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Artemis Actual Property Companions, in a three way partnership with Rendina Healthcare Actual Property and CalSTRS, has acquired a 12-building, 352,981-square-foot medical workplace portfolio.
Newmark acted as fairness placement agent, dealer and monetary advisor for the transaction. The brokerage additionally facilitated Rendina and Artemis getting into right into a $1 billion three way partnership again in 2021, a partnership that was seeded by the recapitalization of a six-property medical workplace constructing portfolio.
The 96 percent-occupied ensemble encompasses belongings spanning Florida, Georgia, Illinois, Minnesota, Nevada, Ohio, Texas and Virginia. Many of the properties are situated in Certificates-of-Want states, with their weighted common remaining lease time period reaching 6.6 years.
Well being programs, credit score tenants and doctor networks occupy greater than half of the leased area within the portfolio. With a $21 triple-net lease working revenue per occupied sq. foot, common rents throughout the belongings are roughly 10 p.c under nationwide portfolio averages traded over the previous 5 years.
Newmark’s Healthcare Capital Markets staff representing the vendor included Senior Managing Administrators Jay Miele, Michael Greeley and John Nero, along with Govt Managing Director Ben Appel. Associates Adam Goss and Ron Ott offered monetary evaluation for the deal.
In early 2022, Artemis additionally entered in a three way partnership with Thomas Park Investments, planning to speculate a complete of $500 million within the buy of core-plus medical workplace properties. The companions seeded the enterprise with the acquisition of three belongings totaling 92,000 sq. toes.
