Current Edition: April 2016

Current Edition: April 2016

Please click on one of the options below to access the current edition of Healthcare Real Estate Insights™ in your preferred format (paid subscription required): PDF (“snapshot” of entire publication) Website (individual articles)     2016 Archives 2015 Archives 2014 Archives 2013 Archives The full content of this article is only available to paid subscribers. […]

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As part of its $692 million portfolio acquisition from Catholic Health Initiatives (CHI), Physicians Realty Trust acquired CHI Medical Building One (left), which is connected to the 121-bed building CHI Health Midlands Hospital (right) in Papillion, Neb.
Photo courtesy of CBRE Group Inc.

Cover Story: Biggest deal ever

Physicians Realty Trust pays $692 million for 52 MOBs, 3.16 million square feet By John B. Mugford This is the type of deal healthcare real estate (HRE) professionals have been hoping for and perhaps anticipating for some time: a major health system selling a large number of its ancillary facilities in order to deploy a […]

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Bethesda, Md.-based Global Medical REIT recently acquired the five-story, 75,899 square foot Marina Towers medical building in Melbourne, Fla., which is anchored by First Choice offices and a medical center. Photo courtesy of First Choice Healthcare Solutions

Transactions: Global Medical REIT making inroads

Founded in 2014, HRE buyer is focused on American and international markets By John B. Mugford A relative newcomer to the healthcare real estate (HRE) space – a publicly traded real estate investment trust (REIT) that says it looks to acquire “healthcare providers’ core real estate assets worldwide” – recently made another purchase in the […]

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Duke Realty is developing and will own the 80,000 square foot Centegra Health Medical Office Building (MOB) in Huntley, Ill. The facility, slated for completion in February 2017, is being built on the campus of Centegra Health’s new campus in the city. Rendering courtesy of Duke Realty

Outpatient Projects: Duke starts MOB on new Ill. campus

REIT’s 80,000 square foot facility sees strong demand in growing Huntley By John B. Mugford In a Q&A with Healthcare Real Estate Insights™ in late 2015, Duke Realty’s Keith Konkoli, who leads the large healthcare division, said the company’s pipeline of projects was “as strong as (it’s) ever been.” The full content of this article […]

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Inpatient Projects: Memorial Hospital in York, Pa., plans to break ground on $120 million replacement

Inpatient Projects: Memorial Hospital in York, Pa., plans to break ground on $120 million replacement

WEST MANCHESTER TOWNSHIP, Pa. – Memorial Hospital in York, Pa., says it plans to move forward with plans for a new $120 million replacement hospital campus in nearby West Manchester Township. The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please […]

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The 2016 NIC Spring Investment Forum March 9-11 in Dallas attracted more than 1,500 post-acute and senior living professionals – a new record for attendance.  Photo courtesy of NIC

Post-Acute & Senior Living: ‘It’s a time of profound change’

2016 NIC Spring Investment Forum spotlights shifting healthcare model By Murray W. Wolf The predominant theme was “change” as more than 1,500 post-acute and senior living professionals gathered March 9-11 in Dallas for the 2016 NIC Spring Investment Forum, presented by the National Investment Center for Seniors Housing & Care (NIC). The full content of […]

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Mark Toothacre of Pacific Medical Buildings listens to the discussion during the Healthcare Real Estate InsightsTM Editorial Advisory Board meeting in November 2015.  HREI™ photo

Companies & People: 5 Questions for Mark Toothacre

The Pacific Medical Buildings president talks about adapting in the new era By John B. Mugford Long before medical office buildings (MOBs) became a “cool” or trendy investment, there was Pacific Medical Buildings, a West Coast-based developer, owner and manager of outpatient healthcare facilities. The full content of this article is only available to paid […]

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2016 HREI Resource Guide

2016 HREI Resource Guide

Please click on one of the options below to access the 2016 HREI Resource Guide™ sights in your preferred format: PDF (“snapshots” of entire publication or selected articles) Website (individual articles) The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click […]

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When the First Hill Medical Pavilion in Seattle was put on the market in 2015, one of the brokers, Chris Bodnar of CBRE, predicted plenty of demand. He was right, as the building recently sold for a record price of $884 per square foot. Photo courtesy of NexCore Group

