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May 24, 2022
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NorthWest Healthcare Properties Closes on $600 Mil Healthcare Real Estate Portfolio Buy


NorthWest Healthcare Properties has acquired a 27-property, best-in-class, core-quality healthcare real estate portfolio totaling 1.2 msf. The properties, located in Arizona, California, Colorado, Illinois, Indiana, Florida, Massachusetts, Minnesota, Oklahoma and Texas, were sold by Harrison Street in a $600 mil transaction.

The portfolio has a mix of 15 medical office buildings, five micro-hospitals, four behavioral hospitals, two inpatient rehabilitation hospitals, and one heart and surgical hospital. The portfolio includes nine properties in Arizona; five properties in Texas and Illinois; two properties in Florida and one property each in Minnesota, Massachusetts, California, Oklahoma, Colorado and Indiana.

The portfolio is 97% occupied by key healthcare providers, including Advocate Aurora Health, Rush University Medical Center, Memorial Hermann, Ascension, Banner Health, Tenet Health, Lutheran Health Network, Baylor Scott & White Health and Edward-Elmhurst Healthcare.

Mindy Berman, Evan Kovac, Andrew Milne, Brian Bacharach, Tim Joyce, Brannan Knott, Trent Jemmett and CJ Kodani with JLL Healthcare Capital Markets represented the seller in the deal. Local support was provided by JLL licensed brokers in each location.

“The offering was well received due to its scale and the mix of medical office and acute care facilities,” Berman said. “Healthcare assets have seen increased investor interest, as the sector offers long-term leases with quality tenants that provide steady income to landlords.”

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