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Current Portfolio

Eight properties across seven states. Six dialysis clinics, two medical office assets and a healthcare-anchored center. 213,099 square feet, $37.4M of acquisition volume since July 2025.

PropertyLocationTypeSFAnchor tenantPriceClosedStatus
Harvard Medical ParkRoseburg, ORMedical office94,855CommonSpirit Health$12.9MFeb 2026Owned
Fleming Island VillageFleming Island, FLHealthcare retail36,398FL Cancer Specialists$7.9MMay 2026Owned
DaVita BeaumontBeaumont, TXDialysis, net lease15,041DaVita, Inc.$4.4MJul 2025Owned
DaVita JenkinsJenkins, KYDialysis, net lease5,523DaVita, Inc.$1.3MJul 2026Owned
DaVita Browns MillsBrowns Mills, NJDialysis, net lease8,000DaVita, Inc.$2.5MAug 2026Owned
Fresenius ChicagoChicago, ILDialysis, net lease10,947Fresenius$2.8MAug 2026Owned
5 Shaw's CoveNew London, CTMedical office36,400DaVita + 7 others$5.0MQ4 2026Under contract
Fresenius UvaldeUvalde, TXDialysis, net lease5,935Fresenius$0.5MQ4 2026Under contract
Total: 8 properties, 7 states213,099$37.4M

Harvard Medical Park

Owned

Medical office · Roseburg, Oregon · 1813 & 1887 W. Harvard Avenue, a multi-building medical campus adjacent to Mercy Medical Center

Aerial view of Harvard Medical Park in Roseburg, Oregon

Multi-building medical office park across the street from Mercy Medical Center, anchored by CommonSpirit Health. We bought it with short lease term, deferred roof and HVAC work, and vacancy.

Size
94,855 SF
Price
$12.9M
Closed
February 2026
Anchor
CommonSpirit Health
Anchor space
20,000+ SF
Manager
PREF (Yardi)

2026 progress

  • Weighted average lease term: ~2.4 years at closing, ~4.2 years today.
  • Annual base rent: ~$1.64M at closing, ~$1.81M today.
  • Five-year lease signed with Aviva Health (Suites 110 to 125, 3% annual increases); five-year early renewal with Oregon Oral & Facial Surgeons.
  • $937K roof and HVAC replacement completed.
  • CommonSpirit renewal discussions underway; the tenant is replacing its MRI at the property.

Fleming Island Village

Owned

Healthcare-anchored retail · Fleming Island, Florida · 4689 US-17 (Jacksonville MSA), a neighborhood center with a 10,000 SF outparcel

Aerial view of Fleming Island Village

Neighborhood center in the Jacksonville MSA anchored by Florida Cancer Specialists and Community Hospice. At acquisition it had a vacant 10,000 SF outparcel and unleased shell space.

Size
36,398 SF + 10,000 SF pad
Price
$7.9M
Closed
May 2026
Anchor
Florida Cancer Specialists
Lender
SouthState Bank
Construction
In-house

2026 progress

  • 10,000 SF lease signed with The Learning Experience on the outparcel at $44/SF; $5.5M SouthState construction loan.
  • Community Hospice expansion into Suite 8: LOI signed, lease in negotiation.
  • Ten-year lease signed with JMJ Clinic (OB/GYN); five-year Allstate renewal.
  • In discussions with Optum and Valvoline for remaining space.

DaVita Dialysis, Beaumont

Owned

Dialysis · Beaumont, Texas · 1020 N. 14th Street, on the CHRISTUS St. Elizabeth Hospital campus · 33-station clinic, built 2014

DaVita dialysis clinic in Beaumont, Texas

33-station DaVita clinic on the CHRISTUS St. Elizabeth Hospital campus. We bought it with about four years of lease term remaining.

