Company Expands into Southeast with Raleigh, North Carolina Purchase
Thomas Park Investments closed the first half of 2022 with $75 million in medical office building (MOB) acquisitions, halfway toward the company’s goal of $150 million in acquisitions this year. The acquisitions include a purchase in Raleigh, North Carolina, signaling the company’s expansion into the southeast.
“These acquisitions add some of the most trusted names in health care to our roster of tenants, including Duke Health, UNC Physicians Network, Penn Medicine, University of Maryland Medical System, South Shore Health, and St. Luke’s,” says EJ Rumpke, Thomas Park’s Chief Executive Officer. “We’re pleased with the increased diversity of tenants and health systems these recent acquisitions bring to our portfolio.”
First half acquisitions include:
- 8300 Health Park in Raleigh, North Carolina. This 178,000-square foot MOB was acquired off-market and is anchored by Carolina Family Practice & Sports Medicine (Duke Health), Boylan Healthcare (UNC Physicians Network), Healthtrax, and Raleigh Endoscopy.
- 5000 Dearborn Circle in Mt. Laurel, New Jersey. This 56,000-square-foot MOB is anchored by Penn Medicine and was acquired in an off-market transaction. This core plus acquisition expands Thomas Park’s presence in the greater Philadelphia market.
- 8322 Bellona Avenue in Baltimore, Maryland. This 56,000-square-foot MOB was acquired off market in a partial sale-leaseback. The building is anchored by Towson Orthopaedic Associates, part of the University of Maryland St. Joseph Medical Center.
- 223 Chief Justice Cushing Parkway in Cohasset, Massachusetts. The 35,000-square-foot core plus purchase was acquired off market and is in a highly desirable and affluent submarket of Boston. It’s anchored by HealthCare South and South Shore Children’s Dentistry.
- 5325 Northgate Drive in Bethlehem, Pennsylvania. This 53,000-square-foot value-add purchase involves a partial sale-leaseback. Anchor tenants include Wills Eye Physicians (Mid Atlantic Retina), Radiology & MRI of Bethlehem, and Bethlehem Endoscopy.
“Our significant growth says a lot about the caliber of our team,” says Thomas Park’s Chief Operating Officer Gene Parker. “And our growth has fueled a hiring expansion, raising our headcount by 125% since the beginning of the year.”
According to Alex Kopicki, Thomas Park’s Chief Investment Officer, rising interest rates will not slow the company’s momentum. “We have a knack for finding good real estate that can weather the short-term volatility of the debt markets, as we predominantly have a long-term outlook on the health care real estate sector,” he said.
About Thomas Park Investments
Thomas Park Investments is a leading private equity real estate firm specializing in health care real estate. Founded in 2019, Thomas Park’s leadership has more than sixty years of commercial real estate experience and manages more than 825,000 square feet of commercial space. The Annapolis, Maryland based firm is on pace to have $1 billion of assets under management by 2025. For more information, visit thomas-park.com.
Photos available upon request.
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