Remedy Medical Properties, Inc., purchased another medical office building (MOB) facility. On June 2, Remedy announced that it acquired a two-property MOB portfolio in South Portland, Maine, for $29.75 million from East Brown Cow Management, Inc., marking Remedy’s fourth deal of 2022. The deal closed on May 27.
The two buildings have a combined 76,700 square feet. Primary tenants of the property include InterMed, a physician-owned medical group, and Chest Medicine Associates, a medical practice that specializes in pulmonary and sleep care. The price of the transaction was $387 per square foot.
Remedy Medical Properties is a national healthcare real estate company for health systems and physicians. It owns more than 250 medical office buildings across several states, amounting to nearly 14.2 million square feet.
As per Remedy’s website, this property is its first in Maine. Jennifer Small and Joe Malone of Malone Commercial Brokers represented East Brown Cow Management and Peter Harrington of Malone Commercial Brokers represented Remedy Medical Properties.
This transaction is the 87th MOB deal, worldwide, of 2022 and the 32nd MOB transaction of Q2:22. Combined, the facilities total nearly 8.05 million square feet and more than $20.04 billion in disclosed prices, across 47 deals. In Q2:21, there were a total of 16 MOB deals. The increase can be attributed to the security investors may feel regarding the M&A market now that COVID-19 has moderated. Active acquirers of the year have been JLL Income Property Trust with six deals, totaling more than $146.4 million and 265,400 square feet and Sila Realty Trust, Inc., which has engaged in four transactions, equaling more than $8.5 in disclosed prices and more than 180,000 square feet or properties.
