JLL Serves as Broker for $131 Million Medical Office Building Portfolio Sale
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... Read More »
Stonemont Financial Group Acquires MOB in Alpharetta, Georgia
Stonemont Financial Group announced on January 2 that it has acquired Preston Ridge Medical Office Building, an 85,000-square-foot medical office building (MOB) in Alpharetta, Georgia. The deal represents a strategic move by the firm to grow its healthcare platform nationwide. According to data captured from our LevinPro HC database, this marks the first MOB acquisition of 2023. Northside Hospital is the anchor tenant of the Class A building, where it provides cancer care services to the community. The property also houses three single specialty surgery centers and a mix of tenants offering a range of medical services including plastic surgery, dermatology, ENT and gastroenterology.... Read More »
Flagship Healthcare Properties Expands Presence in Florida
Flagship Healthcare Properties announced that it purchased a medical office building (MOB) in Winter Haven, Florida. The 27,910-square-foot property was built in 2005 and was renovated in 2020. It is anchored by the Center for Retina and Macular Disease, an ophthalmic subspecialty group and Davita, one of the largest kidney care providers in the country. Flagship Healthcare is a developer of post-acute care networks. It is a provider of rehabilitation, skilled nursing, subacute care, home health, pharmacy and other services. ERE Healthcare Real Estate Advisors represented the sellers. The financial terms were not disclosed. This is Flagship Healthcare Properties’ fourth acquisition... Read More »
KPMG Managing Director Sees Compressed Valuations in 2023 MOB Market
Rising interest rates will benefit buyers with access to capital Investors focusing on the medical office building (MOB) market in 2023 will be able to take advantage of favorable valuations as interest rates climb. That’s the message from Eric Lewandowski, managing director at KPMG. Lewandowski, based in Detroit, is involved in 10 to 20 MOB deals per year on the sell and buy sides. “There is increased pressure on valuations given higher lending rates, which is likely to work against valuations,” Lewandowski said. “Opportunistic buyers with access to lending may be swayed by value-focused buying opportunities and decide to take the expensive financing upfront with a plan to... Read More »
Ingenovis Health Acquires Springboard Health
Ingenovis Health, Inc., backed by private investment firms Cornell Capital and Trilantic North America, announced it is acquiring Springboard Healthcare for an undisclosed price. Citizens Bank, N.A. and KeyBanc Capital Markets are acting as joint lead arrangers for the transaction. Davis Polk & Wardwell LLP is acting as legal advisor to Ingenovis, Cornell Capital and Trilantic North America. Citizens M&A Advisory is acting as financial advisor to Springboard, and Dinsmore & Shohl LLP is acting as its legal advisor. The transaction is Ingenovis’ third in the past 12 months, following its acquisitions of HealthCare Support, a leading provider of clinical and non-clinical allied... Read More »Schedule a demo
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