CHICAGO and DALLAS, Feb. 10, 2022 – Kayne Anderson Real Estate, Remedy Medical Properties and MedProperties Realty Advisors LLC are pleased to announce that the firms have formed a $350 million-plus joint venture to recapitalize an 11-state, 23-asset healthcare real estate (HRE) portfolio owned by MedProperties.

The portfolio, which includes primarily medical office buildings (MOBs), totals more than 1 million square feet. The transaction closed Jan. 14.

For Boca Raton-based Kayne Anderson Real Estate and Chicago-based Remedy, the nation’s largest owners of medical properties, the joint venture enables the firm to acquire a majority interest in another high-quality portfolio that complements its already extensive holdings.

For Dallas-based MedProperties, an HRE private equity firm with assets in 23 states, the transaction enabled the firm 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.

Darryl E. Freling, Managing Principal of MedProperties, said his company has aggregated a large number of HRE assets over the years through its various funds and investment partnerships. In the fall 2020, the firm’s leadership decided to offer a portfolio of about two-dozen of those properties as a recapitalization investment opportunity rather than an outright sale. The offering was taken to market in early 2021, and Remedy emerged as the chosen joint venture partner in the summer of that year. 

 “Aside from pricing, one of the primary reasons we elected to transact with Kayne Anderson and Remedy,” Mr. Freling explains, “was the positive, long-term working relationship we had with the firms and its principals. It was that relationship, and the mutual trust, that proved instrumental in navigating the complexities of a transaction of this size to a successful conclusion.”

Joe Magliochetti, Chief Investment Officer for Remedy, agreed that the positive working relationship between the firms was what made the joint venture possible.

“We love the make-up of the portfolio – good quality MOBs,” Mr. Magliochetti says. “The portfolio also has lots of common ground with our existing assets in terms of geography and tenancy, making it a logical addition to our holdings. But MedProperties is also a great fit. We had done some smaller deals with them, but this was a great opportunity.”

A transaction involving almost two-dozen properties owned by six different entities had its complexities, Mr. Magliochetti notes, “But we worked through them together, and it couldn’t have been better. Hopefully this joint venture will lead to more opportunities together in the future.”

“You learn a lot about people when you’re in the foxhole together,” Mr. Freling adds. “The Kayne Anderson and Remedy teams were great, pragmatic and we worked through the inevitable issues that arise in a large, complex transaction. We couldn’t have asked for more.”

The properties are located in some of the top metropolitan markets in the country, as well as in strategic secondary markets. In aggregate, the properties are 94 percent occupied and 71 percent leased by high-caliber, leading hospitals, health systems and other investment grade tenants.

The portfolio consists primarily of MOBs, but also includes some post-acute facilities such as a rehabilitation hospital and ambulatory surgery center in Texas, and a rehabilitation hospital in Ohio. Some of its well-known, investment grade healthcare tenants include Baylor Scott & White, Children’s Hospital of Los Angeles, CommonSpirit, Rady Children’s Hospital, U.S. Department of Veterans Affairs, University of Southern California, UF (University of Florida) Health and WVU (West Virginia University) Medicine.

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).

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

About Kayne Anderson Real Estate
Kayne Anderson Real Estate (“KA Real Estate”) is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $13 billion of real estate AUM (as of 12/31/21) across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $30 billion alternative investment management firm (AUM as of 12/31/21) with more than 37 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors. For more information, visit https://kaynecapital.com/real-estate.

About MedProperties Realty Advisors LLC
MedProperties Realty Advisors LLC is a Dallas-based healthcare real estate private equity firm that invests on a direct and an indirect basis (through joint venture relationships) in the development of new, value-add, and stabilized healthcare real estate, including multitenant medical office buildings and single-tenant, specialty healthcare facilities throughout the U.S. MedProperties invests through its discretionary funds, and through stand-alone investment vehicles. MedProperties is dedicated solely to investments in healthcare real estate. For further information on MedProperties, please visit www.MedPropertiesLP.com.

