Nuveen, Catalyst Form $400M Medical Office JV
The partnership will support ground-up developments through 2028.
Catalyst Healthcare Real Estate and Nuveen Real Estate have formed a $400 million equity joint venture that will support approximately $1.3 billion in healthcare real estate developments across high-growth U.S. markets.
The joint venture will fund a majority of Catalyst’s contractual ground-up development initiatives from 2026 through 2028. The developments will include medical office buildings, specialty healthcare facilities and healthspan initiatives supporting academic institutions and healthcare systems.
Nuveen has expanded its healthcare development platform in recent years, raising significant healthcare development equity since 2025 while focusing on Class A healthcare assets. In October 2025, Nuveen and CIBC U.S. provided financing for Folsom Advanced Surgery Center, a 92,000-square-foot outpatient clinic and surgical center in Folsom, Calif.
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The latest venture builds on Catalyst’s growing development platform. In 2024, the company formed a similar venture with Heitman to develop $300 million in healthcare properties nationwide, including medical outpatient buildings, orthopedic centers and inpatient rehabilitation facilities.
The Blackbirch Capital and CBRE Healthcare team acted as the exclusive advisor to Catalyst on the venture.
Capital flows to healthcare
Institutional investors continue allocating capital to medical outpatient real estate. According to a March 2026 JLL report, the sector recorded $11.3 billion in medical outpatient investment, reflecting continued investor appetite for the asset class. Demand is supported by an aging U.S. population and continued growth in outpatient care, as well as a focus on health and wellness in younger generations.
Most recently, Catalyst sold Kanis Medical Plaza, a 37,862-square-foot medical outpatient facility in Little Rock, Ark., to Laramar Group in April. The four-story building includes imaging, rheumatology, OB/GYN and pain management services and was fully leased at the time of sale.
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