CBRE Arranges Sale of Six-Building Medical Portfolio in Northern Kentucky

CBRE has arranged the sale of a six-building medical office portfolio in Northern Kentucky. Remedy Medical Properties, Inc. purchased the properties from Zalla Companies for an undisclosed amount.

CBRE’s Steve Timmel, CCIM, Will Roberts, Chris Prosser, CCIM and Travis Likes represented the seller in the transaction.

Totaling 145,308 square feet, the portfolio consists of medical office buildings situated in Florence, Ky., Fort Mitchell, Ky., Crittenden, Ky., Walton, Ky., Alexandria, Ky., and Butler, Ky., within the Greater Cincinnati metropolitan area. The portfolio is fully leased to St. Elizabeth Physicians, with nearly 10 years of weighted average lease terms.

St. Elizabeth Physicians, one of the largest multi-specialty physician organizations in the Kentucky tri-state area, anchors each property and comprises of 695 providers across 169 physician office locations. Medical services include primary and urgent care, women’s health, medical concierge, MRI procedures, podiatry and physical and occupational therapy.

“This tenant has had a long-standing and valued relationship with the seller over the years, so identifying the right buyer was a key consideration for Zalla Companies,” said Timmel. “Ultimately, this led us to Remedy Medical, a national medical investment firm that specializes in healthcare properties across the U.S.”