CHICAGO and BASALT, Colo., Dec. 16, 2021 – Chicago-based Remedy Medical Properties has won the 2021 HREI Insights Award for the Best New Medical Office Building of 50,000 to 99,999 square feet. The annual, national awards recognize excellence in healthcare real estate development and executive leadership.

Remedy’s winning project was The Steadman Clinic, a 62,768-square-foot orthopedic care clinic and ambulatory surgery center (ASC) in Basalt, in western Colorado’s Roaring Fork Valley.

Peter Westmeyer, CEO of Remedy, notes, “At Remedy we are very proud to be honored by the highly respected HREI media organization for The Steadman Clinic. Our team faced many challenges in developing this facility, but they used innovative, creative strategies to overcome those challenges and to deliver a state-of-the-art orthopedic center that is ideally suited for the beautiful Rocky Mountain environment.”

He adds, “The Steadman Clinic in Basalt also will fill an important community need, making it easier and more convenient for patients to receive care close to home and the nearby ski slopes.”

The world-renowned TSC, with three offices in Vail Valley and Summit County, has a multi-year plan to expand in Colorado to improve access to cutting-edge orthopedic care, research and clinical trials. With its latest expansion in Basalt, TSC chose a high-traffic but small and challenging site in the beautiful Willits Town Center, a bustling, mixed-use, master-planned development with multiple requirements and restrictions.

To fit the required parking and robust orthopedic clinic and ASC on the .75-acre site, the development team designed the facility with three stories sitting on top of two levels of underground parking with 80 spaces and an additional 48 on-street spaces. The smaller site also meant it would have smaller floor plates, with less space for easily concealing building systems and off-stage activities, especially in the ASC. Remedy dealt with these challenges by locating building systems in the parking garage and giving considerable thought to how corridors were configured and located to maximize usable space and minimize patient exposure.

With the city requiring street-level retail space in the facility, Remedy had to avoid cannibalizing existing town center services, such as a coffee shop and spa, as well as impinging on valuable program space. Remedy solved this by convincing the city to approve MRI imaging services as a retail use.

In addition, the city required TSC to develop a community park adjacent to the new orthopedic center. To fulfill TSC’s vision of a facility that promotes wellness and an active lifestyle, Remedy designed the park as an outdoor extension of the lobby, providing a seamless transition between indoors and out. The facility also features glass curtain walls that bring in natural light and capitalize on the 360-degree mountain views, a rare feature for an MOB.

Remedy also installed solar panels on the roof to take advantage of Colorado’s 300 days of sun and create a more sustainable facility with lower operating costs. Finally, Remedy’s flexible platform allowed TSC to invest in the real estate via a joint venture.

Remedy expects to deliver the project on-time and under budget in early January, despite Rocky Mountain winter conditions, COVID-19 protocols, disrupted supply chains and a constrained town center site that complicated construction logistics.

ANDOVER, Mass., and CHICAGO, Aug. 11, 2021 – Remedy Medical Properties, the nation’s largest private owner of healthcare real estate, announced today the acquisition of the three-structure, 69,992-square-foot Andover Medical Center. The acquisition, considered to be one of Greater Boston’s premier medical office properties, is located in the highly desirable community of Andover, a suburb 25 miles north of Boston.

“Remedy is excited to announce the addition of this excellent Class A healthcare facility to our growing medical properties portfolio,” says Joe Magliochetti, Chief Investment Officer for Chicago-based Remedy. “Not only is it a beautiful, high-quality building, it is superbly located in a highly desirable submarket of Boston, and is fully occupied by very highly regarded healthcare tenants, including main anchor tenant Lawrence General Hospital and subtenants Mass General Brigham/Pentucket Medical, Orthopaedics Northeast and Boston Eye Group/Boston Laser, Andover Medical Center.”

The regional multi-specialty care center serves as a flagship off-campus outpatient facility for Lawrence General Hospital, a 186-bed community hospital located less than 10 miles away. In addition, Pentucket Medical, a member of Mass General Brigham, the largest healthcare system in Massachusetts, contributes to the impressive tenant mix. On-site services and specialties include urgent care; adult primary care; pediatrics and young adult care; gastroenterology; orthopaedics; ophthalmology; cardiology; imaging center/MRI; full-service diagnostic laboratory; Andover Surgical Associates; weight management; and physical, occupational and speech therapy.

