HealthCore Buys Six Medical Properties for $130 Million
HealthCore Foundation acquired a portfolio of outpatient medical facilities and an office headquarters leased to NorthBay Health in Northern California.
Updated on Nov. 10, 2026 in Healthcare
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HealthCore Foundation acquired six medical properties from an undisclosed seller for $130 million, including five outpatient facilities and NorthBay Health's Fairfield office headquarters. The 222,073-square-foot portfolio is fully leased to NorthBay Health, and Newmark arranged the sale and advised the seller.
Why it matters
Health systems are under pressure to expand outpatient services while managing rising operating and construction costs. HealthCore's lease model lets nonprofit providers retain operational control and preserve capital while partners own the facilities.
The $130 million purchase covers 222,073 square feet, while a separate roughly $250 million financing covers 11 healthcare properties totaling about 391,500 square feet across Fairfield, Vacaville and Napa. The seller's identity and the price per square foot relative to comparable sales were not disclosed.
The players
HealthCore Foundation
A Denver, Colorado-based organization that partners with nonprofit health systems and academic institutions to finance and own mission-critical healthcare facilities through a lease model.
NorthBay Health
A Northern California health system that leases the acquired outpatient facilities and its Fairfield office headquarters from HealthCore.
The details
HealthCore Foundation, which operates a lease model partnering with nonprofit health systems and academic institutions, acquired the NorthBay Health Medical Outpatient Building Collection in Fairfield and Vacaville. The properties are fully leased to NorthBay Health, allowing the provider to keep clinical operations in place while the foundation holds the real estate.
Timeline
2025: Hospital expenses rose 7.5 percent and outpatient visits grew 9.8 percent.
Recently: HealthCore announced roughly $250 million in financing for 11 properties across Fairfield, Vacaville and Napa.
November 10, 2026: Reports on the $130 million acquisition were published.
Market Landscape
The deal follows 2025 AHA data showing outpatient visits grew 9.8 percent while hospital expenses rose 7.5 percent, a gap that pushes systems toward lower-cost outpatient facilities. HealthCore's sale-leaseback-style structure positions it as a financing partner for health systems making that shift.
For Northern California patients, the shift toward outpatient care may mean more services available closer to home rather than at hospital campuses. The lease arrangement itself does not change how NorthBay Health's clinical services are billed or delivered.
The takeaway
Health systems expanding outpatient care are increasingly turning to lease-based partners to fund facilities without tying up capital. Watch whether similar financing structures spread across California's regional providers.
Further reading
Explore more on healthcare industry trends in California.
Source note: This article includes information reported by The Real Deal New York.
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