Sixth Street and Market Street Healthcare Properties Launch New Medical Office Investment Platform
Institutional Platform with Flexible Capital to Focus on Medical Office Real Estate Opportunities Across the U.S.
NEWPORT BEACH and SAN FRANCISCO – July 12, 2022 – Market Street Healthcare Properties (“MSHP”), a national developer and investor in healthcare properties, today announced an agreement to form a new institutional scale platform in partnership with Sixth Street, a leading global investment firm with over $60 billion in assets under management.
Sixth Street intends to initially invest up to $300 million in the platform focused on investing in medical facilities across the United States. Sixth Street’s investment is expected to support more than $1.0 billion of healthcare properties and may be supplemented with additional equity commitments over time.
MSHP is led by industry veterans Charles Smyth, Sheldon Anderson, and Neil Davis Wachsberger, who collectively have more than 85 years of real estate and healthcare development, construction, and investment experience with significant expertise in the medical office sector.
The platform will exclusively pursue healthcare real estate opportunities, including both existing asset acquisitions and ground-up developments, by leveraging Sixth Street’s strategic, flexible capital and MSHP’s existing real estate infrastructure. The platform will also support the real estate initiatives of medical providers with a particular focus on tenant-driven structures, including sale-leasebacks and build-to-suits.
“Our new, dynamic platform is designed to accommodate unique deal structures with a focus on being nimble and highly creative,” said Neil Davis Wachsberger, partner at MSHP. “We differentiate ourselves through our longstanding tenant relationships and our ability to deliver customized solutions for healthcare properties nationally.”
“We are excited to partner with Sixth Street, a leading institutional investor, and we look forward to collaborating on opportunities to create value for all stakeholders while positively impacting medical communities,” Mr. Wachsberger added.
Eastdil Secured, LLC served as exclusive financial advisor to Market Street on the formation of the platform.
About Market Street Healthcare Properties
Market Street Healthcare Properties, LLC (“MSHP”) is an institutional, healthcare real estate investment firm focused on middle-market acquisition and development opportunities. MSHP is headquartered in Newport Beach, CA with additional personnel in Northern California and Washington. MSHP partners with healthcare service providers to deliver customized solutions through owning and developing the highest quality medical real estate nationally. The depth and experience of MSHP’s principals date back over 30 years, fostering a longstanding track record of outperformance.
For more information on MSHP, please visit https://mshp.com/.
About Sixth Street
Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street Real Estate invests in properties and provides financing solutions across the full range of real estate asset classes: office, residential, hospitality, industrial, and retail as well as niche assets. The firm’s real estate business has a flexible mandate to invest up and down the capital structure including equity, preferred equity, and debt. Founded in 2009, Sixth Street has more than 400 team members including over 180 investment professionals operating around the world. For more information, visit www.sixthstreet.com, and follow Sixth Street on LinkedIn, Twitter, and Instagram.