FOR IMMEDIATE RELEASE
New York, NY (January 31, 2024) — Newmark announces it has facilitated the sale of the Wellington Medical Arts Pavilion III in Wellington, Florida with the deal closing in December of 2023. 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, a publicly traded real estate investment trust and procured the buyer, a joint venture between Rendina Healthcare Real Estate and Artemis Real Estate Partners.
The 91 percent leased medical outpatient building (MOB) is located on the hospital campus of Universal Health Services’ Wellington Regional Medical Center, a 235-bed hospital which serves Palm Beach County. The multi-tenant property offers a range of primary care and specialty healthcare services from hospital and dominant physician practice tenants.
“The purchase of the property by Rendina brings the chain of title full circle, given it originally developed the MOB in 2006 for its own portfolio,” said Miele and added “Our client’s hands-on management and continued investment during its ownership maintained the Class A, institutional quality of the asset.” Appel noted, “It is great to see two great clients consistently and successfully growing a curated portfolio together, as our team arranged the $1 billion joint venture between Rendina and Artemis in 2021.”
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.
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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 ForwardLooking 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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