Instead of being performed in an inpatient facility, more procedures and services have shifted to outpatient in the last decade, in part thanks to new technology and also because patients don't have to stay overnight. As a result, buildings that are properly outfitted and well located, including accessible to public transportation and roadways, are prime beneficiaries and targets to be acquired.

Sendero Capital and Angelo Gordon have closed on their first acquisition under a programmatic JV they recently formed to acquire outpatient assets. It is a 53,120-square-foot medical office building in Hamden, Conn., located in suburban New Haven and near Yale University, which has a School of Medicine and affiliation with Yale-New Haven Hospital. JLL brokered the deal. 

The two companies plan to invest $300 million in other outpatient healthcare real estate over the next two years with a focus on value-add and core-plus assets in other Northeast locations. Historically this niche has had high barriers to entry due to its concentration of healthcare businesses and strong growth.