Big Sky Medical, a real estate investment manager, and Newmark, a real estate advisory and services company, have partnered to create a medical office building portfolio worth $1 billion, Commercial Property Exclusive reported April 18.
The joint venture, seeded by a more than $400 million medical office portfolio that Big Sky Medical aggregated over the past year, will target medical office buildings across the country.
The seed portfolio includes 24 ASCs and medical office buildings that total more than 1 million square feet across seven states in the South and the Midwest, according to the report. Tenants include Cleveland Clinic; Winston-Salem, N.C.-based Novant Health; Dallas-based Baylor Scott & White Health and Texas A&M Health Science Center in Bryan.
Big Sky Medical was formed in 2020 and focuses on medical office buildings that are more than 20,000 square feet and over 80 percent occupied in the Southwest, Southeast, Midwest and Mid-Atlantic markets.
The COVID-19 pandemic increased demand for outpatient healthcare, causing strong investor interest in the medical office sector, according to Jason Signor, founder and CEO of Big Sky Medical.
In January, Artemis Real Estate Partner s and Thomas Park Investments partnered to invest $500 million into acquisitions of medical office buildings. Artemis also affiliated with Rendina Healthcare Real Estate to develop a $1 billion medical office building investment.