Nuveen Global Cities REIT acquires $300m of medical office properties

Nuveen Global Cities REIT (GCREIT) has acquired a 10-building healthcare portfolio located in the high-growth markets of Atlanta; Pittsburgh; Tampa, Fla.; and Dallas for an aggregate purchase price of about $300 million.

GCREIT is a public, non-listed NAV real estate investment trust advised by an affiliate of Nuveen Real Estate, one of the largest real estate managers globally with approximately $156 billion of assets under management.

The 661,000 square-foot portfolio consists of high-quality, newly constructed or newly renovated assets that were 96-percent leased at acquisition with a granular rent roll of 57 tenants, more than 55 percent of which are rated investment-grade. The portfolio has in-place average annual escalations of more than 2.5 percent, a 5.7-year weighted average lease term and predominantly high-acuity use with significant capital invested in tenant buildout.

Demonstrating the robust tenant demand for space in these assets, more 65,000 squ