Business & Investment

Thomas Park Launches $ 500 Million Medical Office JV at Artemis

910 Frederick Road Baltimore. Image courtesy of Thomas Park Investments

Thomas Park Investments When Artemis Real Estate Partner Established a joint venture to build a first-class portfolio of healthcare real estate. Together, the partners will invest an estimated $ 500 million in the acquisition of core plus assets in the clinic building sector.

Thomas Park brings the ability of partnerships to secure off-market transactions. Very competitive MOB market. Artemis is a respected investment manager and has raised over $ 6 billion since its inception in 2009.

The partner sowed the joint venture and acquired three MOBs totaling 92,000 square feet for a total of $ 40 million. In Baltimore, Thomas Park and Artemis have acquired the 910 Frederick Road. This is a 31,000 sq ft property that is fully rented to Central Maryland Orthopedic Associates. The partner purchased the asset developed in 2014 from the tenant in a sale / leaseback transaction. Just 20 miles from Baltimore, Columbia, Maryland, the joint venture also acquired a 31,000-square-foot MOB on the 10840 Little Pataxent Parkway in an off-market transaction. Built in 1974 and refurbished in 2019, the property is fully rented and Johns Hopkins Medical Imaging is acting as an anchor tenant.

The joint venture has completed its first portfolio purchase with the addition of the 800 Bunn Drive, a 30,000-square-foot MOB in Princeton, NJ. Like the other two properties, 800 Bunn is 100% leased. The multi-tenant building first opened in 2010. EJ Rumpke, CEO of Thomas Park Investments, described the three acquisitions as “a starting point for building a prestigious portfolio along the East Coast.” The joint venture will focus on the Mid-Atlantic and northeastern markets.

Join the club

The establishment of a new MOB joint venture by Thomas Park and Artemis is designed to do exactly the same after establishing many other partnerships in 2021. .. Ventures range from Chestnut Funds to Anchor Health Properties. Launch of Chestnut Healthcare Fund IIA $ 100 million investment vehicle focused on acquiring MOBs and other related healthcare real estate assets across the United States in Rendina Healthcare Real Estate and Artemis’s Establishment of MOB joint venture Our goal is to expand our $ 1 billion portfolio.

According to the PwC and Urban Land Institute’s Emerging Trends in Real Estate report, on the worst days of COVID-19 in 2020, only logistic hurdles hampered MOB trading volumes. And the outlook for long-term favorable demand for healthcare services is expected to continue to attract investor attention over the long term 2022. “

Thomas Park Launches $ 500 Million Medical Office JV at Artemis

https://www.commercialsearch.com/news/thomas-park-artemis-launch-500m-medical-office-jv/ Thomas Park Launches $ 500 Million Medical Office JV at Artemis

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