Two of the country’s busiest buyers of healthcare properties have paid $252 million for a 37-property portfolio that spans 13 states.

Remedy Medical Properties and Kayne Anderson this week said they completed the deal in late March from seller Broadstone Net Lease.

The deal extends a buying spree by Chicago-based Remedy Medical Properties and Los Angeles-based Kayne Anderson, which earlier this year teamed up on a $86 million acquisition of properties in Phoenix, South Florida and the Chicago area from Flagler Healthcare Investments.

Medical Properties in Phoenix, South Florida and Chicago Area Sell for $86 Million

Their deals last year included paying $115 million for a specialty hospital in Frisco, Texas, and almost $71 million for a medical center in Oak Brook, Illinois, west of Chicago.

For Victor, New York-based Broadstone Net Lease, the deal advances a previously announced “portfolio simplification plan” to get rid of many types of medical properties that have shorter lease terms and other characteristics not typically seen in single-tenant, net-lease portfolios. The REIT also owns industrial, retail and restaurant properties.

“This transaction provides a unique opportunity to curate a large-scale portfolio of high-quality medical properties,” Remedy founder Peter Westmeyer said in the statement. “We view this as a highly strategic investment that enables us to grow our holdings in core geographies, while also providing an entry point into new markets.”

Buildings in the portfolio total more than 708,000 square feet. The largest is the nearly 120,000-square-foot Ridgeway Medical Campus in Greece, New York. Other properties were not named in the statement, and the companies declined to identify them to CoStar News.

Others include the 62,814-square-foot Texas Rehabilitation Hospital of Arlington in Texas, according to CoStar research. There also are at least three properties in the Chicago suburbs, where Remedy and Kayne Anderson are frequent investors.

Markets include Houston; Indianapolis; Milwaukee; Tampa, Florida; and Charlotte, North Carolina.

Tenants in the portfolio are in specialty practices such as ambulatory surgery centers, imaging and surgical hospitals.

“Due to the high build-out costs and capital investment, these tenants have a high likelihood of renewing upon lease expiration,” Lee Asher, senior managing director and head of medical office building real estate for Kayne Anderson Real Estate, said in the statement. He said Remedy is already working with some tenants to extend their leases.

Broadstone had sold 39 properties this year, primarily from its healthcare portfolio, for a combined $274 million as of the May 1 release of first-quarter earnings results. The sales were for a combined $2.5 million over the original purchase price and a $56.6 million net gain over the carrying value, according to the earnings statement.

“These assets are part of our previously announced healthcare portfolio simplification strategy, and we are pleased with the execution of this transaction,” a Broadstone spokesman said in a statement to CoStar News.

All properties in the deal, first reported by Healthcare Real Estate Insights, are fully leased.

Broadstone went public in 2020, one of the few REITs to do so in the early months of the COVID-19 pandemic.

Remedy describes itself as one of the largest private owners of healthcare properties in the country, with more than 30 million square feet across 43 states. Kayne Anderson manages about $15 billion in assets, including real estate such as medical, self-storage, multifamily, student and senior housing.