{"id":1004493523,"date":"2020-11-17T04:33:09","date_gmt":"2020-11-17T12:33:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004493523"},"modified":"2021-05-10T02:04:57","modified_gmt":"2021-05-10T10:04:57","slug":"tiaa-healthcare-realty-form-joint-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-healthcare-realty-form-joint-venture\/","title":{"rendered":"TIAA, Healthcare Realty Form Joint Venture"},"content":{"rendered":"<div id=\"attachment_1004493559\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004493559\" data-attachment-id=\"1004493559\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tiaa-healthcare-realty-form-joint-venture\/writing-1149962_1280\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\" data-orig-size=\"1139,854\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Image by Free-Photos via Pixabay.com\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/photos\/writing-pen-man-ink-paper-pencils-1149962\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Free-Photos via Pixabay.com &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg?w=1024\" class=\"wp-image-1004493559 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg 1139w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004493559\" class=\"wp-caption-text\"><em>Image by Free-Photos via Pixabay.com<\/em><\/p><\/div>\n<p>Healthcare Realty Trust Inc. and TIAA have entered in a joint venture agreement to invest in medical office assets. The former owns a 50 percent interest in the partnership and will act as managing partner, handling the day-to-day operations and leasing of the properties. In addition, Healthcare Realty will fund its pro-rata share of future investments.<\/p>\n<p>The venture anticipates acquiring some $200 million in properties per year without using property-level debt in most instances. The partnership\u2019s first purchase is a 92,139-square-foot medical office building in Minneapolis. The asset, located within Allina Healthcare\u2019s Mercy campus, traded for $16.6 million at a 5.1 percent cap rate. The new owners will seek to lease up the 80 percent-occupied property. &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n<p>The medical office sector closed a muted third quarter, its second impacted by the pandemic, a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/health-systems-lead-mob-trades-in-q3-report\/\">Hammond Hanlon Camp LLC report<\/a> found. Transactions volumes reached the lowest point since the first quarter of 2014, with health systems responsible for a quarter of overall transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partnership aims to invest some $200 million annually, with a first deal closed in Minneapolis. <\/p>\n","protected":false},"author":748,"featured_media":1004493559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21754,23891,21742],"tags":[36666,33460],"class_list":["post-1004493523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-medical-office","category-national","category-latest","tag-healthcare-realty-trust-inc","tag-tiaa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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