Size
15,041 SF on 1.9 acres
Price
$4.4M
Closed
July 2025
Tenant
DaVita, Inc.
Lease
Absolute net
Remaining term
~13 years

Since acquisition

  • Lease amended March 2026: extended nine years, ~13 years remaining.
  • Two 10% rent increases added in the extension.
  • Acquired at a 7.85% cap rate.
  • Prior DaVita sales by the partners: bought at 7.6% and 8.1% caps, sold at 5.9% and 6.3% after lease extensions.

Dialysis Portfolio

Owned

Three corporate-guaranteed dialysis clinics · 24,470 SF · $6.63M · closed Jul to Aug 2026 · SouthState Bank

DaVita clinic in Jenkins, Kentucky

Jenkins, KY · DaVita

483 Gateway Industrial Park · 5,523 SF
Price$1.33M
Going-in cap10.0%
Term~3 to 11 yrs (+8)
MarketNear Jenkins Community Hospital
DaVita clinic in Browns Mills, New Jersey

Browns Mills, NJ · DaVita

107 Trenton Road · 8,000 SF
Price$2.50M
Going-in cap8.3%
Term~3.5 to 13 yrs (+10)
MarketDeborah Heart & Lung corridor
Fresenius clinic in Chicago, Illinois

Chicago, IL · Fresenius

3134 W. 76th Street · 10,947 SF
Price$2.80M
Going-in cap8.4%
Term~7.8 yrs
Utilization39 machines · 130+ patients

Lease extensions

DaVita extended Jenkins by eight years and Browns Mills by ten, signed within a month of closing. Portfolio term is now ~10 years.

Lease structure

Corporate guaranties from DaVita, Inc. (S&P BB) and Fresenius (S&P BBB-). Tenants pay all expenses except roof and structure.

Shaw's Cove Medical Portfolio

Under contract

Dialysis-anchored medical · New London, CT and Uvalde, TX · 5 Shaw's Cove, across from Yale New Haven / L+M Hospital, plus a Fresenius clinic in Uvalde

Aerial view of New London, Connecticut waterfront near 5 Shaw's Cove

A 36,400 SF medical office building across from Lawrence + Memorial Hospital (Yale New Haven Health), anchored by DaVita, and a net-leased Fresenius clinic in Uvalde, TX. Dialysis tenants pay 54% of base rent.

Size
42,335 SF
Contract price
$5.56M
Expected closing
Q4 2026
Anchors
DaVita & Fresenius
Dialysis share
54% of base rent
Lenders
Flagstar, SouthState

Key terms

  • DaVita lease extended during diligence, now with a DaVita, Inc. corporate guaranty (the prior lease had none).
  • Financing: Flagstar (SOFR + 200) on New London; SouthState, non-recourse, on Uvalde.
  • Plan: re-lease below-market suites as they roll; replace the roof, with DaVita reimbursing its share.
  • Projected Year-1 cash yield of ~10%.

Riverhead Medical Campus

Owned

Partners' portfolio · Riverhead, New York · East Main Street (Long Island), a multi-tenant medical office with a development outparcel

Rendering of the proposed 27,800 SF medical building at Riverhead Medical Campus

Rendering: proposed 27,800 SF medical building on the outparcel (Gensler).

Medical office property on Long Island's East End, anchored by NYU Langone Health and Northwell Health (50,000+ SF combined). Bought with rents about 20% below market, deferred capital work and an outparcel for development.

Size
~100,000 SF
Occupancy
100%
Anchor space
50,000+ SF
Closed
2025
Purchase price
$22.8M
NOI today
$2.15M, up from ~$1.9M

Since acquisition

  • Leases extended: NYU 5 years, Stony Brook 6 years, Long Island Select 10 years.
  • Tenant improvement allowance to NYU for a long-term commitment; NYU opened a 26,000 SF MRI center after a $10M+ build-out.
  • New NYU roof, curbs and sidewalks; new HVAC for Long Island Select.
  • Development: build-to-suit proposal presented to NYU. Site plan with the Town of Riverhead; public hearing expected December 2026. Team includes Gensler and Gabriel Marquez.
  • ~11 years weighted average lease term; $151K annual property tax savings.