Newmark represents the seller, Montecito; HREI learns the buyer was Fengate Capital
By John B. Mugford
One of the properties included in the $323 million, 18-asset, 750,000 square foot Project Lotis portfolio was the three-story, 55,590 square foot EmergeOrtho Brunswick Surgery Center in Leland, N.C., which Montecito acquired in December 2020. (Photo courtesy of Newmark)
Shortly before this week’s e-newsletter deadline, HREI learned of the closing of a $323 million portfolio sale-recapitalization of a portfolio of 18 medical outpatient buildings (MOBs) and ambulatory surgery centers (ASCs) totaling about 750,000 square feet across 11 states.
Brokering the sale and representing the seller, Nashville, Tenn.-based Montecito Medical Real Estate – which has retained an ownership position in the portfolio – was the U.S. Healthcare Capital Markets team with Newmark Group Inc. (Nasdaq: NMRK).
Although Newmark did not disclose the buyer, HREI has learned from industry sources that it was Toronto-based Fengate Asset Management, which focuses on infrastructure, private equity and real estate investments in North America.
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