FOR IMMEDIATE RELEASE
Trading the Seattle, Washington and Charlotte, North Carolina-located assets to an institutional joint venture.
The Auburn, Washington-located MOB, is a 41,000-square-foot, purpose-built outpatient medical office building for MultiCare Health System (Fitch A+), situated on the MultiCare Auburn Hospital Campus.
New York, NY (January 2, 2024) — Newmark announces it has completed the $62 million sale of Novant & MultiCare On-Campus Collection, a portfolio of three medical outpatient buildings located in Charlotte, North Carolina and Seattle, Washington. Comprising a combined 166,000 square feet, the MOB collection was 94% leased at the time of sale–trading to a joint venture between Anchor Health Properties and Australian Retirement Trust. Newmark facilitated the sale transaction on behalf of the undisclosed seller as well as the buyer.
Newmark Healthcare Capital Markets Executive Managing Director Ben Appel; Senior Managing Directors Jay Miele, John Nero and Michael Greeley; Associate Director Ron Ott, and Associate Conor Hilton, led the transaction in cooperation with the local licensees, Vice Chairman Bert Sanders and Senior Managing Director Cavan O’Keefe.
“Both assets possess high-quality institutional standards, in addition to their being immediately on, or adjacent to high-performing regional and flagship hospital campuses for Novant Health (Fitch AA-) or MultiCare Health System (Fitch A+). These health systems make up 82% of GLA, and each holds the dominant market share within their respective regions,” said Appel. “Given they possess the highly desirable combination of a strategic location and premiere quality, we expect the asset’s to generate long-term tenant demand and hospital commitment,” Miele adds.
The team’s marketing process positioned the assets for purchase either individually or as a portfolio, producing a substantial pool of investors with 13 bidders from every capital profile–highlighting the emerging trend of capital reactivating. Ultimately, the assets traded as a portfolio to one institutional buyer.
An overview of the properties includes:
• The Auburn, Washington-located MOB, is a 41,000-square-foot, purpose-built outpatient medical office building for MultiCare Health System (Fitch A+), situated on the MultiCare Auburn Hospital Campus.
• The Matthews, North Carolina-located MOB, is an 89,000-square-foot, purpose-built medical office building for Novant Health (Fitch AA-), directly adjacent to the Novant Health Matthews Hospital Campus.
• The Charlotte, North Carolina-located MOB, is a 36,000-square-foot, purpose-built outpatient medical office building for Novant Health (Fitch AA-), located on the Novant Health Presbyterian Hospital Campus.
“These are strategic additions to any MOB Portfolio, located in two highly-sought-after top 25 MSAs nationwide, like Charlotte and Seattle,” Greeley notes.
The properties are home to a diverse and comprehensive mix of mission critical service lines, including Pediatrics, Heart & Vascular, Primary Care, Orthopedics, Cardiology, Physical Therapy, Neurology, Oncology, Cardiac Rehabilitation, OBGYN, Bariatrics and Urology.
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 September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 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.
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Press Contact:
Caroline Szuch
t 973-978-1767
caroline.szuch@nmrk.com
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