Charlotte, N.C.-based Novant Health has completed the sale lease transaction of 20 facilities in Charlotte, Wilmington, N.C., and Winston-Salem, N.C., to Remedy Medical Properties and Kayne Anderson Real Estate.
Here are five things to know:
1. The transaction comprises 20 buildings that are a mixture of clinical and nonclinical spaces. Eight of the spaces are in Winston-Salem, eight in Charlotte and four are located in Wilmington. Novant did not disclose the financial terms of the transaction, according to an Oct. 2 news release shared with Becker's.
2. Novant is leasing back the spaces it uses to ensure patients have uninterrupted healthcare service access while Remedy Medical Properties will manage the facilities. The transaction occurred in two phases. The first phase of 16 buildings closed May 17 and the second phase closed Oct. 1.
3. "Novant Health sought out a real estate partner they could trust with their high-quality medical buildings located in three of the biggest submarkets in North Carolina," said Joe Magliochetti, chief investment officer for Remedy Medical Properties. "This type of transaction is common among health systems and allows organizations to focus on their respective strengths."
4. Remedy Medical Properties is a healthcare real estate company that comprises more than 33 million square feet and 25 offices across 44 states. Kayne Anderson Real Estate is a real estate investment firm that manages $16.5 billion in management assets across real estate debt, core equity and opportunistic equity with expertise in medical office, senior housing, self-storage, off-campus student housing and multifamily housing.
5. Novant Health comprises more than 850 locations, which includes 19 hospitals and over 700 physician clinics, urgent care centers, outpatient facilities, imaging and pharmacy services.