Remedy, Kayne Anderson, MedProperties Form $350M JV for 23-Asset MOB Portfolio

Dallas-based MedProperties, Los Angeles-based Kayne Anderson Real Estate and Chicago-based Remedy Medical Properties have formed a $350 million joint venture to recapitalize an 11-state, 23-asset healthcare real estate (HRE) portfolio owned by MedProperties.

The portfolio includes mostly medical office buildings and totals more than 1 million square feet. The properties are located in the following states: Texas (eight facilities), Pennsylvania (two), Florida (two), Ohio (two), Kentucky (two), California (one), Indiana (one), West Virginia (one), Tennessee (one), New York (one), North Carolina (one) and Missouri (one). In total, the properties are 94% occupied.

For Remedy, the JV will enable the firm to acquire a majority interest in another high-quality portfolio that complements its already extensive holdings. MedProperties will now be able to monetize some of its real estate holdings for its investors while the firm retains an ownership interest in the new venture, and continues to serve as asset manager.

Capital One provided senior debt for the transaction and the CBRE Healthcare & Life Sciences Capital Markets team marketed the portfolio.

Edit: This article was updated to include Kayne Anderson Real Estate as one of the members of the JV.