Located at 323 Lowell St. in Andover, in the demographically attractive Boston MSA, Andover Medical Center is conveniently located directly off Interstate 93 at its intersection with Route 133, providing seamless access to patients throughout the Merrimack Valley. The medical center was constructed in two phases in 2015 and 2017 and comprises three structures: the 69,992-square foot medical office building, a 102-space structured parking garage and a freestanding 1,800 square-foot coffee shop.

“We at Remedy could not be more excited about this acquisition,” Mr. Magliochetti continues. “We were particularly attracted by the quality of the buildings and the highly esteemed tenants. The Greater Boston market is also exceptionally strong in terms of healthcare and healthcare real estate, and we are actively seeking additional opportunities in the MSA.”

Remedy’s acquisition of Cornwall Medical Pavilion closed May 4. Michael Greeley, Senior Managing Director of Newmark’s Medical-Academic Practice Group in Boston acted as the seller’s advisor.

NEWNAN, Ga., and CHICAGO, March 3, 2021 – Remedy Medical Properties, the nation’s largest private owner of healthcare properties, announced today the completion of the five-story, 113,000-square-foot Piedmont Medical Plaza II. The new medical office building (MOB) is on the Piedmont Newnan Hospital campus in Coweta County, a growing region of southwest Atlanta.

The new outpatient care facility, the second MOB on the Newnan campus, will enable Piedmont Healthcare to provide an even wider range of services there, keeping patients close to home for care.

“Remedy is very excited about our continued collaboration with Piedmont Healthcare. This beautiful new MOB will allow Piedmont to continue expanding their healthcare delivery model to this growing and vibrant region,” says Peter Westmeyer, CEO of the Chicago-based firm. “The spirit of cooperation and flexibility of all project members throughout the construction process, in the face of the pandemic and other assorted challenges, has made all the difference in bringing this important new project to the community, both on time and on budget.”

“The collaboration with Remedy and our development team made this entire process, from planning and design to completion, go smoothly despite challenges we faced during an unprecedented healthcare pandemic,” says Mike Robertson, CEO of Piedmont Newnan Hospital. “This beautiful new medical office space enables us to efficiently and cost-effectively deliver a wide variety of healthcare services close to home for our patients in Coweta and surrounding communities – all within walking distance of Piedmont Newnan Hospital.”

After breaking ground on the MOB in September 2019, the facility construction was completed in December 2020 and a phased move-in of Piedmont services was completed at the end of January 2021.

The new MOB will serve as a conveniently located, one-stop healthcare destination for patients in the growing southwestern Atlanta suburbs. The Newnan service area has a sizable population of more than 212,000, which is projected to grow significantly by 6.2 percent during the next five years. 

Located at 795 Poplar Road, the highly visible MOB is in close proximity to the Interstate 85 interchange at Poplar Road, which opened in March 2019, and offers an abundance of nearby parking for patients, physicians and staff. The facility will deliver a full complement of healthcare services by Piedmont Healthcare, including cardiology, cardiovascular imaging, cardiac and pulmonary rehab, general surgery, neurology, orthopedics, physical therapy and occupational therapy.

David Martin, Executive Vice President of Development at Remedy, says, “Piedmont Medical Plaza II was delivered despite some considerable challenges thanks to the adaptability and collaborative spirit of the entire development team.”

That team included local development consultant Carter (carterusa.com), which assisted in site selection, local permitting and construction oversight; general contractor Batson-Cook (batson-cook.com), which kept construction on schedule despite unusually heavy rains and other severe weather, and deployed highly effective pandemic protocols to ensure workplace safety without delaying the project; and architect Earl Swenson Associates Inc. (esarch.com), which designed a functional and beautiful core and shell building, greeting campus visitors at its new northern gateway.

In addition to providing strategic planning, development and leasing services, Remedy owns and will manage the facility.

Some space remains available in the new Piedmont Medical Plaza II. For leasing information, independent physician practices and other providers offering complementary services are invited to contact Remedy’s First Brian Burks, Executive Vice President, Leasing, at 770-891-2082 or BBurks@RemedyMed.com.

