FOR IMMEDIATE RELEASE
New York, NY, Jan. 9, 2024 — Newmark announces the placement of joint venture equity for the acquisition of a four-property medical outpatient portfolio located throughout Tucson, AZ. Newmark was engaged by Dallas-based Altera Fund Advisors, which acquired the portfolio through a newly-formed joint venture with Austin-based Virtus Real Estate Capital. Newmark arranged the equity placement and advised Altera on the joint venture formation. Acquisition financing was provided by Capital One, N.A.
Senior Managing Director John Nero, Executive Managing Director Ben Appel and Senior Managing Directors Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets group, in cooperation with Vice Chairman and Divisional Head of International Capital Markets Alex Foshay and local licensees, represented Altera in the transaction. Newmark Associates Ron Ott, Conor Hilton and Chad Prescher provided financial analysis on the transaction.
“Altera’s proven track record of owning and operating value-add medical outpatient facilities across the country has distinguished the platform as a leader in the sector,” said Nero. “We are excited for the new partnership between Altera and Virtus and are confident the venture will realize success in the Tucson portfolio investment.”
The portfolio’s four assets are each strategically situated on or adjacent to leading hospital campuses in the Tucson market. Totaling 215,571 square feet in aggregate, the portfolio was approximately 73 percent leased at closing.
“We are thrilled to realize the formation of a joint venture between Altera and Virtus, two highly experienced and successful investors in the medical outpatient sector” added Appel. “The portfolio investment offers attractive upside potential, which the venture is well positioned execute given the extensive experience of both firms.”
“Newmark’s healthcare sector expertise and capital relationships were invaluable in advising Altera through a dynamic capital markets environment,” said Terry Quinn, Chief Executive Office of Altera. “We are very excited about our new partnership with Virtus and are looking forward to a successful venture together on the Tucson portfolio.”
About Altera Fund Advisors
Altera Fund Advisors (“Altera”), founded in 2002, is a diversified commercial real estate firm focused primarily on investing in medical and healthcare-related real estate assets as an advisor, sponsor, and general partner. Since focusing on healthcare real estate since 2005, Altera has established itself at the the preeminent sponsor in the value-add medical outpatient building space. Altera’s current outpatient medical portfolio holdings total ~2.5MM square feet in 11 states. For more information, please visit alteradevco.com.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 20 years, the Firm acquired 289 properties for a combined acquisition value of $6.6 billion and has fully realized 202 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit virtusre.com.
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 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:
Lizzy Mahan
t 303-260-4437
lizzy.mahan@nmrk.com
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