Winstead PC, a leading national law firm, today announced that it represented its client, MedProperties Realty Advisors LLC, in the sale and recapitalization of a portfolio of medical office buildings (MOBs) and other healthcare-oriented real estate to Remedy Medical Properties and Kayne Anderson Real Estate.
“The $350 million sale and recapitalization to Remedy and Kayne Anderson involved 23 assets in 11 states and covering over 1 million square feet of space,” said Andy Dow, a Winstead shareholder, Chair of the Real Estate Industry Group and member of the firm’s Board of Directors.
“A transaction of this size, and geographic scope, is complex and requires an innovative approach to close it on time, while meeting the diverse needs of all parties. It also speaks to how robust the current market is for healthcare real estate, the value of these assets and the confidence that the investors have in our client, MedProperties,” added Mr. Dow.
“MedProperties will retain an ownership stake in these assets and will continue to serve as the asset manager. They have acquired and financed the development of 4 million square feet of commercial real estate across 23 states, and we are delighted to be a partner with them,” said Cole Gearhart, a Winstead Shareholder.
Over 90% of the assets are MOBs. The transaction also included a Pennsylvania-based behavioral health hospital, a rehabilitation hospital and ambulatory surgery center in Ohio, and a rehabilitation hospital in Texas. The properties are located in California, Florida, Indiana, Kentucky, Missouri, North Carolina, New York, Ohio, Pennsylvania and Texas.
Winstead’s Real Estate Industry Group serves as a leading resource for national and regional companies. With 175 real estate attorneys across eight offices, Winstead’s experience spans the full spectrum of real estate services.
Our client list includes many of the largest and most active real estate companies, institutional investors, mortgage lenders and loan servicers as well as individual investors and entrepreneurs. In addition, Winstead has an active Construction Practice, Entitlement/Land Use Practice and Leasing/Asset Management Practice, enabling us to represent our clients through all phases of sophisticated real estate transactions.
Winstead’s real estate practice is listed in the Chambers USA Guide to America and a number of our attorneys are members of the American College of Real Estate Lawyers, the American College of Mortgage Attorneys and the Association of Life Insurance Counsel.