Remedy Medical Properties has purchased a six-building, 145,308-square-foot portfolio of medical office buildings located around Northern Kentucky and the outskirts of Cincinnati.
Zalla Cos., a Kentucky-based service company, sold the assets for an undisclosed amount. The firm was represented by a CBRE team led by Senior Vice Presidents Steve Timmel and Chris Prosser, Vice President Will Roberts and First Vice President Travis Likes.
Profiles of the practices
All of the buildings in Remedy’s latest acquisition are leased to St. Elizabeth Physicians, a multi-specialty organization with practices in Kentucky, Ohio and Indiana. Services that the group provides include primary and urgent care, concierge medicine, women’s health, MRI and podiatry as well as physical therapy. The organization has 169 offices around the larger tri-state area, where it employs 695 physicians.
The buildings are located in the towns of Florence, Fort Mitchell, Crittenden, Walton, Alexandria and Butler, the furthest located roughly 23 miles to the southeast of downtown Cincinnati.
Florence hosts the largest building in the portfolio, a 50,000-square-foot multi-practice medical office located at 8726 US Highway 42. According to CommercialEdge information, the Class A property was built in 2015, and spans two stories over a 4-acre parcel. With direct highway access, the facility feeds into intersections within and around the larger Cincinnati metro.
Fort Mitchell claims second place with 2300 Chamber Center Drive, a 45,000-square-foot primary care and family medicine center that CommercialEdge shows as being located within the Chamber Office Park, a three-building campus located 5 miles to the southwest of Cincinnati. The building was completed in 2008.
Critten hosts 405 Violet Road, a 19,500-square-foot urgent care center built on 3.8 acres. The property sits within roughly 1,000 feet from an onramp to the Interstate 75.
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13260 Service Road, located in Walton, is home to another primary care center. CommercialEdge shows that this 13,063-square-foot building was previously owned by Walton Medical Properties.
The final two properties in the portfolio are 300 Commercial Circle, a primary care facility located in Alexandria and 79 Country Club Drive, a family practice in Butler.
Remedy treats its investments
Remedy’s purchase of the portfolio marks its second significant acquisition in under two weeks. Earlier this month, the firm has teamed up with Kayne Anderson Real Estate to acquire a four-building portfolio of medical office properties located around several gateway markets for $86 million. The buyer appears to have a recent interest in the Midwest, this latest purchase following a $71 million acquisition of a RUSH Oak Brook Medical Center, a 93,386-square-foot facility in Chicago.
