In a major shake-up for Dallas healthcare real estate, Big Sky Asset Management has acquired HealthCap Partners, pulling the longtime local developer and investor into its national platform. The deal, announced on Wednesday, folds nearly three decades of HealthCap’s development, brokerage and property-management work into Big Sky’s portfolio. Financial terms stayed under wraps.
Big Sky unveiled the transaction in a press release carried by Markets Insider. According to that release, HealthCap owned more than 150 healthcare properties across 28 states and has helped develop more than five million square feet of medical real estate. The companies also said select HealthCap leaders will remain in place and that Nikki Matthews will move onto Big Sky’s acquisitions team as a director.
HealthCap’s footprint and history
HealthCap traces its origins to The Cirrus Group, founded in 1996, and notes on its website that its experience spans more than five million square feet, over $2.5 billion in transactional volume and projects nationwide. Portfolio examples range from ambulatory surgery centers and specialty hospitals to inpatient rehabilitation facilities and medical office buildings, reflecting a long run of provider-focused development and investment work.
Big Sky’s national push
Big Sky describes itself as a Dallas-based healthcare real estate platform with roughly $1.2 billion in assets under management, 48 properties and operations across 17 states, according to its website. In March, a GlobeNewswire release reported that Big Sky closed more than $100 million in acquisitions across five Texas properties in a 90-day window, a burst of deal activity that underscored the firm’s recent growth streak.
Leadership and continuity
Both companies are stressing continuity rather than disruption. Select HealthCap leaders will stay on with the combined platform, and Matthews, previously HealthCap’s president, will join Big Sky’s acquisitions team as a director. Big Sky founder and CEO Jason Signor called the deal meaningful, while HealthCap partner Jason K. Dodd described the combination as a natural next chapter for the firm, according to press materials released with the announcement.
Why the deal matters
The acquisition adds in-house development, leasing and property-management capabilities at a time when investors continue to favor outpatient and specialty care settings as care shifts away from inpatient hospitals. Dealmakers and analysts have spotlighted healthcare services and outpatient platforms as active subsectors in recent markets, according to KPMG. For providers and health systems, working with a single partner that can develop, lease and manage facilities can shorten project timelines and create liquidity options…