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Nuveen, NexCore Team on $620M Life Sciences Portfolio
Nuveen Real Estate and NexCore acquired a 29-building national healthcare and life sciences portfolio from IRA Capital for approximately $620 million. Spearheaded by Nuveen Real Estate’s newly launched U.S. Cities Office Fund, the acquisition includes $463 million in medical office buildings and $157 million in life sciences facilities totaling 1,165,173 square feet.
“This is a foundational investment as we launch the fund and will provide immediate scale in a dynamic and growing sector,” said Bill Abramowitz, the fund’s portfolio manager.
Jarrod Daddis, NexCore group president and managing partner, said the transaction expands NexCore’s strategic initiative to acquire and develop healthcare and life sciences portfolios nationwide with its capital partners. It’s the latest in series of transactions begun in 2020 between NexCore and Nuveen.
“The NexCore/Nuveen partnership has been an extremely fruitful one where NexCore serves as the advisor, partner and property manager,” said NexCore managing partner Todd Varney.
- ◦Sale/Acquisition
