Newmark arranged the recapitalization of a 10-property, 423,000-square-foot medical office portfolio spanning four states. Terms weren’t disclosed. The recapitalization will seed a joint venture between Cleveland-based medical office building acquisition and management firm Woodside Health, LLC and an affiliate of Chicago-based Heitman LLC, a global real estate investment management firm.  

The relationship is Woodside’s first joint venture with an institutional partner and will enable the company to significantly expand its portfolio of healthcare real estate, a sector that outperformed throughout the pandemic. 

Senior managing director Jay Miele, executive managing director Ben Appel and senior managing directors John Nero and Michael Greeley of Newmark’s Healthcare Capital Markets group, in cooperation with local licensees, represented Woodside in the recapitalization and procured the JV partner. 

The seed portfolio is occupied by health systems, physician networks and independent doctors and located across Texas, Arizona, Georgia and Florida.

Pictured: A recent Woodside Health acquisition in Colleyville, TX.