On Jan. 12, Thomas Park Investments of Annapolis, Md., said it formed a joint venture to acquire a $500 million portfolio of health care real estate.
The private equity real estate firm said it and Chevy Chase-based peer Artemis Real Estate Partners began their quest to reach $500 million with the $40 million acquisition of three medical office buildings, including one in Princeton.
“The medical office market has been resilient throughout the pandemic and will grow as health care continues its shift away from inpatient care,” said Alex Kopicki, Thomas Park’s chief investment officer. “Partnering with Artemis allows us to remain competitive despite heightened competition for investment opportunities in the space.”
In Princeton, the partners acquired 800 Bunn Drive, a 30,000-square-foot multi-tenant office building that is 100% leased. Princeton Interventional Cardiology, Schweiger Dermatology Group, and Women’s Healthcare of Princeton anchor the property.
Rounding out the acquisition are a fully leased, 31,000-square-foot medical office building in Baltimore. The sale-leaseback, Thomas Park said, was identified off market. And a second 31,000-square-foot, fully leased medical office building in Columbia, Md., was also purchased off market.