Lincoln and PGIM Form Partnership for Outpatient Medical Investments
Lincoln Property Company and PGIM’s real estate business have announced a joint venture to invest in outpatient medical properties across the United States. This national, multi-year investment platform, arranged by BlackBirch Capital, aims to drive long-term growth and establish meaningful scale for both firms in the healthcare real estate sector.
“This partnership was a natural choice for Lincoln,” said Brian Bacharach, Executive Vice President at Lincoln Property Company. “Our firm has maintained a dedicated team of real estate professionals committed to the healthcare sector for nearly 30 years. The formation of this venture with PGIM positions us to create significant scale by investing across a broad spectrum of opportunities and diverse geographies.”
The venture is a strategic component of PGIM’s core-plus fund and reflects the firm’s broader investment strategy to expand into sectors supported by favorable demographic and technological trends.
“The evolution of healthcare and powerful demographic trends are creating sustained demand for high-quality medical and wellness real estate,” said John Sarokhan, Managing Director and Head of U.S. Equity Capital Markets at PGIM.
The joint venture has already made two acquisitions totaling 193,000 square feet: the Imperial Medical Center in Sugar Land, Texas, and the 400 Taylor Medical Center in Pleasant Hill, California. The partnership plans to continue targeting core-plus and value-add opportunities nationwide as it looks to expand its footprint in the growing outpatient healthcare market.