CHICAGO and MOUNT PLEASANT, S.C., Oct. 29, 2020 – A medical office building (MOB) developed by Remedy Medical Properties has been named a finalist in the 2020 HREI Insights Awards, an annual, national awards program that recognizes excellence in healthcare real estate development and executive leadership.

Peter Westmeyer, CEO of Chicago-based Remedy, announced today that The Southeastern Spine Institute – Tenet Healthcare (SSI), a three-story, 71,000-square-foot ambulatory care and surgery center in Mount Pleasant, S.C., has been selected as a finalist in the “Best New Development,  MOBs and Other Outpatient Facilities, 50,000 to 99,999 square feet” category.

“Our team is very proud to receive such esteemed recognition from HREI™ magazine for this outstanding healthcare real estate development,” Mr. Westmeyer says. “The Southeastern Spine Institute – Tenet Healthcare project came to fruition because of a unique, proactive and creative approach between the health system, physicians and real estate partner and their desire to achieve alignment. It is very gratifying to have that collaborative effort honored by such a prestigious national awards program.”

SSI, the largest medical practice in South Carolina specializing in spinal and orthopedic care, initially approached Remedy in 2018. The practice needed a new facility to both consolidate and expand its ambulatory surgery, imaging and diagnostic services in the Mount Pleasant submarket of Charleston. SSI had outgrown two original custom-built Class A medical facilities it owned.

Remedy not only developed the new facility and assisted with the transfer of its Certificate of Need (CON) from one of the prior locations, but it was also able to provide an ideal solution via an inventive sale-leaseback transaction that allowed SSI to vacate those existing buildings upon completion of the new MOB. In addition, Remedy was able to secure a new tenant for one of the former buildings, as well as facilitate a collaborative and strategic location for the new MOB at Tenet East Cooper Medical Center’s hospital campus. Aligned in the new location are SSI, its surgical partner USPI and the hospital, with each entity able to design and execute its own leases within the new building.

When SSI opened its doors at 1625 Hospital Drive in February 2020, patients were able to experience a dynamic facility that combines the expertise of three leading healthcare providers with modern office space, procedure rooms, an MRI and imaging room, a physical therapy suite, a sterile processing center, and an ambulatory surgery center. Along with all of the other benefits realized during the two-year development process, SSI now also enjoys 30 percent more space than it had before to grow its thriving practice. 

Speaking of Remedy’s pivotal role in the SSI-Tenet Healthcare success story, Mr. Westmeyer notes the importance of viewing the project in terms of the physician alignment trends of today.

“After years of consolidation and acquisition of private practices, the availability of remaining independent practices is dwindling in many markets,” Mr. Westmeyer notes. “When the well runs dry, health systems and physicians must diversify and move beyond the traditional approach to acquisition and recruitment, being especially careful to avoid the stumbling blocks inherent in the real estate intricacies of the deal. Remedy strives every day to use innovation, expertise and flexibility to overcome such obstacles, and the SSI-Tenet development embodies the successful execution of that strategy to achieve an excellent outcome.”

LEESBURG, Va., and CHICAGO, July 28, 2021 – Remedy Medical Properties, the nation’s largest private owner of healthcare real estate, announced today the acquisition of the four-story, 95,243 square foot Cornwall Medical Pavilion. The medical office building (MOB) is located in the affluent suburban community of Leesburg, 33 miles northwest of Washington, D.C. 

“We are delighted to add this outstanding facility to the Remedy Medical Properties portfolio, as it represents an opportunity to acquire an asset that meets many of the key criteria we seek,” says Joe Magliochetti, Chief Investment Officer for the Chicago-based firm. 

Located at 244-D Cornwall Street in Leesburg in the demographically attractive Loudoun County submarket, “Cornwall Medical Pavilion is the only Class A, multi-tenant medical building on the Inova Loudoun Hospital – Cornwall Campus,” Mr. Magliochetti notes. “We were attracted to the growth and stability of greater Washington D.C., especially Leesburg as the growing, vibrant seat of Loudoun County.”

