McKinney building is part of $400 million nationwide medical property buy

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A McKinney medical building is included in a $400 million nationwide property deal.

Dallas’ Big Sky Medical and Bahrain-based investor GFH bought 13 outpatient medical office buildings and healthcare facilities with more than 714,000 square feet in seven states.

Newmark Group arranged $200 million in financing for the deal, which includes a medical building at 6210 Virginia Parkway in McKinney.

The financing was arranged to be compliant with Shariah law – one of the first such transactions.

“This portfolio financing represents an important milestone in the growth and continued success of the Big Sky and GFH joint venture, as we continue to aggregate best-in-class medical office and outpatient healthcare assets,” Big Sky founder Jason L. Signor said in a statement.

The joint venture with GFH is designed to expand with future purchases.

“We are pleased to continue to grow our healthcare real estate platform alongside Big Sky, who complements our own global investment capabilities with deep knowledge of the U.S. healthcare market,” Nael Mustafa, GFH’s chief real estate investment officer, said in a statement. “With this financing, we are well placed to make additional strategic acquisitions in this space and bring unique assets to our investors in the Gulf Cooperation Council as the U.S. healthcare sector continues its strong performance and delivers opportunities for further value-creation.”

Big Sky Medical was founded in 2020 to acquire medical buildings including office buildings and treatment facilities.

The buildings just acquired with GFH are leased to medical providers including Texas Health Resources, Beaumont Health, University of Pittsburgh Medical Center, Children’s Wisconsin and Women’s Care Florida.

Newmark Group’s John Nero, Ben Appel, Jay Miele, Michael Greeley, Alex Foshay and Joseph Morris worked on the transaction.

“The transaction is a good indication that the market remains quite competitive for well-curated healthcare portfolios with experienced sponsorship, high-quality collateral and strong healthcare provider tenancy,” Nero said.