FOR IMMEDIATE RELEASE:
Transfer, Pennsylvania — January 31, 2022—Crown MedRealty Partners (“CROWN”), a healthcare real estate firm headquartered in Kansas City, MO, partnered with Leawood, KS based Prevail Real Estate Opportunities to close out an impressive first year with the acquisition of Edgewood Surgical Hospital in Transfer, PA. As a physician-owned and operated hospital system, Edgewood has been the regional leader for specialized surgical care across several key service lines, including orthopedics, total joint replacement, pain management, and ophthalmology.
The property, which opened in 2004 and consists of 23,700 square feet, was designed, and constructed as a build-to-suit (BTS) for Edgewood Surgical Hospital, an award-winning physician-owned hospital serving Western Pennsylvania’s estimated population of 536,000 residents, as well as other metropolitan areas within eastern Ohio and New York. Uniquely positioned in the region to serve a large commuter population, the state-of-the-art surgical hospital was specially designed with the patient and family in mind, offering a more concierge level of care experience in a boutique hotel-like setting with its ten (10) private inpatient recovery rooms.
In October 2020, Edgewood launched a joint-venture partnership with Pain Management Group (PMG), the leading provider of hospital-based pain management centers with 45 locations in 7 states. Currently featuring four (4) operating rooms (ORs) and two (2) procedure rooms, the strategic partnership with PMG has accelerated Edgewood’s growth to include twenty (20) physicians who are now able to offer a broad and comprehensive range of specialty procedures and pain management services. These elective-based service lines include Orthopedics, Ophthalmology, Total Joint Replacements, Retina Eye Surgery, Family Medicine and the planned addition of spine procedures in 2022.
As part of the transaction, Crown and Prevail will aid in Edgewood’s growth initiatives through the funding and construction of an expansion to the hospital to include additional clinical office space and another (ASC) to allow for further (OR) capacity. Situated on 21 acres of excess land, the attached hospital expansion will be utilized to support the current demand, as well as further expand Edgewood’s long-term growth offerings.
“Crown is excited to add such a high-quality asset to our portfolio but even more grateful to have been chosen by the physicians to be their partners, we recognize and welcome the trust they placed in us and we are eager to support them in their continued growth efforts.” said Connor Childress, Director of Investment Management at Crown MedRealty Partners.“ Their commitment to build a comfortable, family environment where each patient can receive individual superior care, has undeniably had a history of sustained success, but it also explains the exponential growth they are experiencing.”
“It is our honor to welcome our new physician equity partners to the Crown family, we are always delighted to see our physician partners remain dedicated to their asset and wish to remain invested in their real estate space” said Brian Beggs, Managing Partner at Crown MedRealty Partners. “We take pride in our flexibility and ability to provide creative solutions to each of the uniquely complex structures we are presented. By approaching every deal with a blank canvas, we appreciate the challenges that come with painting each of our physicians’ partners self-portrait.”
Leawood, KS based Prevail Real Estate Opportunities was also involved in this medical office building transaction. Brian Beggs shares: “We were excited to work with the Prevail Real Estate guys on this transaction, as we have vetted many advisors and Prevail was head and shoulders above their peers.” Beggs adds; “We believe in finding like-minded partners and creating a long-term partnership and expect this to be the first deal of many together.”
For their involvement in Edgewood Surgical Hospital, Brad Clark, Managing Partner of Prevail Real Estate Opportunities, shares the sentiment of Brian Beggs. “Consistent with our investment thesis, we find sponsors that are experts in their specific real estate discipline to provide our clients with vetted private real estate investment opportunities. The team at Crown MedRealty Partners is exactly that and brings a highly experienced operator who also invest their own capital alongside our clients.” Clark believes this expertise and the unique investment approach of Crown MedRealty Partners makes for a winning combination for Prevail clients. “Our Prevail executive team invests capital alongside our clients, we believe this approach aligns our interest and provides a better outcome. Having aligned interest with Crown, we believe this to be a strong partnership as we navigate the ever-changing real estate landscape going forward.”
As the final addition to Crown MedRealty Partners’ portfolio in 2021, the acquisition of Edgewood Surgical Hospital caps off what has become a statement year of inception. Launched in April, the newly rebranded healthcare real estate investment firm completed twenty (20) acquisitions over its first eight (8) months, adding 350,000 square feet and north of $150 million to their managed portfolio.
Christopher Stai of Healthcare Real Estate Advisors represented the sellers in this transaction.
About Crown MedRealty Partners
Crown MedRealty Partners, LLC, (“CROWN”) is a privately owned and vertically integrated commercial real estate firm who specializes and focuses exclusively on healthcare related real estate. Headquartered in Kansas City, Missouri, Crown provides its health system and physician partners with a full range of real estate services including investment and capital solutions, acquisitions, development, property sales, management and leasing. With north of $600 million in completed transactions of medical real estate to date, Crown’s managed portfolio presently includes 80 properties totaling 1.5 million square feet and spans across 30 states nationwide.
As an industry leader in healthcare related real estate, we believe in thinking creatively, acting with integrity, adapting quickly, and taking a hands-on approach to every deal. If you would like to discuss your future partnership with Crown, please contact our team at 816-412-8465
About Prevail Innovative Real Estate
Prevail Innovative Real Estate Opportunities joins the Prevail Innovative Wealth Strategies and Prevail Innovative Wealth Advisors divisions growing the number of advisors to over 80 since its launch in 2017. Prevail brings an innovative approach to wealth creation by challenging the financial industry status quo and returning control back to clients. With an emphasis on creating wealth, Prevail’s strategies allow clients to keep more of what they accumulate versus performance leakage from taxes, fees, poor performance, or lack of diversification. Headquartered in Leawood, KS, the team at Prevail has continually proven their expertise in helping clients enjoy financial freedom. To learn more, visit www.prevailiws.com or call (913) 295-9500
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