Kayne Anderson, Remedy pay $21M for Boynton Beach office buildings

JV acquired 4.7-acre medical office complex

Kayne Anderson JV Pays $20M For Boynton Beach Offices
Kayne Anderson CEO Albert Rabil, Remedy Medical Properties’ Peter Westmeyer and the two buildings at 10275 and 10383 Hagen Ranch Road in Boynton Beach (Google Maps, LinkedIn, Remedy Medical Properties)

Kayne Anderson and Remedy Medical Properties paid $20.5 million for an office complex in Boynton Beach.

The joint venture acquired a pair of two-story medical office buildings at 10275 and 10383 Hagen Ranch Road, records and Vizzda show. Kayne Anderson and Remedy Medical also assumed two 99-year ground leases with Ohio-based Welltower, which owns the land underneath the buildings. 

The complex’s tenants include Orthopedic Center of Palm Beach County and Nicklaus Children’s Pediatric Specialists at Boynton Beach. 

Miami-based Flagler Healthcare Investments sold the buildings to Kayne Anderson and Remedy Medical. In 2019, Flagler Healthcare paid $15.7 million for the complex, records show.

Founded in 2007 by CEO Albert Rabil, Kayne Anderson is a Boca Raton-based real estate investment firm focused on medical office, luxury senior housing, off-campus student multifamily, and self-storage. The firm currently manages about $15 billion in assets across the U.S., Kayne Anderson’s website states. 

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In September, Kayne Anderson paid $1.3 billion for a Synovus Bank loan portfolio that includes 106 floating-rate mortgages, secured by 308 medical office buildings in 33 states.

Remedy Medical, led by founder Peter Westmeyer, is a Chicago-based health care real estate investment firm that owns 26.1 million square feet of medical offices in the U.S., according to the company’s website.

In November, Remedy Medical and Kayne Anderson teamed up to buy a medical office property in Chicago. The joint venture paid $71 million for the 93,400-square-foot Rush Oak Brook Medical Center.

In other recent South Florida health care real estate deals, New York University paid $33 million in January for a four-story medical office building completed in 1950. The university plans to open one of its Langone Health medical centers at the property. 

In December, Hammes Partners bought a Coral Springs medical office building for $15.3 million. Hammes, a Milwaukee-based health care real estate investment firm, acquired Central Medical Plaza, a two-story building sitting on 3.7 acres.