Kaleida Health is the largest healthcare provider in Western New York with four hospitals, more than 80 outpatient clinics, and two long-term care facilities. Kaleida’s urology, oncology, and imaging divisions occupy this four-building portfolio. These high-acuity divisions feature extensive interior buildouts and advanced medical equipment, including five linear accelerators, MRI, CT, ultrasound, and X-ray.
While analyzing the investment with the third-party seller, Remedy structured an incremental purchase to help the seller achieve tax efficiency for their proceeds. In executing the acquisition, Remedy negotiated a new long-term lease for 100% of the portfolio’s rentable area with Kaleida Health, which expects continued growth and expansion going forward. Remedy also improved the buildings with roof replacement, structural repair, parking resurfacing, and HVAC replacement.
Transaction Date: August 2015