{"id":1004566991,"date":"2022-02-10T05:23:34","date_gmt":"2022-02-10T13:23:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566991"},"modified":"2022-12-09T02:13:57","modified_gmt":"2022-12-09T10:13:57","slug":"remedy-medproperties-form-350m-mob-joint-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/remedy-medproperties-form-350m-mob-joint-venture\/","title":{"rendered":"Remedy, MedProperties, Kayne Anderson Form $350M MOB Joint Venture"},"content":{"rendered":"
\"\"<\/a>

Founders Square, a medical office building in Naples, Fla., owned by MedProperties Realty Advisors LLC. Photo courtesy of Remedy Medical Properties and MedProperties Realty Advisors LLC<\/p><\/div>\n

Remedy Medical Properties<\/strong>, Kayne Anderson Real Estate<\/strong> and MedProperties Realty Advisors LLC<\/strong> formed a $350 million-plus joint venture to recapitalize an 11-state, 23-asset healthcare real estate portfolio totaling more than 1 million square feet owned by MedPropertie<\/strong>s.<\/p>\n

Capital One<\/strong> provided senior debt for the transaction. Terms were not disclosed. The CBRE Healthcare & Life Sciences Capital Markets<\/strong> team marketed the portfolio.<\/p>\n

The portfolio contains primarily medical office buildings<\/a> as well as some post-acute facilities, including a rehabilitation hospital and ambulatory surgery center in Texas and rehabilitation hospital in Ohio. The properties are located in Texas (eight facilities), Pennsylvania (two), Florida (two), Ohio (two), Kentucky (two) and one each in Tennessee, New York, North Carolina and Missouri.<\/p>\n

The properties are located in some of the country\u2019s top metropolitan areas and strategic, secondary markets. The assets are 94 percent occupied and 71 percent leased by high-caliber investment-grade tenants, including leading hospitals and health systems. One of the properties in the portfolio is Founders Square, a 35,000-square-foot medical office building in Naples, Fla., developed in 2020 by MedProperties and Catalyst Healthcare Real Estate.<\/p>\n

Investment-grade healthcare tenants include: Baylor Scott & White, Children\u2019s Hospital of Los Angeles, CommonSpirit, Rady Children\u2019s Hospital, U.S. Department of Veterans Affairs, University of Southern California, UF (University of Florida) Health and WVU (West Virginia University) Medicine.<\/p>\n

Deal details<\/strong><\/h2>\n

Darryl Freling, managing principal of Dallas-based MedProperties, said in a prepared statement his company aggregated a large number of assets through the years through its various funds and investment partnerships. In fall 2020, the firm\u2019s leadership decided to offer a portfolio of about a two dozen of those properties as a recapitalization investment opportunity rather than an outright sale. He said the offering was taken to market in early 2021 and Remedy emerged as the joint venture partner in summer 2021.<\/p>\n

The joint venture enabled Chicago-based Remedy, the nation\u2019s largest owner of medical properties, to acquire a majority interest in another high-quality portfolio that complements its own holdings. Remedy\u2019s properties total more than 26 million square feet across 42 states.<\/p>\n

Joe Magliochetti, chief investment officer for Remedy, said in prepared remarks the portfolio is a logical addition to Remedy\u2019s holdings and complements his company\u2019s existing assets in terms of geography and tenancy.<\/p>\n

The two companies have transacted smaller deals in the past and Remedy has made previous recapitalization deals with other private equity HRE investors. But this was the first time Remedy had done a transaction of this size with a private equity firm that was also another operator and competitor.<\/p>\n

Earlier MOB deals<\/strong><\/h2>\n

In May, Remedy paid $55.2 million for Andover Medical Center<\/a>, a 69,992-square-foot medical office property in the Boston suburb of Andover, Mass., owned by EverWest Real Estate Investors. The deal nearly doubled Remedy\u2019s metro Boston footprint.<\/p>\n

A month earlier, Remedy teamed with Kayne Real Estate Advisors<\/strong> in a joint venture to acquire Gresham Station Medical Plaza, a four-building, 100,419-square-foot medical office campus in Gresham, Ore<\/a>. The joint venture paid $30.9 million for the Class B asset, according to public records. CommercialEdge data stated the previous owner was Stockdale Capital Partners, which had owned the property since 2017.<\/p>\n

In one of its recent deals, MedProperties Fund III acquired a 67,060-square-foot multi-tenant medical office building in Glendale, Calif. The six-story facility is located on the campus of CommonSpirit-affiliated Glendale Memorial Hospital.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal recapitalizes a 23-asset health care portfolio. <\/p>\n","protected":false},"author":1068,"featured_media":1004566994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,21754],"tags":[37279,51551,50434],"class_list":["post-1004566991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-medical-office","tag-kayne-anderson-real-estate-advisors","tag-medproperties-realty-advisors-llc","tag-remedy-medical-properties"],"acf":[],"yoast_head":"\nRemedy, MedProperties, Kayne Anderson Form $350M MOB Joint Venture - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Remedy Medical Properties and MedProperties Realty Advisors LLC recapitalizes a 23-asset healthcare real estate portfolio owned by MedProperties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/remedy-medproperties-form-350m-mob-joint-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remedy, MedProperties, Kayne Anderson Form $350M MOB Joint Venture\" \/>\n<meta property=\"og:description\" content=\"Remedy Medical Properties and MedProperties Realty Advisors LLC recapitalizes a 23-asset healthcare real estate portfolio owned by MedProperties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/remedy-medproperties-form-350m-mob-joint-venture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-10T13:23:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:13:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Remedy_MedProperties_PR_FEB22-960x638-002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/remedy-medproperties-form-350m-mob-joint-venture\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/remedy-medproperties-form-350m-mob-joint-venture\/\",\"name\":\"Remedy, MedProperties, Kayne Anderson Form $350M MOB Joint Venture - 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