3-property core medical office portfolio trades for $31.4M

BOSTON – Nov. 1, 2021 – JLL Capital Markets announced today that it has closed the $31.4 million sale of a three-property, core medical office portfolio totaling 72,499 square feet in Charlotte, North Carolina.

JLL marketed the portfolio on behalf of the seller, The Keith Corporation (TKC), a privately-held, full service commercial real estate firm headquartered in Charlotte, North Carolina. TKC is a preeminent healthcare developer in the Southeast, developing more than 35 healthcare related projects. The purchaser is Chicago, IL-based Remedy Medical Properties (“Remedy”), the largest private owner of medical properties in the United States.

The portfolio consists of Mission Hospital McDowell Medical Office Building at 430 Rankin Drive in Marion; Steele Creek Medical Office Building at 13425 Hoover Creek Blvd. in Charlotte and Tryon Medical Partners – Matthews at 630 Matthews Township Pkwy. in Matthews. The two single-tenant and one multi-tenant facility are 97% leased overall to leading regional and national healthcare providers including health systems, Novant Health and Mission Health (HCA), and major area physician practice groups, Tryon Medical Partners and Charlotte Radiology. Two of the three properties were recently constructed or renovated by The Keith Corporation and offer state-of-the-art medical facilities such as surgery centers and advanced diagnostics; the Steele Creek property was jointly developed by The Keith Corporation and Sportsmed Properties. 

The JLL Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of the Healthcare Practice Group Mindy Berman, Senior Managing Director Pete Pittroff, Senior Director Brannan Knott and Director Daniel Flynn.

“The Keith Corporation offering was highly-sought after by investors given the swell in investment appetite for medical properties during the global pandemic,” said Berman. “The Charlotte properties exemplified the most appealing qualities that institutional investors seek – solid tenancy from dominant healthcare providers, location in a desirable high-growth U.S. metro and new construction with nearly 13 years of average remaining lease term.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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