Nuveen real estate, one of the five largest global real estate investment managers – as advised by Denver-based NexCore Group, a national healthcare real estate (HRE) developer, has closed on a $620.4 million healthcare real estate portfolio acquisition.
The transaction, which includes 29 assets spanning 13 states and totaling 1,165,173 square feet, closed Aug. 5.
The acquisition, which includes $463 million in medical office buildings (MOBs) and $157 million in life sciences facilities, is the latest transaction between NexCore and Nuveen to fund and own developments and acquisitions in healthcare and life sciences.
Jarrod Daddis, NexCore Group President and Managing Partner, says the transaction expands NexCore’s strategic initiative to acquire and develop healthcare and life sciences portfolios nationwide with its capital partners. This transaction with Nuveen demonstrates the firm’s track record in developing and acquiring credit assets affiliated with leading healthcare systems, physician practices, research institutions and life sciences companies.
“We at NexCore are proud to continue the synergies between our two leading firms, combining NexCore’s expertise in developing, leasing and managing healthcare real estate with Nuveen’s capital resources and generational real estate expertise,” Mr. Daddis says.
Todd Varney, NexCore Chief Development Officer and Managing Partner, says that, including this most recent transaction, the two firms have partnered since November 2020 on a total of more than $687 million in acquisitions, including 34 buildings comprising 1.4 million square feet, as well as two additional buildings in development, which will add another 200,000 square feet.
“We are excited to continue collaborating with our strategic partner, NexCore, to realize our goal of rapidly expanding our healthcare footprint through developments, acquisitions and sale leasebacks from healthcare providers,” notes Andrew Pyke, Head of Healthcare for Nuveen Real Estate.
“The NexCore/Nuveen partnership has been an extremely fruitful one where NexCore serves as the advisor, partner and property manager,” Mr. Varney explains. “Together, we offer innovative real estate strategies that support our clients’ long-term visions.”
Previous acquisitions, totaling $58 million, under the partnership since 2020 include these five assets:
- Locust Grove MOB in Locust Grove, Ga.
- Linden Oaks Behavioral Health MOB in Naperville, Ill.
- South Boerne MOB in Boerne, Texas
- SomaLogic in Boulder, Colo.
- Hillcroft Medical Center in Sugar Land, Texas