Feature Story: ‘Bigger was better’ for debt in 2025

Amid a resurgence in portfolio deals, lenders stepped up, Revista panelists say

By John B. Mugford

The debt capital session at the Revista MREIF Feb. 3 included (from left to right): moderator Zack Holderman of CBRE, Steve Reedy of First Citizens Bank, John Nero of Newmark, Winston Abbott of Siemens and Erik Tellefson of Capital One. (HREI photo)

As those involved in the medical outpatient building (MOB) sales business are well aware, portfolio deals made a big comeback in 2025, especially in the second half of the year.

The return of the portfolio, as it turns out, was a big driver in the increase in MOB sales in 2025, as the total for the year rose to its highest yearly level (arm’s length volume) since 2022, reaching $12.7 billion, according to preliminary data from Arnold, Md.-based Revista and its RevistaMed service.

RevistaMed data shows that more than half of the volume in 2025 was attributed to portfolio sales.

There are several reasons for last year’s resurgence in MOB portfolio sales, including

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