Kansas MOB Portfolio Trades – What is a Ground Lease?

A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties has purchased a surgical hospital and a medical office building portfolio in Wichita, Kan. The previous owner of the properties was Kansas Spine & Specialty Hospital, CommercialEdge shows. CIT Healthcare Finance, a division of First Citizens Bank, provided $27.8 million in acquisition financing.

The portfolio consists of Kansas Spine & Specialty Hospital and Abay Medical Plaza. According to CommercialEdge, the medical office last traded in 2019 and was previously subject to a $5.7 million loan, originated by Simmons Bank.

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Kansas Spine & Specialty Hospital is a medical center that provides diagnosis and treatment for disorders of the spine, neck and joints. Abay Medical Plaza is a 27,525-square-foot building, completed in 2005. The low-rise Class B property sits on 3.9 acres and offers 146 parking spaces. The tenant roster includes Abay Neuroscience Center and Pain Center at Kansas Spine & Specialty Hospital.

The properties are located at 3223 and 3333 N. Webb Road, in the Wichita medical corridor, 11 miles from the city center, close to Highway 96 which provides connection to interstates 135 and 235. Other medical facilities in the area include Kansas Medical Center, Wesley Medical Center and Kansas Gastroenterology, among others.

Previous joint investments

At the beginning of the year, Remedy Medical Properties, Kayne Anderson and MedProperties formed a $350 million-plus joint venture for the recapitalization of a health-care real estate portfolio, which consisted of 23 assets, totaling more than 1 million square feet, located across 11 states. The Remedy and Kayne Anderson partnership acquired another portfolio in April, and paid $91 million for eight medical office buildings, sold by Spruce Healthcare. The 177,000-square-foot portfolio is located in Florida, Texas, North Carolina and Tennessee.

According to CommercialEdge data, Remedy Medical Properties currently owns close to 270 medical office buildings throughout the U.S., adding to a total of approximately 15.2 million square feet.

The post Kansas MOB Portfolio Trades appeared first on Commercial Property Executive.

 Investment, Medical Office, Midwest, News, First Citizens Bank, Kayne Anderson Real Estate Advisors, Remedy Medical Properties 

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