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Florida And Chicago Investors Team Up To Buy Baylor Scott & White’s Frisco Medical Campus

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Two investors have teamed up to buy a Frisco hospital complex.

Chicago-based Remedy Medical Properties and Kayne Anderson Real Estate of Florida have purchased the Baylor Scott & White Frisco Medical Center.

The 161,264-square-foot, 68-bed specialty hospital is at 5601 Warren Parkway, west of the Dallas North Tollway. The medical center is near The Star, the headquarters and training facility of the Dallas Cowboys.

The 7.4-acre campus is fully occupied by Texas Health Ventures Group, a joint venture between Baylor Scott & White and United Surgical Partners International.

Built in 2001, the medical center was previously owned by Nashville-based Healthcare Realty Trust.

“This was an attractive opportunity to secure a fully leased medical center that has a strong growth trajectory in one of the hottest markets in the country,” Joe Magliochetti, chief investment officer for Remedy Medical, said in a statement. “The BSW Frisco Medical Center is performing very well, and is benefiting from a notable increase in outpatient and ambulatory services, with orthopedic care as the primary driving force. In addition, Remedy has existing relationships with Baylor Scott & White and USPI, and we are pleased to be able to further strengthen those relationships through this acquisition.”

The Frisco medical complex includes 11 operating rooms, an emergency department, onsite pharmacy, private rooms and a two-story parking garage. Terms of the purchase were not disclosed.

“The Dallas-Fort Worth region is growing rapidly, and the Frisco market area is the epicenter of that growth,” Antonio Minchella, senior managing director with Kayne Anderson Real Estate said. “Baylor Scott & White is committed to serving the Frisco area through this location. They entered a long-term lease extension prior to the purchase, and are investing in the building to both improve the patient experience and upgrade and enhance surgical capacity.”

Remedy Medical Properties owns almost 30 million square feet of medical real estate in 43 states. The company’s holdings include the Healthcare Associates of Texas medical center in Irving.

Kayne Anderson Real Estate is based in Boca Raton and manages more than $14.5 billion in real estate assets.

 

Source: The Dallas Morning News

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

10 Texas Medical Office Building Updates From The First Half Of 2023

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The market for medical office buildings has been booming this year, as investors and real estate managers have touted their stability and upside potential.

Here are 10 Texas medical office building updates from 2023:

  1. A 40,000-square-foot building in Stafford, Texas, that sits on 3.4 acres was sold.
  2.  Ground was broken on a 60,000-square-foot office, the Frisco Medical Pavillion II, set to open in 2024.
  3. A 31,247-square-foot medical office building in Plano, Texas, anchored by Dallas Neurological and Spine, was acquired by Montecito Medical.
  4. Wolf Capital Partners acquired the newly rebranded HeightsMED building, launching renovations that are expected to be complete in mid-2023.
  5. Big Sky Medical acquired a 110,465-square-foot medical office building with rentable space in El Paso, Texas.
  6. The Memorial Hermann Medical Plaza in Houston was awarded an Energy Star certification by the U.S. Environmental Protection Agency.
  7. Remedy Medical Properties and Medical Facilities Holdings completed a 59,741-square-foot medical office building in San Antonio, Texas, that is anchored by a Physician Surgical Network Affiliates ASC.
  8. An 82,328-square-foot Methodist Southlake (Texas) medical office building outside of Fort Worth, Texas, attached to a Methodist hospital sold.
  9. The 61,660-square-foot medical office building the Medical Center of Tomball (Texas) has been purchased for $24.6 million.
  10. Two Texas residents are in custody for burning down a three-story medical office building under construction in Spring, Texas.

 

Source: Becker’s ASC Review