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Artemis Real Estate Partners and JV partners have acquired a 12-property, 352,981-square-foot, multi-state medical office building portfolio.

Artemis Real Estate Partners’ $1B JV Buys Portfolio of 12 Medical Office Buildings

Chevy Chase, MD-based Artemis Real Estate Partners — in a $1-billion joint venture with Jupiter, FL-based Rendina Healthcare Real Estate and CalSTRS — has acquired a portfolio of 12 medical office buildings. The properties are located in multiple states and total 352,981 square feet.

Newmark facilitated the transaction, equity placement and financing. Jay Miele, Ben Appel, Michael Greeley and John Nero of Newmark, in cooperation with local licensees, represented the seller in the transaction. Newmark advised on the 2021 formation of the JV, which was seeded with a portfolio of six medical office buildings that were developed and acquired by Rendina.

The newly acquired portfolio’s assets are utilized for high acuity services and span eight states — FL, GA, IL, MN, NV, OH, TX and VA — and are collectively 96% occupied. The portfolio’s features include 10 assets located in Certificate of Need states, a weighted average remaining lease term of 6.6 years and an average annual rental rate increase of 2.20%.

 “The assets combine to offer income durability from long-term leases for nearly half of the portfolio, coupled with near-term growth opportunities stemming from accretive leasing to existing and new tenants in markets with strong underlying and long-term fundamentals,” said Miele.


Inside The Story

Newmark's Miele

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition