CBRE Arranges Sale of Atrium Medical Center MOB in Ohio

CBRE has announced the sale of the Atrium Medical Center Medical Outpatient Building, located in Middletown, Ohio, to Chicago-based Remedy Medical Properties in a joint venture with Kayne Anderson Real Estate. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE’s U.S. Healthcare Capital Markets practice partnered with CBRE’s Cincinnati based Steven Timmel to act as the seller’s exclusive advisors.

The property is a five-story, 103,175 square foot, medical office building attached to and directly integrated with the 328-bed Atrium Medical Center (Premier Health: Fitch “A-”), which is located approximately 34 miles northeast of Cincinnati. The property is 85% occupied and is anchored by Premier Health, who currently leases 70% of the property, along with other tenants including The Kidney & Hypertension Center, Hilltop OBGYN, and Solaris Health that provide complimentary services to a tenancy roster that combines for 8.4 years of WALT.

Premier Health is the largest comprehensive health system in Southwest Ohio, offering five inpatient hospital campuses, an urgent care network, FSEDs, and a large primary care network. Atrium Medical Center is the dominant acute care hospital in Middletown with 84% inpatient market share and annual total patient revenue of more than $1 billion.

“The Atrium Medical Center provides excellent healthcare fundamentals, offering direct hospital connectivity and is 70% occupied by an investment grade health system on a triple net lease structure,” said Chris Bodnar, Vice Chairman of CBRE’s U.S. Healthcare Capital Markets. “The building is ideally situated in Middletown’s new development epicenter in a burgeoning location along Interstate 75. This will be a great long-term acquisition for Remedy.”

The purchaser, Remedy Medical Properties, is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 43 states.