Inova Loudoun Hospital – which is connected to the MOB – offers an emergency department, an imaging center, inpatient and outpatient behavior health services, and a 100-bed not-for-profit skilled nursing facility. 

“Remedy already enjoys a fruitful relationship with Inova, the dominant provider and market leader in Northern Virginia,” Mr. Magliochetti says. “That fact, combined with an existing base of outstanding tenants and providers, presents an excellent opportunity for us to enhance the MOB’s performance through Remedy’s full-service platform of market research, financing, asset management, leasing and property management.” 

Cornwall Medical Pavilion houses 15 tenants and serves as a key outpatient location for assorted regional physician specialty practices. It is anchored by Loudoun Medical Group, one of the largest independent medical groups in the Washington area. Other tenants include Privia Medical Group, DaVita and independent physician practices affiliated with Inova. 

The MOB has the use of 655 parking spaces shared with the rest of the Inova campus. 

Percival Health Advisors, an independent healthcare strategy advisory group within Remedy, “was instrumental in helping us to identify areas where Leesburg and Loudoun County were in need of fortification of some critical healthcare specialty services,” he notes. “Their analysis revealed an unmistakable opportunity and made the case for us to acquire and improve the performance of this great facility, bolster the tenant mix, and ultimately healthcare access and options for the citizens of this community.” 

Remedy’s acquisition of Cornwall Medical Pavilion closed May 5. JLL Capital Markets Group’s Brannan Knott acted as the seller’s advisor. 

Some space remains available in Cornwall Medical Pavilion. For leasing information, independent physician practices and other providers offering complementary services are invited to contact Remedy’s Daniel McGivney, Senior Vice President, Leasing, at dmcgivney@remedymed.com.

The new company boasts healthcare industry expertise, national reach, entrepreneurial flexibility, and industry-leading real estate services.

CHICAGO, Oct. 1, 2020 – The MBRE Healthcare team separated from MB Real Estate Services, Inc. today to launch a newly formed independent company, Remedy Medical Properties, Inc. Headquartered in Chicago, Remedy is the nation’s largest private owner and service provider for healthcare real estate. The new name and website, remedymed.com, reflect the company’s exclusive focus on healthcare real estate and its commitment to providing comprehensive real estate solutions to the healthcare industry.

“We are pleased to reintroduce ourselves as Remedy, which better reflects our service mission to offer solutions to health systems and physician groups,” said Peter Westmeyer, CEO of Remedy. “We have grown strategically in recent years and now want to further emphasize the innovative flexibility and healthcare industry expertise we offer. But the day-to-day experience with the new company will be the same—the same people, the same services, and the same attention to detail that our clients, tenants, and partners have come to expect.”

Through its long-standing partnership with Kayne Anderson Real Estate, Remedy has expanded its national reach, now owning and managing 20.5 million square feet of healthcare facilities and operating 22 offices across 40 states. 

“Our growth is a reflection of the way we do business,” said Krysta Bavlsik, COO/CFO of Remedy. “Clients and tenants value our rapid response time, ease of doing business, presence in local markets, and healthcare industry knowledge. In response, we’ve opened 22 offices across the country over the last 10 years to expand our hands-on approach to asset management, property management, and leasing.”

In recent years, the company has also expanded its development platform, creating a diversely skilled and highly respected development team with experience delivering 6 million square feet of medical office buildings, ambulatory surgery centers, specialty care centers, urgent/emergency care centers, rehabilitation hospitals, and more. 

Remedy has also brought the strategic innovation and advisory firm Percival Health Advisors in-house. Percival now works with Remedy’s various teams as well as independently to advise health systems and physician groups on identifying strategic partnerships and growth opportunities, optimizing delivery networks, and improving community/population health with its combination of proprietary methodologies and rigorous analytics. 

“Working seamlessly across the lines of acquisition, development, leasing, management and strategy consulting, Remedy now serves as a uniquely flexible, one-stop resource for healthcare real estate solutions that reduce costs, improve care and satisfaction, and enable successful expansion,” Westmeyer said.

On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.

