Remedy and Kayne Anderson Real Estate Acquire Bozeman Health Cottonwood Clinic and ASC
CHICAGO and Bozeman, MT, October 22, 2024 – Remedy Medical Properties and Kayne Anderson Real Estate today announced the acquisition of the Bozeman Health Cottonwood Clinic + Surgery Center from a joint venture between United Surgical Partners International (USPI) and Bozeman Health. The building is Remedy’s first in Montana, the 44th state the company now operates in. The transaction was completed September 5.
The three-story, 58,872-square-foot medical office building and ambulatory surgery center (ASC), located at 875 S. Cottonwood Rd., was built in 2021 and sits on 5.02 acres. It is 100% occupied by three tenants: the West Bozeman Surgery Center, Deaconess Intercity Imaging Center and Bozeman Deaconess Health Services. In addition to the ASC, the facility offers family and pediatric medicine, internal medicine, gastroenterology and imaging services.
“This transaction was a great opportunity to work with USPI, with whom we have a long-standing relationship, and with Bozeman Health for the first time,” said Joe Magliochetti, chief investment officer for Remedy. “USPI and Bozeman Health are strong health systems, and we look forward to growing our relationships with both in the future.”
Bozeman Health Cottonwood Clinic + Surgery Center was part of a portfolio of six USPI properties totaling 195,466 square feet acquired by Remedy over several months. The other properties in the portfolio include:
• Northridge Surgery Center, Hendersonville, TN (17,160 sq. ft.)
• New Salem Surgery Center, Murfreesboro, TN (27,144 sq. ft.)
• Citrus Heights Surgery Center, Citrus Heights, CA (15,663 sq. ft.)
• University Surgery Center, Winter Park, FL (34,778 sq. ft.)
• Corpus Christi Outpatient Surgery, Corpus Christi, TX (18,900 sq. ft.)
“USPI had acquired or developed a collection of MOBs and ASCs in joint partnerships with its physicians and in some cases other health systems, and was looking for a long-term owner to acquire and operate the buildings,” Magliochetti said. “As a company specializing in healthcare real estate, Remedy is familiar with the unique needs of the industry. We are excited to expand our footprint into a new state with the Bozeman facility, and also value the opportunity to develop new relationships with several best-in-class health systems and independent physician groups.”
Jones Lang LaSalle America, Inc. (JLL) served as the broker for the transaction.
About United Surgical Partners International
United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare Corporation (NYSE: THC), operates the largest ambulatory platform in the country. With more than 465 facilities across the United States, the company serves patients in ambulatory surgery centers and surgical hospitals.
About Kayne Anderson Real Estate
Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $16.5 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $36.5 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy, and credit. (As of June 2024)
About Remedy Medical Properties
Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 33 million square feet and 25 offices spanning 44 states. Remedy offers healthcare providers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy to healthcare providers. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients.