MBRE Healthcare Closes on $103.5 Million Acquisition of Orthopedic-Oriented North Carolina MOB portfolio
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.
About Remedy Medical Properties
Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 43 states. Remedy offers healthcare providers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients.
About Kayne Anderson
Kayne Anderson Real Estate (KA Real Estate) is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, and self-storage. KA Real Estate has raised dedicated real estate private equity funds totaling approximately $7 billion in commitments, investing in opportunistic equity, core returns, and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $31 billion alternative investment management firm (AUM as of 9/30/19) with more than 30 years of successful experience in the real estate, energy, credit, and growth capital sectors.