New 65,000 square foot outpatient facility will complement the adjacent Grandview Hospital, creating southern Colorado’s first full-service health campus concentrating on sports medicine and orthopedic care.

COLORADO SPRINGS, CO, and CHICAGO, Aug. 28, 2019 MBRE Healthcare, one of the nation’s largest private owners of healthcare properties, broke ground Aug. 21 for Grandview Medical Center, a 65,000 square foot medical office building (MOB) on the UCHealth medical campus in northern Colorado Springs.

Slated to open in late 2020, the new, three-story sports medicine and orthopedic-focused MOB at 5818 N. Nevada Ave. will be a critical part of the full-service health campus it will share with Grandview Hospital.

Grandview Medical Center will offer sports medicine-focused primary care, advanced orthopedics imaging, a physical therapy clinic, and a 7,500 square foot rehabilitation gym. In addition, the state-of-the-art treatment patients will receive will be bolstered by a strong research partnership with University of Colorado School of Medicine’s Department of Orthopedics.

“MBRE Healthcare is proud to help bring this incredible resource, one that provides such a critical service with sports medicine and orthopedic patients of all ages and stages in southern Colorado and the Pikes Peak region,” says President Peter Westmeyer. “It’s another example of the way MBRE Healthcare helps top providers like UCHealth to deliver outstanding healthcare services in quality settings.”

“The addition of the Grandview Medical Center will enable our patients to receive a coordinated, patient-centric experience at a single location that includes primary and specialty care, advanced imaging capabilities, and therapy services,” says Andrew Ritchie, chief administrative officer for Grandview Hospital.

“We are also opening an imaging center that will have the latest capabilities, including DEXA scans that measure bone health and bone density,” Mr. Ritchie continues. “The center also will have a weight-bearing CT machine, a relatively new technology that is important for diagnosing foot and ankle concerns.”

The 22-bed Grandview Hospital, which was also developed by MBRE Healthcare for UCHealth, was warmly welcomed by the community when it opened in late 2016 and patient volumes have far exceeded expectations. The hospital and the site of the future Grandview Medical Center offer convenient access to U.S. Interstate 25 and are in close proximity to the University of Colorado—Colorado Springs (UCCS) campus and University Village Shopping Center. Additionally, as the Grandview name implies, the campus affords beautiful views of majestic Pikes Peak.

Grandview Medical Center is being developed and will be owned by Chicago-based MBRE Healthcare, and will be leased and operated by UCHealth. The project development team also includes BSA LifeStructures architects, Drexel Barrell & Co. engineers, and Hensel Phelps general contractors.

On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.

High-touch medical real estate company expands its national infrastructure to better serve regional tenants and health systems.

CHICAGO and WASHINGTON,  D.C., Feb. 6, 2019 MBRE Healthcare, one of the largest private owners of healthcare properties in the country, announced today the opening of its eighth regional office in the greater Washington, D.C., area, located at 20955 Professional Plaza, Ashburn, VA 20147. The new regional office, with its dedicated team, will strengthen the company’s East Coast presence and provide tenants and healthcare providers in Virginia and Maryland with convenient access to MBRE Healthcare.

“We own and operate one of the largest medical property portfolios in the country, but size is not our top priority,” says President Peter Westmeyer. “First and foremost, we focus on delivering value to our tenants through entrepreneurial flexibility, cost-saving strategies, and high-touch service. As our portfolio continues to grow, it’s important that we expand our network of offices in strategic locations to maintain the exceptional level of service and value that healthcare providers have come to expect from us and that our brand is built upon.”

The new regional office will be housed in a recently acquired medical office park, which contains three Class A medical office buildings totaling 75,191 square feet. The medical office park is located at the center of Ashburn Farm, a planned mixed-use community in the most affluent county in the U.S., Loudoun County, Virginia. The tenant mix includes family practices, pediatricians, OB/GYN, radiology, orthopedists, dentists, and a daycare center. The medical office park is located three miles from growing Inova Loudoun Hospital and less than 10 miles from the new StoneSpring (HCA) Hospital.

