BOSTON and ATLANTA — October 7, 2024 — Bain Capital’s real estate team and Evergreen Medical Properties, a company that invests in, leases, and manages healthcare facilities, today announced the acquisition of an approximately 60,000 square-foot medical outpatient facility in the Portland, OR metropolitan area. The private purchase was completed via a joint venture between Bain Capital and Evergreen Medical Properties that focuses on acquiring, renovating, and operating mission-critical outpatient medical outpatient facilities.
Located at 4004 Kruse Way in the attractive and fast-growing Lake Oswego submarket, the facility is anchored by Providence Health, one of the Western United States’ leading healthcare systems. The property, which was built in 1996 and was most recently renovated in 2022, is currently 73% leased for medical and office use.
“We are excited to grow our platform and portfolio with Evergreen Medical Properties with a property so critical to the healthcare ecosystem in Lake Oswego,” said Joe Marconi a Partner at Bain Capital. “This property exhibits key characteristics that align well with our thematic, provider-centric approach to investing and adding value to high-quality medical outpatient facilities.”
Bain Capital is an experienced investor in the healthcare industry. Its real estate investment activities cover over 9.5 million square feet in medical outpatient facilities, life sciences space, and senior living communities. Since its inception, the firm has also invested over $16 billion across life sciences, healthcare technology, health systems, and other healthcare-related companies.
“The Lake Oswego submarket is currently undersupplied from a medical perspective, and we look forward to further tailoring this well-positioned facility to serve the local healthcare community and its patients,” said Josh Richmond, President of Evergreen Medical Properties. “We look forward to utilizing our combined healthcare expertise to provide high-quality property management and tenant relations services to the community.”
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About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.
About Evergreen Medical Properties
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers. Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.
