Medical building portfolio trades for $86M

BOSTON, Feb. 5, 2024 –  JLL Capital Markets announced today that it arranged the $86 million sale of a collection of four mission-critical medical properties totalling over 181,000 square feet located in Phoenix, Arizona, Southern Florida and Chicago, Illinois area.

JLL worked on behalf of the seller, Flagler Healthcare Investments, and procured the buyer, Remedy Medical Properties and its partner Kayne Anderson Real Estate.

The medical properties cater to a diverse range of healthcare specialties, including orthopedic surgery, cardiology, pediatrics and imaging. These facilities are operated by leading health systems and providers, ensuring the delivery of high-margin healthcare services.

The properties in the portfolio are 99 percent leased and consist of Oasis Surgical Hospital (750 N 40^th St. Phoenix, AZ), Baptist Health City I & II (10275 & 10383 Hagen Ranch Rd, Boynton Beach, FL) and Elgin Professional Plaza (750 Fletcher Dr, Elgin, IL).

The JLL Medical Properties Group Advisory team was led by Senior Managing Director Mindy Berman, Director Matt DiCesare and Associate Liam Sorensen.

"We were delighted to have facilitated the sale of this portfolio on behalf of Flagler Healthcare Investments," said Berman. "The portfolio's strong tenant mix, long remaining lease terms and strategic market locations made this an ideal investment opportunity.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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With operations spanning across the United States and Europe, Flagler Healthcare Investments is a global leader at the forefront of healthcare real estate investment, development, and consultancy. Flagler is led by public health experts, physicians, and real estate professionals, committed to transforming healthcare infrastructure by developing and investing in innovative properties designed to enhance clinical outcomes and patient experiences. For more information, please visit our website at Flagler Healthcare Investments.

Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. For more information visit www.RemedyMed.com.

Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $15 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 $35 billion alternative investment management firm with more than 40 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors. For more information, visit https://www.kayneanderson.com/real-estate/. (As of 12/30/2023)