Remedy Medical Properties and Kayne Anderson Real Estate have announced the acquisition of a Montana property from a joint venture between United Surgical Partners International (USPI) and Bozeman Health.
The acquired asset (often called the Bozeman Health Cottonwood Clinic + Surgery Center) is a 58,872-square-foot medical outpatient building (MOB) and ambulatory surgery center (ASC) in Bozeman, Montana. The MOB was built in 2021 and sits on 5.02 acres of land. It is 100% occupied by three tenants: the West Bozeman Surgery Center, Deaconess Intercity Imaging Center and Bozeman Deaconess Health Services. In addition to the ASC, the facility offers family and pediatric medicine, internal medicine, gastroenterology and imaging services.
Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with more than 33 million square feet and 25 offices spanning 44 states.
Since 2007, Kayne Anderson Real Estate has invested in alternative real estate sectors including medical office, high-end seniors housing, off-campus student housing/multifamily and self-storage.
“This transaction was a great opportunity to work with USPI, with whom we have a long-standing relationship, and with Bozeman Health for the first time,” said Joe Magliochetti, chief investment officer for Remedy. “USPI and Bozeman Health are strong health systems, and we look forward to growing our relationships with both in the future.”
The Bozeman MOB was part of a portfolio of six USPI properties totaling 195,466 square feet acquired by Remedy over several months. The other buildings added to the portfolio have been located in Tennessee, California, Florida and Texas. Together, Remedy and Kayne Anderson have added six MOBs to their joint portfolio since the start of the year.
The MOB marks Remedy’s first in Montana, the 44th state the company now operates in, according to the original deal press release. JLL served as the broker for the transaction. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 163rd MOB acquisition of 2024, and the second announced in Montana. There were 197 MOB deals announced during 2023, and 216 announced during 2022.
