Earlier this month, National Real Estate Advisors, LLC invested $420 million in two multi-state healthcare portfolios as part of its recently formed joint venture with Catalyst Healthcare Real Estate.

The portfolios consist of 40 properties totaling 1.2 million square feet, and spans 13 states including Alabama, Arkansas, Connecticut, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, North Carolina, Tennessee, Texas, and Virginia, according to a statement.

National President and CEO Jeffrey Kanne said the investment is basically client-centered.

"These transactions underscore National's commitment to investing in highly competitive, diverse markets that seek to generate long-term, healthy returns for our clients," Kanne said in the release. "We are thrilled to be able to acquire these portfolios of medical office properties alongside an experienced and talented operational partner such as Catalyst. This acquisition not only significantly scales our medical office portfolio, but also furthers National's geographic diversification."

National said 92% of the portfolios are leased and health systems and regional physician groups make up 88% of the total leased space.

Catalyst founder and CEO Chad Henderson said the portfolios bolster his company’s commitment “to building on meaningful relationships within healthcare.”

"We are thankful that National values the significance of our partnership approach,” Henderson said in the statement. “Our joint venture strives to positively impact healthcare delivery by investing strategic capital with a partnership like mentality. The closing of the portfolios was a significant first step for our joint venture and paves the way for the future of Catalyst.”