MedCraft and Cadence launch new $500m medical office platform
MedCraft Healthcare Real Estate and Cadence Healthcare Group have launched a $500 million medical office building investment platform, MedCraft Investment Partners (MIP), to acquire medical office buildings and ambulatory assets during the next 18 to 24 months.
MIP is a 50-50 joint venture between Minneapolis-based MedCraft Healthcare Real Estate and Cadence Healthcare Group, a wholly owned subsidiary of Cadence Capital Partners, with offices in Denver, Chicago and Boston.
The first of the fund’s two inaugural acquisitions is the 18,536-square-foot Kenwood One TriHealth Orthopedic & Sports Institute at 8311 Montgomery Road in Cincinnati. The two-story, off-campus building, built in 2008, is 100 percent leased to an investment-grade healthcare tenant, Cincinnati-based TriHealth, the leading integrated health system in Greater Cincinnati. The medical office building houses TriHealth-affiliated tenants Ohio Valley Orthopedic Sports Medicine, TriHealth Orthopedic Sur