Three Mid-Atlantic Acquisitions Seed Planned $500M MOB Portfolio
Thomas Park Investments today announced a joint venture with Chevy Chase, Maryland-based private equity firm Artemis Real Estate Partners to acquire a $500 million portfolio of healthcare real estate.
“We’re excited to work with a best-in-class equity partner that shares an aligned vision on medical office real estate,” says EJ Rumpke, Thomas Park’s chief executive officer. “Our initial portfolio acquisitions with Artemis are the starting point for building a first-class portfolio along the East Coast.”
The programmatic venture will seek core plus medical office buildings throughout the mid-Atlantic and Northeast. The venture kicked off with the $40 million acquisitions of medical office real estate across three buildings in dense, affluent areas with positive demographic outlooks:
Baltimore, Maryland – 910 Frederick Road
A fully leased 31,000-square-foot medical office building occupied by Orthopedic Associates of Central Maryland. Thomas Park identified this sale-leaseback off market.
Columbia, Maryland – 10840 Little Patuxent Parkway
Johns Hopkins Medical Imaging anchors this fully leased 31,000 square-foot medical office building. Thomas Park purchased this asset off market.
Princeton, New Jersey – 800 Bunn Drive
A 30,000-square-foot multi-tenant medical office building 100% leased with Princeton Interventional Cardiology, Schweiger Dermatology Group, and Women’s Healthcare of Princeton anchoring the building.
“We value Thomas Park’s unique experience and relationships in healthcare real estate,” says Michael Vu, principal at Artemis. “We are eager to take advantage of their ability to bring off-market opportunities to the table at a highly competitive time and grow our partnership quickly.
“The medical office market has been resilient throughout the pandemic and will grow as healthcare continues its shift away from inpatient care,” says 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.”