Big Sky Asset Management is on a Texas-sized buying spree. The Dallas-based firm says it acquired five healthcare properties across the state totaling more than $100 million in just 90 days, ranging from a nearly 100,000-square-foot surgical hospital to ambulatory surgery centers and multi-tenant outpatient buildings in fast-growing markets. The rapid-fire run of deals highlights a fresh wave of institutional capital crowding into medical real estate.
Deals by the numbers
Big Sky’s five-property haul includes a 94,095-square-foot surgical hospital in Corpus Christi; a 20,028-square-foot ophthalmology-focused ambulatory surgery center and outpatient building in Plano; a 12,270-square-foot gastroenterology ambulatory surgery center in San Antonio, located next to a 284-bed hospital; a 31,703-square-foot multi-tenant medical outpatient building in Frisco that serves 13 specialty practices; and a 38,000-square-foot inpatient rehabilitation facility in Denton. In total, the portfolio comes to roughly 196,000 square feet. Big Sky says each building is leased on long-term triple-net terms to established healthcare operators, with contractual annual rent bumps baked in. This reporting is based on details provided by Dallas Innovates.
Big Sky’s pitch
“Closing more than $100 million of healthcare real estate across five transactions with four institutional partners in just 90 days speaks to the strength of our sourcing engine and the depth of our capital relationships,” CEO Jason Signor said in a statement, highlighting the range of assets from surgical hospitals to specialized ASCs. Big Sky is positioning this buying streak as a proof point following the close of Big Sky Fund III, saying the acquisitions show the firm can underwrite across the full spectrum of healthcare real estate. The company shared that statement in a press release, according to GlobeNewswire.
Why buyers are piling in
Industry researchers point to structural demand for outpatient and medical office space as population growth and an aging demographic push more care into ambulatory settings, which in turn supports steady rents and keeps investors interested. CBRE’s recent outlook notes that limited new supply and the continued shift of procedures into outpatient facilities are strengthening medical office building fundamentals, making long-term, NNN-leased assets especially appealing to institutional capital, according to CBRE. That backdrop helps explain why Big Sky and other big-money buyers are chasing mission-critical healthcare properties.
Fund firepower and what’s next
Big Sky says the five recent deals follow the closing of Big Sky Fund III and come as the firm builds out a national healthcare portfolio. On its website, the company lists about $1.2 billion in assets under management across more than 48 properties. With fresh funding capital and stable, NNN-backed cash flows in hand, Big Sky is signaling that it plans to stay active in Texas and beyond as it fills out Fund III. Local developers and health systems will be watching to see how many more on-campus or strategically located outpatient buildings come up for grabs as the firm looks for accretive deals, according to Big Sky Asset Management.
For North Texas and other Sun Belt markets, the buying blitz underscores the premium on healthcare properties that sit on or near hospital campuses and house specialty operators. Expect transaction activity around hospital hubs and ambulatory campuses to remain elevated as investors hunt for predictable, mission-critical income streams.
