Sendero Capital and TPG Angelo Gordon complete the acquisition of a multi-specialty healthcare facility in Warwick, Rhode Island

BOSTON, Mar. 11, 2024 – JLL Capital Markets announced today that it advised Sendero Capital and TPG Angelo Gordon on the acquisition of 227 Centerville Rd, a 30,000-square-foot medical office building in Warwick, Rhode Island.

The transaction represents the fifth acquisition in Sendero Capital and TPG Angelo Gordon’s programmatic joint venture, which allows for up to $300 million in investments in outpatient healthcare real estate. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the U.S.

The property is fully leased by four tenants, with the anchor – NeuroHealth, a leading neurology practice – occupying 40 percent of the building. Rhode Island Medical Imaging and Care New England/Kent Hospital also occupy significant space in the building, providing a variety of services – including both imaging and family medicine – to the Warwick and West Warwick markets in Rhode Island.

227 Centerville Road is conveniently located just an hour south of Boston off Interstate 95 and I-295, a transportation artery providing access from New York City to northern Maine.

The JLL Capital Markets team was led by Senior Managing Director Mindy Berman, Senior Director Anthony Sardo and Associate Landon Weaver.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA. The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.

Founded in 1988, Angelo, Gordon & Co., L.P. ("TPG Angelo Gordon") is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $78 billion* across a broad range of credit and real estate strategies. For more information, visit www.angelogordon.com.

*TPG Angelo Gordon’s currently stated AUM of approximately $78 billion as of December 31, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.