Newmark has arranged the $130 million disposition of the NorthBay Health Medical Outpatient Building Collection, a six-building healthcare portfolio totaling 222,073 square feet. The fully leased properties are located across the communities of Fairfield and Vacaville and are described as mission-critical assets within the NorthBay Health system.
The buyer in the transaction is HealthCore Foundation, which acquired the entire medical outpatient building collection in a single portfolio trade. Newmark fielded a dedicated healthcare capital markets team for the assignment, with U.S. Medical Office Capital Markets co-heads Ben Appel, Justin Shepherd and Jay Miele, head of healthcare debt John Nero, senior managing director Michael Greeley and associate director Ron Ott advising the seller.
According to Appel, the portfolio offered a rare opportunity to secure a collection of healthcare properties fully occupied by one of Northern California’s leading health systems. He noted that the combination of investment-grade tenancy, long-term lease duration and assets that are closely integrated into NorthBay Health’s operations contributed to strong investor interest in the offering.
The NorthBay Health Medical Outpatient Building Collection consists of five medical outpatient facilities and NorthBay Health’s office headquarters. The properties are situated on and adjacent to major healthcare campuses, reinforcing their role within the broader delivery network of the health system. All six assets are fully leased to NorthBay Health, which is described as the dominant health system in the local community.
The transaction underscores ongoing capital flows into stabilized healthcare real estate, particularly medical outpatient buildings with credit-backed tenancy and embedded ties to hospital campuses. By securing a long-term income stream from a single health system across multiple locations, HealthCore Foundation adds a sizable, fully occupied medical portfolio to its holdings, while the seller realizes liquidity from a concentrated set of healthcare facilities.
The parties did not disclose additional details about the transaction, such as the identity of the seller, specific lease terms, or any associated financing structure. However, the scale of the portfolio, its full occupancy by a single health system and its integration with key healthcare campuses position the collection as a notable trade in the Northern California medical office market.
