlighted by an occupancy rate of 94%, 4.3 years of weighted average lease term remaining and 2.8% contractual annual escalations.

Since its founding in 2008, Woodside Health has been one of the most active value-add medical office buyers in the country. Over its 14-year history, the company has completed 47 acquisitions spanning seven states. With 85 years of collective experience across the executive team, Woodside is led by Principals Ted Barr, Joe Greulich, Ben Sheridan and Ben Barr.

“Shared investment philosophy, cultures and growth objectives were important criteria driving our decision to partner with Heitman,” said Ted Barr, Founding Principal, who leads acquisition efforts for the firm. “We are excited to continue acquiring portfolios and individual assets for the joint venture as we bolster our presence in key markets and expand into new ones.”

During Heitman’s nearly 20 years as an active investor in the medical office building sector, the firm has acquired, developed and financed nearly 250 assets at over $4.5 billion in gross value.

“The new joint venture with Woodside creates the opportunity to aggregate a portfolio of assets in high-growth markets with strong healthcare fundamentals. The seed portfolio’s granular rent roll provides stable current cash flow with the ability to mark rents to market in an inflationary environment,” said Brian Pieracci, Managing Director of Acquisitions – North America with Heitman.

“In a volatile capital markets environment, we applaud the commitment of Woodside, Heitman and the lender to achieve this closing,” said Appel. “Their alignment throughout the transaction process made it clear this partnership was set up for success from the beginning.”

Newmark Associates Adam Goss and Ron Ott provided financial analysis on the transaction.

About Woodside Health
Headquartered in Cleveland, OH, Woodside Health is a private equity firm focused primarily on investing in commercial assets within the healthcare real estate sector. Founded in 2008, the firm has acquired over two million square feet of property valued in excess of $500 million. For more information, please visit

About Heitman
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $53 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations, and individual investors. Headquartered in Chicago, with additional offices in North America, Europe and Asia-Pacific, Heitman’s over 350 employees offer specialized expertise — from a specific discipline to local insight.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit 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.

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Press Contact:
Lizzy Mahan
t 303-260-4437

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