In The News

January 9, 2024

Altera-Virtus JV acquires 215,571 s.f. portfolio in Tucson, Ariz.; Newmark represents buyer

GREATER TUSCON, Ariz. – A new joint venture partnership (JV) of Dallas-based Altera Fund Advisors, and Austin, Texas-based Virtus Real Estate Capital has acquired a four-building MOB portfolio with a total of 215,571 square feet of space in Greater Tucson. The price was not disclosed. News of the transaction comes from the Healthcare Capital Markets team with Newmark Group Inc. (Nasdaq: NMRK), which arranged the equity placement and advised Altera on the JV formation. Newmark’s team comprised John Nero, Ben Appel, Jay Miele and Michael Greeley in cooperation with Alex Foshay. The portfolio was about 73 percent leased at the time of the sale. Acquisition financing was provided by Capital One.

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Houston, Texas

Pin Oak Park

Total Square Footage: 505,106 SF

Acquisition Date: XXXX 2024

Unrealized

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Houston, Texas

T-Mobile Tower

Total Square Footage: 140,012 SF

Acquisition Date: April 2024

Unrealized

This offering represents a unique opportunity to invest in a well-located, urban medical outpatient building which has been historically mismanaged, resulting in a currently under valued piece of real estate. The building is currently 68% leased with rents 30% below market. The property is being purchased for $99/SF and the partnership plans to invest $51/SF in capital improvements in order to reposition the property to a Class B+ asset, which is roughly 45% of the replacement cost of the building.