Lincoln, PGIM Form Partnership for Outpatient Medical Investments

Lincoln Property Company and PGIM’s real estate business formed a joint venture partnership to pursue outpatient medical investments across the U.S. The JV was arranged by BlackBirch Capital and establishes a multi-year, national investment vehicle aimed at driving sustained growth and meaningful scale for both partners in the healthcare real estate sector.

“This partnership was a natural choice for Lincoln,” said Brian Bacharach, EVP at Lincoln. “Our firm has maintained a dedicated team of real estate professionals committed to the healthcare sector for nearly 30 years, and 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 partnership represents a key component of PGIM’s core-plus fund as it further expands its exposure to sectors benefiting from demographic and technological tailwinds. “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, head of U.S. equity capital markets at PGIM.

Since forming the partnership, Lincoln and PGIM have executed two initial acquisitions totaling 193,000 square feet: Imperial Medical Center in Sugar Land, TX and 400 Taylor Medical Center in Pleasant Hill, CA. The venture will continue to pursue core-plus and value-add opportunities across the country.

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