Issue link: https://beckershealthcare.uberflip.com/i/1471343
27 JOINT VENTURES $1B joint venture sets sights on ASCs, medical office buildings By Alan Condon B ig Sky Medical, a real estate investment manager, and Newmark, a real estate advisory and services company, have partnered to create a medical office building portfolio worth $1 billion, Commercial Property Exclusive reported April 18. e joint venture, seeded by a more than $400 million medical office portfolio that Big Sky Medical aggregated over the past year, will target medical office buildings across the country. e seed portfolio includes 24 ASCs and medical office buildings that total more than 1 million square feet across seven states in the South and the Midwest, according to the report. Tenants include Cleveland Clinic; Winston-Salem, N.C.-based Novant Health; Dallas-based Baylor Scott & White Health and Texas A&M Health Science Center in Bryan. Big Sky Medical was formed in 2020 and focuses on medical office buildings that are more than 20,000 square feet and over 80 percent occupied in the Southwest, Southeast, Midwest and Mid-Atlantic markets. The COVID-19 pandemic increased demand for outpatient healthcare, causing strong investor interest in the medical office sector, according to Jason Signor, founder and CEO of Big Sky Medical. In January, Artemis Real Estate Partners and omas Park Investments partnered to invest $500 million into acquisitions of medical office buildings. Artemis also affiliated with Rendina Healthcare Real Estate to develop a $1 billion medical office building investment. n Michigan hospital opens joint venture ASC By Marcus Robertson Southfield, Mich.-based Beaumont Health is opening an outpatient campus with an ASC. The health system said the 140,000-square-foot campus is located in Livonia, Mich. It will house services including a lab, noninvasive cardiology and a joint venture outpatient surgery center, Crain's Detroit Business reported April 25. The campus opened on April 27, Beaumont said. n Physician-led multispecialty network lands partnership with 5-practice eye center By Riz Hatton U S Eye, a physician-led multispecialty group, has partnered with Kelly Eye Center, which has five locations throughout greater Raleigh, N.C. With the addition of Kelly Eye Center, US Eye now has 62 practice locations and five ASCs, according to an April 26 news release. US Eye is owned by its partner practices and backed by private equity firm Pamlico Capital. n New $13M California ASC to offer services from 70 physicians By Marcus Robertson San Francisco-based Dignity Health is opening a $13 mil- lion ASC, The Sacramento Bee reported April 12. Citrus Heights (Calif.) Ambulatory Surgery Center is a joint venture between the health system and Dallas- based United Surgical Partners International, the report said. About 70 physicians are expected to serve patients in the ASC. The 16,000-square-foot facility includes services in orthopedics, gastroenterology, general surgery, otolaryngology, podiatry and pain management. n Private equity firm building $18M plaza with ASC in Texas By Patsy Newitt P rivate equity firm Hammes Partners is building an $18 million medical plaza with an ASC in McAllen, Texas, Milwaukee Business Journal reported April 8. The Jackson Medical Plaza will house the McAllen Endoscopy Center, a joint venture between physicians and HCA Healthcare, as well as gastroenterology practice Texas Digestive Specialists. The Milwaukee-based firm is slated to complete the 43,000-square-foot facility next year. n