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Kayne Anderson Buys $1.3B Medical Office Building Loan Portfolio

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Kayne Anderson Real Estate, the real estate investment arm of Kayne Anderson Capital Advisors, has acquired from Synovus Bank a $1.3 billion medical office loan portfolio.

The purchase was made through the company’s debt platform, KARED, launched in 2015 and which has closed on more than $11 billion since. JLL Capital Markets represented Synovus Bank in the transaction.

The 13 million-rentable-square-foot portfolio spans 33 states and includes 106 floating-rate mortgages secured by 308 medical office building assets. The properties, sponsored by blue-chip institutional investors, are 92.3 percent leased on a long-term basis with an average remaining lease term of nine years and 35 percent of them are anchored by hospitals.

Since its founding in 2007, Kayne Anderson Real Estate has amounted a portfolio of assets under management valued at $14 billion and has completed more than $24 billion of gross investments across its equity and debt strategies. The company’s target sectors include medical office buildings, student and senior housing, as well as attainable housing. With this recent acquisition, the company’s focus is on diversifying its portfolio and scaling its platform, according to prepared remarks from Al Rabil, co-founder & CEO of Kayne Anderson Real Estate.

KA Real Estate has acquired some 25 million square feet of medical office space that spans 579 properties across 41 states since 2013. The company’s involvement in health-care real estate is strongly tied to its partnership with Remedy Medical Properties.

In the last couple of years, the two companies made several significant purchases through a joint venture. In early 2022, Remedy Medical Properties, Kayne Anderson Real Estate and MedProperties Realty Advisors LLC formed a $350 million-plus partnership to recapitalize a 23-asset health-care real estate portfolio that encompasses more than 1 million square feet, spread across 11 states.

The partnership kicked off 2023 with another deal, that included the acquisition of Project Prism, a collection of 13 medical office properties in eight states, totaling 300,328 square feet. Montecito Medical Real Estate sold that portfolio for $131 million.

 

Source: Commercial Property Executive

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Nashville-Based Montecito Medical Expands Health-Care Portfolio With Two MOB Assets

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Nashville-based Montecito Medical has acquired two medical office buildings in Peoria, Ariz., and Granbury, Texas.

The purchases were separate transactions and part of the company’s steady expansion of its health-care real estate portfolio.

Montecito purchased Banner Health Center for $29 million from Banner Health. The property, completed in 1989, encompasses 68,000 square feet across 5.7 acres. The Class B three-story facility features controlled access and includes 308 parking spaces.

Located at 13640 N. Plaza Del Rio Blvd., the medical office building is 17.4 miles from Phoenix and is situated close to Arizona State Route 101. Other medical facilities in the surrounding area include Banner Thunderbird Medical Center, Banner Boswell Medical Center and Banner Rehabilitation Hospital West, among others.

JLL Capital Markets represented the seller and procured the buyer. The team included Senior Managing Director Mindy Berman, Director Matt Dicesare and Managing Director John Chun, alongside Executive Managing Director Pat Williams.

Growing A Texas Portfolio

The Texas property encompasses 14,600 square feet and Montecito purchased the asset from Granbury Health Real Estate, according to CommercialEdge data. Hood County records show that the facility was subject to a $34 million loan with a maturity date set for 2028, provided by First Citizens Bank and Trust Co.

The loan covered two other facilities located in Indianapolis, Ind., and Plano, Texas, the second being a 31,247-square-foot property purchased from Certainty Home Loans.

The Class B building, completed in 2007, includes four operating rooms and offers several medical procedures in gastroenterology, neurology, orthopedics, ENT, ophthalmology and pain management. The facility is fully leased to Baylor Scott & White Surgicare at Granbury.

The property is located at 1717 Paluxy Highway, 40 miles from Fort Worth and has access to Highway 377. The facility is less than 1 mile from Lake Granbury Medical Center, with other medical providers in the area including Texas Emergency Medical Service and Epic Orthodontics.

With this acquisition, Montecito expanded its already sizeable Dallas-Fort Worth footprint. Since 2021, the company acquired 15 medical office properties in the area.

 

Source: Commercial Property Executive

Medical Office Campus In Colorado Springs Sells For $34 Million

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MBRE Healthcare has purchased Union Medical Office Plaza, a three-building, 149,428-square-foot medical office campus in Colorado Springs, Colorado.

RAIT Financial Trust sold the asset for $33.6 million after six years of ownership, according to Yardi Matrix information. JLL Capital Markets represented the seller and procured the buyer.

Located at 1625, 1633 and 1644 Medical Center Point, the two-story buildings came online in 1992, 1995 and 1998. According to JLL, the property was 82 percent leased at the time of sale. The roster includes a mix of medical services tenants spanning sectors such as audiology, cardiology, radiology and urgent care.

The campus is roughly 4 miles northeast of the city center in a premier medical corridor. Situated close to CanAm Highway, the location is also accessible through public transportation. Penrose Hospital is 2 miles southwest.

Managing Directors Andrew Milne and Larry Thiel, together with Director Matt DiCesare and Senior Managing Director Eric Tupler led the JLL team. Milne was part of a team that arranged another MBRE Healthcare purchase in December.

 

Source: Commercial Property Executive