Big Sky Medical Forms JV To Sink $1B Into Healthcare Real Estate
Big Sky Medical is looking to acquire $1B worth of medical office buildings across the U.S. as the company joins a league of investors hoping to cash in on strong demand for healthcare.
The Dallas-based company has joined with an offshore institutional investor to create the portfolio, which has been seeded with $400M worth of properties Big Sky has been aggregating for the past year, according to Commercial Property Executive. A company spokesperson for Newmark, the firm that facilitated the creation of the joint venture, declined to name the investor at this time.
The $400M seed portfolio includes 24 outpatient facilities and ambulatory surgery centers across seven states in the South and Midwest. Tenants include Cleveland Clinic, Texas A&M Health Science Center, Novant Health, Spartanburg Regional Healthcare System, Texas Health Resources and Baylor Scott & White Health, per Commercial Property Executive.
Jason Signor, the company’s founder and CEO, said in a prepared statement that investors are especially bullish on outpatient services and healthcare following two years of Covid-19 outbreaks.
Big Sky isn't the only company to take advantage of acceleration in the sector, driven in part by the country’s aging population. Indianapolis-based Cornerstone teamed up with New York-based KKR to sink $1B into medical real estate, and Thomas Park Investments and Artemis Real Estate Partners earlier this year announced a JV to amass $500M worth of core-plus medical office building assets.