Assets are located throughout the Houston MSA
New York, NY (October 25, 2023) — Newmark announces it has facilitated the sale of the
100% leased Memorial Hermann Convenient Care Center Portfolio of Class A, build-to-suit
MOBs. Newmark 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 represented the seller, Invesco Real Estate, a global real estate investment
manager, and procured the buyer, Big Sky Medical Real Estate Funds and its Bahrain-based
partner Gulf Finance House.
The three-property portfolio is located throughout the Houston market in Spring, Katy and League
City, Texas and is leased on a single-tenant basis to Memorial Hermann (Moody’s: A1), which
also provides lease guaranties. Notable investment characteristics of the portfolio include an 8.5
year weighted average lease term, 2.0% annual increase and long-term ground leases. Each
property provides a full range of services including a 24-hour emergency room, primary care,
pediatrics, imaging, breast care, sports medicine and physical therapy. In addition, the League
City property, which is the largest facility in the portfolio at 48,000 square feet, offers specialty
care in orthopedics, cardiology, and gastroenterology. Deal team members were involved in the
developer RFP when Invesco Real Estate was originally selected to develop the properties,
which were constructed in 2015-2017. Each built-to-suit asset’s location was specifically chosen
by Memorial Hermann to maximize patient access as the system expands its footprint in the
MSA. Moreover, the leasehold properties include additional land providing expansion potential
and ensuring the locations can meet the growth needs Memorial Hermann may have in the
future.
“This portfolio keys in on the investment criteria for many sector investors and lenders in the
current environment. The long WALT, investment grade tenancy and strategic nature of the
assets combine to provide a durable and secure cash flow,” said Miele and added “We
congratulate Invesco Real Estate and Big Sky on a successful closing during a turbulent time in
the commercial real estate market.” Appel noted, “The transaction highlights strong sector
fundamentals and healthcare exposure; characteristics that investors globally, like GFH, seek
today.”
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with
$91.1 billion in real estate assets under management, 586 employees and 21 regional offices
across the U.S., Europe and Asia (as of March 31, 2023). Invesco Real Estate was established in
1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and
debt; listed and direct; locally and globally. 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; http://www.invesco.com/realestate.
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. For the year
ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of
June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate
from approximately 170 offices with over 7,400 professionals around the world. 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.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
