JLL Capital Markets led sales efforts for the Charlotte, North Carolina-area offering
BOSTON – October 28, 2021 – JLL Capital Markets announced today that it has closed the $31.4 million sale of a three-property, core medical office portfolio totaling 72,499 square feet in Charlotte, North Carolina.
JLL marketed the portfolio on behalf of the seller, The Keith Corporation (TKC), a privately-held, full service commercial real estate firm headquartered in Charlotte, North Carolina. TKC is a preeminent healthcare developer in the Southeast, developing more than 35 healthcare related projects. The purchaser is Chicago, IL-based Remedy Medical Properties (“Remedy”), the largest private owner of medical properties in the United States.
The portfolio consists of Mission Hospital McDowell Medical Office Building at 430 Rankin Drive in Marion; Steele Creek Medical Office Building at 13425 Hoover Creek Boulevard in Charlotte and Tryon Medical Partners – Matthews at 630 Matthews Township Parkway in Matthews. The two single-tenant and one multi-tenant facility are 97% leased overall to leading regional and national healthcare providers including health systems, Novant Health and Mission Health (HCA), and major area physician practice groups, Tryon Medical Partners and Charlotte Radiology. Two of the three properties were recently constructed or renovated by The Keith Corporation and offer state-of-the-art medical facilities such as surgery centers and advanced diagnostics; the Steele Creek property was jointly developed by The Keith Corporation and Sportsmed Properties.
The portfolio is located throughout high growth submarkets of Charlotte, which have seen upwards of 20% population growth since 2010, which is driving outsized demand for healthcare services through the region. More than $1 billion in new hospital facility construction in Charlotte illustrates this demand for services and is paralleled with expansion in outpatient care in key locations throughout the region.
The JLL Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of the Healthcare Practice Group Mindy Berman, Senior Managing Director Pete Pittroff, Senior Director Brannan Knott and Director Daniel Flynn.
“The Keith Corporation offering was highly-sought after by investors given the swell in investment appetite for medical properties during the global pandemic,” said Berman. “The Charlotte properties exemplified the most appealing qualities that institutional investors seek – solid tenancy from dominant healthcare providers, location in a desirable high-growth U.S. metro and new construction with nearly 13 years of average remaining lease term.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About The Keith Corporation
The Keith Corporation (TKC) is a renowned privately held, full service commercial real estate firm headquartered in Charlotte, North Carolina. TKC has developed $3 billion of commercial property with 300 projects totaling in excess of 27 million square feet across industrial, office, healthcare and retail properties in 35 states and Mexico, Australia, Canada and the United Kingdom.
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 25 million square feet and 23 offices spanning 41 states.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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