MBRE Healthcare and Kayne Anderson have purchased a fully leased medical office portfolio comprising 10 outpatient orthopedic medical office buildings totaling 218,213 square feet near Charlotte and Winston-Salem, N.C. The seller was not disclosed, nor were the financial terms.
The portfolio is a core compilation of 10 on- and off-campus, outpatient orthopedic medical office buildings and surgery centers, 100 percent leased to OrthoCarolina, the third largest orthopedic provider in the nation by physician count, with a weighted remaining lease term of 13 years. Three of the buildings feature ambulatory surgery centers with two operating rooms each. About 60 percent of the properties are in the Charlotte metro area, the 23rd largest MSA in the country, with two properties located in Winston-Salem and one each in Laurinburg and Shelby. All portfolio properties are within 2.2 miles of the nearest hospital.
“The marketing process yielded tremendous interest from core capital sources both public and private, which is a testament to the caliber of OrthoCarolina, and the resulting opportunity for an investor to create immediate scale to that relationship,” said Ben Appel, JLL managing director, which represented the seller.
“Ownership structured an attractive lease and a desirable physician joint venture that bolstered the marketing of the assets. MBRE did a great job continuing the joint venture relationship with the physicians,” added Evan Kovac, JLL managing director.
