Boca Raton-based Kayne Anderson Real Estate has teamed up with Chicago’s Remedy Medical Properties in a major joint venture to acquire one of the nation’s largest healthcare real estate portfolios.

The partnership is set to purchase approximately 18 million square feet of space across 296 outpatient medical facilities in 34 states from Welltower Inc., a Toledo, Ohio-based real estate investment trust.

Once complete, the acquisition will expand the Kayne Anderson–Remedy portfolio to more than 52.4 million square feet across 1,104 properties in 44 states, making the duo the largest owner of outpatient medical real estate in the U.S.

“Outpatient medical real estate continues to show strong and lasting fundamentals, driven by demographic trends and the shift toward more cost-effective, community-based care,” said David Selznick, Kayne Anderson’s chief investment officer.

He added that the deal significantly strengthens the portfolio’s quality, diversity, and scale, positioning the firm for continued sector growth alongside Remedy.

While the transaction value has not been disclosed, Welltower’s latest quarterly report indicates the sale is part of a broader strategy to refocus on senior housing. The REIT plans to divest 319 outpatient medical assets by mid-2026, generating roughly $7.2 billion in gross proceeds and about $6 billion in net proceeds.

As part of the agreement, Remedy Medical Properties will take over property management and leasing for the portfolio and onboard about 170 former Welltower employees, bringing its national workforce to over 500 people.

Greenberg Traurig, one of South Florida’s largest law firms, represented Kayne Anderson and Remedy in the transaction.

Welltower’s shares were trading around $176 as of Wednesday afternoon, up roughly 40% year-to-date.

Source: SFBJ