Remedy-Kayne acquires assets from Everest; Newmark team brokers the sale
By John B. Mugford
It looks as if portfolio season is underway.
On June 18, HREI™ reported that 10 or more sizable medical outpatient building (MOB) portfolios were in various stages of the sales process, from closing soon to just hitting the market. Several MOB brokers told us that, based on their market knowledge, most of the portfolios currently for sale, as well as several higher-priced single assets, had a good chance of selling, with the initial deals likely to start closing in late June or early July and continuing throughout the remainder of 2025.
So far, so good. The first tranche of one of those pending large portfolio deals closed in late June with the sale of four MOBs that were part of a 10-asset offering.
According to the U.S. Healthcare Capital Markets team with Newmark Group Inc. (Nasdaq: NMRK), which brokered the sale, the four buildings, all of which were built to suit, have a total of 202,222 square feet of space and are in Arizona, Texas, Virginia and South Carolina.
The price was $67 million, or about $331 per square foot (PSF), for the 95 percent occupied first tranche of what is part of the Everest U.S. MOB Portfolio, with the remaining six properties in the offering likely to be sold to three other sellers in the coming months, according to Newmark, which is marketing all 10 properties offered by Everest.
The buyer of the four MOBs was the prolific joint venture (JV) partnership of Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kayne Anderson Real Estate, which has been investing about $1 billion annually in recent years and has amassed a portfolio of mostly MOBs totaling about 35 million square feet.
The seller was New York-based Everest Healthcare Properties, an institutional real estate manager focused on medical real estate.
Joe Magliochetti, Remedy’s chief investment officer, tells HREI that
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