Sendero Capital and Angelo Gordon complete first MOB acquisition as part of their programmatic joint venture
JLL Capital Markets advised the two firms on the acquisition of the mission critical healthcare facility in Hamden, Connecticut
BOSTON, Jul. 12, 2023 – JLL Capital Markets announced today that it advised on the acquisition of 1952 Whitney Ave., a 53,120-square-foot medical office building in Hamden, Connecticut.
JLL represented Sendero Capital and Angelo Gordon, who have formed a programmatic joint venture (also arranged by JLL) for up to $300 million in investments in outpatient healthcare real estate over the next two years, in the acquisition. The purchase of 1952 Whitney Ave. is the first acquisition as part of the joint venture, which will focus on value-add and core plus outpatient medical office and surgery center assets throughout the Northeast United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.
1952 Whitney Ave. is a mission critical healthcare facility that is 88% occupied to a diverse tenant roster. The property is anchored by Hartford Healthcare and Yale New Haven Health as well as dominant physician practices providing a range of specialities, including internal medicine, cardiology, dermatology, endocrinology, podiatry and physical therapy.
Located in the New Haven suburb of Hamden, 1952 Whitney Ave. is convenient to Route 15 and Interstate 91, providing access throughout the Southern Connecticut area. Additionally, the property has a Connecticut transit stop in front of the building. The facility is positioned in a healthcare-concentrated area with more than 3.2 million square feet of acute-care, rehabilitation and cancer hospitals nearby providing ancillary demand.
The JLL Capital Markets team was led by Managing Director Brannan Knott and Director Anthony Sardo.
“A well-located, health system-anchored medical office building was a great way to kick-off the venture,” said Knott. “We expect Sendero and Angelo Gordon are going to be very active in the regional market and believe this is to the benefit of those looking to transact as they have knowledgeable and good people at the helm to work with.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Sendero Capital
Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA. The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.
About Angelo Gordon
Angelo Gordon is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.