Transactions: MOB sets PSF price record in Seattle

Heitman, NexCore JV acquires First Hill Medical Pavilion for $884 per square foot By John B. Mugford Leave it to healthcare real estate (HRE), which has been on a record-setting ride when it comes to facility sales in recent years, to generate the highest price per square foot (PSF) ever paid for a commercial office […]

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Duke Realty is in the process of starting work on this project in Oxford, Miss. The 78,000 square foot Baptist Oxford Medical Office Building will be on the campus of the future $300 million replacement for Baptist Memorial Hospital-North Mississippi. Rendering courtesy of Duke Realty

Outpatient Projects: Duke starts MOB in Oxford, Miss.

78,000 square foot facility slated for replacement campus in a growing market By John B. Mugford Population growth coupled with a lack of medical office space is driving a new outpatient project at a future replacement hospital campus in Oxford, Miss., about 80 miles south of Memphis, Tenn.  The full content of this article is […]

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Here’s a look at one of the four smaller, neighborhood hospitals planned for the Las Vegas metropolitan area by Dignity Health and Emerus. The facility shown is the future Sahara campus. Rendering courtesy of Dignity Health Nevada

Inpatient Projects: Four small hospitals coming to Vegas

Neighborhood hospitals will have eight beds and emphasize emergency care By John B. Mugford Even though the new healthcare delivery model puts less of an impact on providing inpatient care, a pair of healthcare providers are teaming up to bring four new hospitals to growing areas of Greater Las Vegas that are in need of […]

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For Sale: Wellmont Health System Medical Office Building – 410 Stagecoach Road, Bristol, VA

Property Overview The Wellmont Health System outpatient care center is a key network of a strong and growing health system in the Tri-cities region of Western Virginia and Eastern Tennessee. The region is an underserved health care market, and the subject property is well located along I-81 corridor making it easily accessible to the growing population. […]

For Sale: Bridgeton Medical Office Building

Offering Memorandum Now Available Holliday Fenoglio Fowler, L.P. (“HFF”) has been retained by the owner on an exclusive basis with respect to the disposition of Bridgeton Medical Office Building (the “Property”) that is comprised of approximately 27,321 square feet and is currently 100% leased. The Property is located less than 15 miles from the St. Louis CBD, […]

For Sale: Philadelphia Suburban Medical Office Opportunity

The Offering CBRE has been retained by ownership as the exclusive marketing advisor for the disposition of the Philadelphia Suburban Medical Office Portfolio (“Portfolio” or “Properties”), made up of the Lansdale Medical Campus located at 1001-1005 South Broad Street, Lansdale, Montgomery County, PA and Highpoint Square located at 1500 Horizon Drive, Unit A, Chalfont, Bucks […]

For Sale: 100% Leased Medical Office Building | Established Nephrology Practice & DaVita | Hot Springs, AR

Brown Gibbons Lang & Company | Real Estate Partners has been retained by ownership to offer qualified investors the exceptional opportunity to acquire the Arkansas Nephrology Medical Building (the “Property” or “Building”). The Property, totaling approximately 44,903 rentable square feet, is located in Hot Springs, Arkansas where the newly built state-of-the-art Building provides exceptional patient […]

For Sale: 229,572 RSF Multi-Tenant Medical Center | Marquette, MI

Brown Gibbons Lang & Company | Real Estate Partners has been retained by ownership to offer qualified investors the exceptional opportunity to acquire Upper Peninsula Medical Center (the “Property”, “Building”, or “UPMC”). The Property, totaling approximately 229,572 rentable square feet, is well located in Marquette, Michigan adjacent to Northern Michigan University and less than one […]

For Sale: Call for Offers Date: Wednesday, March 23, 2016 | Texas Spine & Joint Hospital | 164,661 RSF | Tyler, TX

Brown, Gibbons, Lang & Company | Real Estate Partners is pleased to exclusively offer for sale the fee-simple interest in the Texas Spine & Joint Hospital (the “Property”). Occupied by the award-winning Texas Spine & Joint Hospital (the “Hospital” or “TSJH”), the Property consists of approximately 164,661 rentable square feet and is conveniently located in […]

News Release: CBRE Facilitates Sale of First Tranche of What is Poised to be the Largest U.S. Medical Office Monetization on Behalf of a Health System on Record