Amanda Crabill, a veteran leasing and property management expert, will run the Washington, D.C. office. Before joining MBRE Healthcare this year, Amanda managed nearly 370,000 square feet of medical office buildings for Harrison Street Real Estate Capital and 1.2 million square feet for Velsor Management. Her deep knowledge of the market, dynamic personality, and popularity with tenants make Amanda a valuable addition to the MBRE Healthcare team.

On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.

Firm joins with Arbor Lodging and Metro Park to co-invest in a 40-story multi-use building that also houses hotels and parking in a busy medical and commercial area.

CHICAGO, Oct. 17, 2018 MBRE Healthcare, a full-service healthcare real estate company, today announced that it has co-invested in the acquisition of 93,000 square feet of medical office space, a 352-room dual-branded hotel, and a 225-stall parking garage at 150 and 160 E. Huron Street in the Streeterville neighborhood of Chicago’s Near North Side.

The building is strategically located across the street from Northwestern Memorial Hospital, Lurie Children’s Hospital, and the Rehabilitation Institute of Chicago, and is just one block from the famed Magnificent Mile commercial district.

Chicago-based MBRE Healthcare teamed with Arbor Lodging Partners and Metro Park Inc. for the acquisition, utilizing a unique co-investment structure. The 40-story, Class A building consists of three property types that are vertically subdivided into medical office space (floors 7-13), two sister hotels (floors 14-40), and a valet parking garage (floors 2-6).

“We’re excited to own and manage this well-located, urban property with phenomenal healthcare tenants, including Northwestern Memorial Hospital, University of Chicago Medicine, and the Eating Recovery Center,” says Peter Westmeyer, President of MBRE Healthcare. “The closing of this deal adds to an already robust year of growth for our company across the country.”

Northwestern Memorial Hospital’s Osher Center for Integrative Medicine is one of the leading facilities of its kind in the nation. Among the services offered there are integrative medicine, and primary care, nutritional counseling, behavioral medicine, and chronic pain treatment.

University of Chicago Medicine offers such specialties as primary care, a women’s health clinic, internal medicine, cardiology, dermatology, endocrinology, pulmonary medicine, gastroenterology, sleep medicine, and rheumatology.

The Eating Recovery Center is a licensed behavioral hospital with Joint Commission accreditation. The center was founded by a team of experts using evidence-based findings and innovation to treat eating disorders. The Eating Recovery Center operates 25 treatment centers across seven states, and is the only fully integrated national healthcare group exclusively dedicated to the treatment of eating disorders and related conditions at all levels of severity and stages. The center offers inpatient, residential, partial hospitalization, and outpatient programs.

The medical office space in the East Huron Street building is 99 percent leased and is expected to continue to experience high demand, as the average occupancy rate for medical space within a five-mile radius is 97 percent. In addition, the adjacent Northwestern University Medical Campus receives more than 2.5 million outpatient visits annually and was recently named by U.S. News & World Report as the best hospital in Illinois for the seventh consecutive year. Another boost to the building is its location near the Magnificent Mile, which averages more than 50,000 pedestrians a day and has more than 450 retail stores and 275 restaurants.

Other components of the property include the 127-room Homewood Suites Chicago Downtown/Magnificent Mile and 225-room Hampton Inn Chicago Downtown/Magnificent Mile. Chicago-based Arbor Lodging plans a $7 million renovation to the rooms, common areas, and more. Metro Park, also based in Chicago, owns and operates several other local parking facilities.

“We couldn’t be happier about our continued investment in the Chicago area, and collaborating with our partners, Arbor Lodging and Metro Park, on this outstanding property,” Mr. Westmeyer says.

On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.

The 10 on- and off-campus outpatient OrthoCarolina facilities offer service lines including orthopedic surgery, general imaging, orthopedic care, urgent care, and physical therapy.

NORTH CAROLINA and CHICAGO, Feb. 12, 2020 MBRE Healthcare, one of the nation’s largest private owners of healthcare properties, recently announced the $103.5 million acquisition of 10 on- and off-campus OrthoCarolina MOBs. The portfolio, totaling 218,213 square feet, consists of a core compilation of outpatient orthopedic-centered MOBs and surgery centers in the MSAs of Charlotte and Winston-Salem, NC.

