ANNAPOLIS, Md.--(BUSINESS WIRE)--Thomas Park Investments today announced it has entered into a programmatic joint venture with a global health care real estate investment trust (REIT).
“Advancing this joint venture aligns Thomas Park with a market-leading health care REIT,” says Thomas Park CEO EJ Rumpke. “This further validates Thomas Park as an manager in the health care real estate space.”
The joint venture:
- Broadens Thomas Park’s investment strategy to territories beyond the mid-Atlantic and Northeast.
- Allows Thomas Park to offer tax-advantaged purchases for sellers willing to consider an umbrella partnership real estate investment trust (UPREIT) structure.
- Allows Thomas Park to be an even more nimble buyer with all cash purchases.
- Allows the REIT to access Thomas Park’s pipeline of off-market opportunities.
- Allows the REIT to have a partner that can soundly execute on both value-add and core plus business strategies.
“In today’s choppy capital markets, it’s great to have a partner who sees beyond near-term static and looks toward long-term value creation,” says Thomas Park CIO Alex Kopicki. “We believe in the long-term value of the medical office space and its ability to continue to produce resilient returns.”
Three assets have been purchased under the joint venture, including:
- Raleigh, North Carolina (8300 Health Park) – This 178,000-square-foot medical office building is Thomas Park’s first entry into the Carolina market. The property was acquired off-market in June 2022 and is a value-add opportunity anchored by Carolina Family Practice & Sports Medicine (Duke) and Boylan Healthcare (UNC).
- Baltimore County, Maryland (8322 Bellona Avenue) – This 56,000-square-foot medical office building was acquired off-market in July 2022 in a partial sale-leaseback. The building is anchored by Towson Orthopaedic Associates, part of the University of Maryland St. Joseph Medical Center.
- Lawrenceville, New Jersey (2 Princess Road) – This 64,000-square-foot medical office building was purchased in October 2022 and is anchored by Unified Women’s Healthcare and Urology Management Associates. This value-add deal will receive an extensive investment to accelerate additional leasing activity over the next 24 months.
About Thomas Park Investments
Focused exclusively on health care real estate, Thomas Park Investments is the fastest growing private equity real estate firm in its specialty within the mid-Atlantic. Founded in 2019, Thomas Park’s leadership has more than 60 years of commercial real estate experience and manages more than 900,000 square feet of medical office capacity. The Annapolis, Maryland-based firm is on pace to complete $150 million of medical office building acquisitions in 2022. For more information, visit thomas-park.com.
Photos available upon request.