Los Angeles, CA – May 23, 2016—CBRE Group, Inc., announced today the closing of the first tranche of a multi-state, 52-building medical office portfolio on behalf of Colorado-based Catholic Health Initiatives (CHI) for $324 million. In total, the portfolio, which is expected to close in its entirety by year-end, is valued at approximately $700 million. […]

News Release: Just Closed – Forest Park Medical Center – Austin

The CBRE U.S. Healthcare Capital Markets Group acted as the exclusive advisor for the sale of the Forest Park Medical Center – Austin. Sale Date: May 17, 2016 Price: $115,000,000 Price Per SF: $507 Building Size: 146,997 SF Hospital, 79,708 SF Medical Office Building Year Built: 2015 The CBRE U.S. Healthcare Capital Markets Group is […]

News Release: Brooklyn Health Center Celebrates Topping Out

Set to open in 2017, 12-story, multi-use building will be a major commercial destination in Brooklyn’s Cultural District New York, NY – The Brooklyn Health Center celebrated a milestone today: the placement of its final steel beam, marking the completion of vertical construction. The occasion was marked with a topping out ceremony attended by the […]

For Sale: A Hospital Anchored, On-Campus Medical Office Investment Opportunity

The Offering Offering Price: Best Offer Building Size: 52,128 RSF Address: 1912 Alabama Highway 157, Cullman, Alabama Year Built: 2010 Occupancy: 100% In-Place NOI: $1,129,585 CBRE’s U.S. Healthcare Capital Markets Group is pleased to offer the exclusive opportunity to acquire the Cullman Professional Office Building III (the “Property”). The Property is currently 100% leased and […]

For Sale: Investment Offering – 100% Leased Medical Office Building – Winston-Salem, NC

160 Kimel Forest Drive, Winston-Salem, North Carolina CBRE Capital Markets is pleased to offer, on behalf of ownership, the opportunity for investors to acquire 160 Kimel Forest Drive, a 100% leased medical office asset located in one of Winston-Salem’s most established Class A Medical Office Parks. 160 Kimel Forest is a 22,719 sf asset leased to […]

For Sale: New To Market – Stable Cash Flow With Upside Potential

Investment Summary   Building 1 Building 2 Total Project* Asking Price $7,600,000 $2,900,000 $10,500,000 PSF $217 $277 $231 In-Place Cap Rate 6.82% 6.27% 6.67% Property Size ±35,049 SF ±10,464 SF ±45,513 SF Land Size ±1.93 Acres ±1.09 Acres ±3.02 Acres Parking Ratio ±5.0/1,000 SF ±7.2/1,000 SF ±5.5/1,000 SF * Ability to buy both buildings or each […]

News Release: Just Closed – Aurora Health Care Milwaukee Portfolio

The transaction included the permanent financing of the Aurora Health Care Milwaukee Portfolio located in Milwaukee, Wisconsin. Property type: Medical office Close date: May 9, 2016 Financing proceeds: $23,800,000 Total portfolio size: 151,535 SF The JLL Healthcare Capital Markets Group is pleased to announce the closing of the permanent financing on the Aurora Health Care Milwaukee […]

News Release: Griffin-American Healthcare REIT III Reports First Quarter 2016 Results

IRVINE, Calif. (May 17, 2016) – Griffin-American Healthcare REIT III, Inc. today announced operating results for the company’s first quarter ended March 31, 2016. “During the first quarter, Griffin-American Healthcare REIT III completed approximately $90 million in investments, growing its consolidated portfolio to approximately $2.5 billion1 in value, of which we own approximately $2.1 billion2,” […]

For Sale: Price Reduction – 100% Occupied Medical/Office Building – 415 Fairview Avenue – Ponca City, OK

Asset Overview Price: $2,200,000 $1,850,000 Square Feet: 21,906 SF PSF: $100.43/SF $84.45/SF Cap Rate: 6.25% 7.43% Occupancy: 100% Investment Summary CBRE is pleased to present the opportunity to acquire 415 Fairview Avenue, a 100% leased medical/office building comprised of 21,906 +/- SF, in Ponca City, Oklahoma. The subject property is situated on 1.46 acres, located approximately 300 yards north […]