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Thomas Park, Artemis launch joint real estate venture

As part of its joint venture with Artemis Real Estate Partners, Thomas Park Investments purchased 910 Frederick Road in Baltimore. It’s one of three medical office buildings acquired to seed the joint venture’s planned $500 million MOB portfolio. (Photo: Business Wire)

Annapolis-based Thomas Park Investments on Wednesday announced a joint venture with Chevy Chase-headquartered private equity firm Artemis Real Estate Partners to acquire a $500 million portfolio of health care real estate.

The programmatic venture will seek core plus medical office buildings throughout the mid-Atlantic and Northeast. The venture kicked off with the $40 million acquisition of medical office real estate across three buildings in dense, affluent areas with positive demographic outlooks:

  • Baltimore (910 Frederick Road): A fully leased 31,000-square-foot medical office building occupied by Orthopedic Associates of Central Maryland. Thomas Park identified this sale-leaseback off market.
  • Columbia (10840 Little Patuxent Parkway): Johns Hopkins Medical Imaging anchors this fully leased 31,000-square-foot medical office building. Thomas Park purchased this asset off market.
  • Princeton, New Jersey (800 Bunn Drive): A 30,000-square-foot multi-tenant medical office building 100% leased with Princeton Interventional Cardiology, Schweiger Dermatology Group, and Women’s Healthcare of Princeton anchoring the building.

Founded in 2019, Thomas Park Investments’ leadership offers more than 25 years of commercial real estate experience and manages nearly 500,000 square feet of medical office capacity. The firm is on pace to complete $150 million of medical office building acquisitions in 2022.