Healthcare real estate experts Remedy Medical Properties and Kayne Anderson Real Estate facilitated the sale lease transaction
WINSTON-SALEM, NC, October 3, 2024 – Novant Health has closed a final real estate transaction that wraps up the sale of 20 facilities across the Winston-Salem, Charlotte and Wilmington regions, to Remedy Medical Properties and Kayne Anderson Real Estate. Novant Health is leasing back all the space it currently uses, ensuring uninterrupted access for patients to healthcare services. Remedy Medical Properties will manage the facilities.
The Novant Health Claudia W. and John M. Belk Heart & Vascular Institute and Agnes B. and Edward I. Weisiger Cancer Institute, a newly built seven-story, 266,827-square-foot medical center in Charlotte, NC, is part of the acquisition.
“Foundational to everything Novant Health does is our unwavering commitment to safety, quality, health equity and the patient experience,” said Carl S. Armato, president and CEO of Novant Health. “Remedy Medical Properties and Kayne Anderson Real Estate understand the unique role of our facilities in delivering on that commitment. By working together, we are keeping patients at the center of everything we do by bringing remarkable experiences to life and creating a healthier future for the communities we serve.”
The transaction* includes 20 buildings, which is a mix of clinical and non-clinical spaces: 8 in the Winston-Salem region; 8 in the Charlotte region and 4 in the Wilmington region. Financial terms of the transaction are not being disclosed.
“Novant Health sought out a real estate partner they could trust with their high-quality medical buildings located in three of the biggest submarkets in North Carolina,” said Joe Magliochetti, chief investment officer for Remedy Medical Properties. “This type of transaction is common among health systems and allows organizations to focus on their respective strengths. We are excited to further strengthen our relationship with Novant Health through this partnership.”
“One of our primary objectives is to make investments with market-leading healthcare systems, especially those we have existing relationships with,” said Remedy Medical Properties founder Peter Westmeyer. “This transaction, one of the largest between an owner/operator and a health system, is a testament to the strength of our partnerships with Kayne Anderson Real Estate and Novant Health. We look forward to continuing to build on our existing work together.”
“This purchase highlights several of our key attributes — our strong partnerships with health systems, our ability with Remedy to provide real estate solutions so medical groups can focus on what they do best, and our willingness to execute at size and scale,” said Lee Asher, senior managing director, medical office, for Kayne Anderson Real Estate. “We at Kayne and Remedy could not be more excited about this portfolio and partnership with Novant Health.”
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 33 million square feet and 25 offices spanning 44 states. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy to healthcare providers. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. For more information visit www.RemedyMed.com.
About Kayne Anderson Real Estate
Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $16.5 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $36.5 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate/. (As of June 2024)
About Novant Health
Novant Health is an integrated network of more than 850 locations, including 19 hospitals, more than 700 physician clinics and urgent care centers, outpatient facilities, and imaging and pharmacy services. This network supports a seamless and personalized healthcare experience for communities in North Carolina and South Carolina. Novant Health is nationally recognized for our unwavering commitment to safety and the highest quality care, and we serve as a catalyst for healthcare transformation through clinical trials, leading-edge research, innovative care delivery models and robust virtual care networks. The expertise and empathy of our 40,000 team members along with more than 8,300 independent and employed clinicians are at the heart of Our Cause as industry leaders caring for communities across the Carolinas. In 2023, Novant Health provided more than $1.6 billion in community benefit, including financial assistance and services.
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