Remedy Medical Properties and Kayne Anderson Real Estate announced on January 4 their joint acquisition of a medical office building (MOB) portfolio for $131 million. The seller was Montecito Medical Real Estate. JLL served as the broker for the transaction.
The Project Prism Portfolio is a fully leased medical office portfolio that consists of 13 properties in eight states totaling 300,328 square feet. The price was $436 per square foot.
The portfolio represents a significant expansion for Remedy Medical Properties and Kayne Anderson Real Estate. The deal closed in late December 2022. Last year, the joint venture completed five MOB transactions.
Remedy Medical Properties is one of the largest private owners of healthcare properties in the country, with more than 26 million square feet across 20 offices in 42 states.
Kayne Anderson Real Estate is a private equity real estate firm with an operator-oriented investment platform that focuses on medical office, high-end seniors housing, off-campus student housing/multifamily and self-storage.
Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S. involving more than $5 billion in medical real estate. This is Montecito’s second transaction of 2023. It purchased a 16,500-square-foot MOB in Tampa, Florida, for an undisclosed amount.
According to data captured from our LevinPro HC database, this acquisition represents the fourth MOB transaction in 2023. During the fourth quarter of 2022, 50 MOB acquisitions were announced.