Chicago-based MBRE Healthcare partnered in the acquisition with longstanding partner Kayne Anderson Capital Advisors.

“This very attractive portfolio checks all the boxes for us, with a nationally recognized anchor tenant in a desirable service line, with close proximity to hospitals, located in robust, dynamic markets,” says Peter Westmeyer, President and Managing Principal, MBRE Healthcare. “This acquisition also presented a great opportunity for us to take advantage of attractive lease terms, and continue a highly desirable physician joint venture relationship.”

The addresses and square footage of the 10 assets in the portfolio are:

710 Park Center Drive, Matthews, NC            39,803 SF
354 Copperfield Boulevard, Concord, NC         29,268 SF
9848 North Tryon Street,  Charlotte, NC        24,335 SF
703 Comfort Lane, Monroe, NC                   13,316 SF
1205 Mann Drive, Matthews, NC                  10,128 SF
124 Welton Way, Mooresville, NC                8,771 SF
170 Kimel Park Drive, Winston-Salem, NC        37,013 SF
180 Kimel Park Drive, Winston-Salem, NC        33,500 SF
101 Delta Park Drive, Shelby, NC               13,051 SF
1604 Medical Drive, Laurinburg, NC             9,028 SF

All 10 facilities are 100 percent leased to OrthoCarolina, the third-largest orthopedic provider in the country (by physician count), with a weighted remaining lease term of 13 years. Each facility is conveniently located within 2.2 miles of the nearest hospital.

The facilities offer a variety of orthopedic-related services, including orthopedic surgery, general imaging, orthopedic care, urgent care, and physical therapy. Three of the buildings feature ambulatory surgery centers, with two operating rooms each. Sixty percent of the properties are in the fast-growing Charlotte MSA, the 23rd largest MSA in the country, with two properties (31 percent) located in Winston-Salem and one each in Laurinburg and Shelby, NC. 

On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.

New five-level, 113,000 square foot outpatient facility in Newnan will support Piedmont Newnan Hospital in bringing a full complement of healthcare services to the growing southwestern Metro Atlanta region.

NEWNAN, GA, and CHICAGO, Oct. 16, 2019 MBRE Healthcare, one of the nation’s largest private owners of healthcare properties, broke ground Sept. 16 for a new 113,000 square foot medical office building (MOB) on the Piedmont Newnan Hospital campus.

Slated to open in late 2020, the new, five-level MOB at 795 Poplar Road will be a critical part of the full-service health campus it will share with the hospital.

The MOB will bring a full complement of Piedmont Healthcare and independent physician services to the southwest Atlanta Metro suburbs, including cardiology, cardiopulmonary rehab, general surgery, neurology, ophthalmology, orthopedics, physical therapy, and occupational therapy. The MOB will also house administrative, human resources, and classroom space for Piedmont Healthcare.

“MBRE Healthcare is very pleased to partner with Piedmont Healthcare on this wonderful healthcare asset that will bring a variety of needed services to this growing region,” says MBRE Healthcare President Peter Westmeyer. “It’s another example of how we assist foresighted providers like Piedmont Healthcare to anticipate and satisfy the needs of both patients and practitioners in convenient, quality settings by maximizing the opportunities physically, strategically, and financially.”

“The second MOB at Newnan will be a welcome addition to Piedmont Healthcare patients in the greater southwest Atlanta area, including people living south of Newnan more particularly as result of the recent interstate exchange opening at Poplar Road” says Jack Tillman, Vice President and Chief of Real Estate, Piedmont Healthcare. “When completed, this modern facility will enable us and our Piedmont Clinic members to efficiently and cost-effectively deliver a wide variety of healthcare services close to home for our Newnan-area patients, consolidating and expanding on our cardiovascular programs on the campus of Piedmont Newnan Hospital.”

The hospital and the site of the future MOB are highly visible from and offer convenient access to U.S. Interstate 85 and Poplar Road, with an abundance of parking in close proximity to the building.

The project development team also includes Earl Swensson Associates Inc. (ESa) architects and Batson-Cook Construction.