Nuveen Global Cities REIT (GCREIT) has acquired three medical office and life science properties across the U.S for $35 million.
The first property, 2945 Wilderness Place, is a 31,000 square foot life science building located in Boulder, Colorado. The property is currently 100% leased and serves as the headquarters for a biotech company.
The second property, Linden Oaks, is a 43,000 square foot medical office property located in the Chicago, Illinois suburb of Naperville. The property is currently 100% leased with an existing long-term lease.
The third property, Locust Grove, is a newly constructed 40,000 square foot outpatient medical office located outside of Atlanta, Georgia, which is currently 100% leased to an investment-grade health care tenant.
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Nuveen Global Cities REIT believes that healthcare-centric real estate will continue to grow in importance during the coming decades, particularly in light of COVID-19, and is likely to spark more research into finding vaccines for future pandemics, which will be a key driver of life science demand.
“While economic recovery continues in 2021, the pace will vary across sectors and industries,” said Richard Kimble, Portfolio Manager of GCREIT. “We are seeing certain real estate sectors such as industrial, technology and medical-related properties benefiting from macroeconomic trends such as e-commerce growth and increased reliance on technology and healthcare.”
Nuveen said the acquisitions bring GCREIT’s allocation to healthcare-centric real estate to approximately 14% of its $657.54 million portfolio, as of January 31, 2021.