Archives: May 2014
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Cover Story: Should systems monetize hospitals?
Selling MOBs is common, BOMA panel notes, but what about inpatient buildings? By John B. Mugford In healthcare real estate (HRE), there’s an untapped gold mine of properties awaiting investors who can figure out how to obtain them: acute care hospitals. Therein lies the difficulty, however, as the holders of more than 85 percent of […]
Transactions: DOC REIT acquires two LTACH facilities from major operator LifeCare
MILWAUKEE – Milwaukee-based Physicians Realty Trust (Nasdaq: DOC) recently acquired the real estate of two LifeCare Hospitals in the Pittsburgh and Fort Worth, Texas, areas. The healthcare-focused REIT, which previously acquired a LifeCare facility in Plano, Texas, paid $40 million for the two long-term acute care hospitals (LTACHs). Upon selling the LTACHs, Plano-based LifeCare Family […]
Feature Story: Focus on healthcare, not reform
Some providers say they’d be changing their real estate strategies anyway By Murray W. Wolf Most articles about the Patient Protection and Affordable Care Act (PPACA), aka healthcare reform, focus on how the four-year-old law is “forcing” hospitals and health systems to change their ways – with a stated goal of delivering higher-quality, more collaborative […]
Transactions: Montecito, Oak Street joint venture acquires buildings in Maine
AUGUSTA, Maine – A joint venture (JV) of Nashville, Tenn.-based Montecito Medical and Chicago-based Oak Street Real Estate Capital LLC recently acquired two MOBs in Augusta that house doctors with MaineGeneral Health System. While Montecito did not disclose the price the JV paid for the facilities, reports indicate that it acquired one of the buildings, […]
Transactions: CNL making move into inpatient rehabilitation by purchasing five facilities
ORLANDO, Fla. – CNL Healthcare Properties’ first endeavor into owning inpatient rehabilitation facilities (IRFs) is certainly going to be a significant one. On May 13, the non-traded real estate investment trust (REIT) entered into purchase agreements to acquire three post-acute care rehabilitation hospitals for a total of $68 million in Oklahoma, Nevada and Indiana. The […]
Transactions: 2014 MOB sales off to a record start
By John B. Mugford After a record-setting year and fourth quarter (Q4) of 2013 for medical office building (MOB) sales, a letdown was certainly in the works to kick off 2014. And sure enough, the total MOB sales volume for Q1 fell 37 percent from the previous quarter, Q4 2013. But that doesn’t mean Q1 […]
Hot Property: New HCA-anchored FED being offered
Net-leased Richmond, Va., asset being marketed at less than replacement cost Name: HCA FED & Imaging Center Address: 9275 Chamberlayne Road City: Richmond, Va. Square feet: 22,000 Land size: 3.7 acres Occupancy: 100% Tenant: HCA Health Services of Virginia Lease term: 10 years starting in June Seller: Undisclosed developer Asking price: $8.8 million Total construction […]
Transactions: Texas Center for Athletes trades
Competitive bidding fetches $32.7M for San Antonio sports medicine complex By John B. Mugford With portfolios of medical office buildings (MOBs) seemingly in short supply, it was not surprising that significant interest was shown by a number of investors interested in a large medical facility in San Antonio’s 900-acre South Texas Medical Center complex. When […]
Transactions: Another buy for PRT
In more news from Physicians Realty Trust, the publicly traded REIT closed in April on the acquisition of the South Bend Orthopaedics facility at 14026 to 14134 Jackson Road in Mishawaka, Ind. The REIT paid $14.9 million for the two-story, 45,200 square foot facility, for a price per square foot (PSF) of $330, according to […]
Transactions: More HRE Transactions
MedSouth Healthcare Properties LLC and Sterling Fox Group LLC, both of Charlotte, N.C., recently made a JV acquisition of an MOB in the Medical Arts district of Greenville. The price was not disclosed for the 19,500 square foot, two-story facility across the street from Vidant Medical Center, the main acute care hospital for Greenville-based Vidant […]
Outpatient Projects: Novant plans $98.1 million heart, vascular and cancer facility in Charlotte,
N.C. CHARLOTTE, N.C. – Novant Health plans to develop a $98.1 million, six-story, 150,000 square foot outpatient heart and vascular and cancer facility in midtown Charlotte. The new facility is earmarked for a 2.8-acre site across from Novant Health Presbyterian Medical Center, at the intersection of Fifth Street and Hawthorne Lane. Winston-Salem, N.C.-based Novant got […]
Outpatient Projects: UMPC Lemieux project moves ahead
$70 million complex will include MOB and ice rinks for the Pittsburgh Penguins By Murray W. Wolf The Pittsburgh Penguins might have been eliminated from the 2014 National Hockey League (NHL) Stanley Cup playoffs, but the team still has something to look forward to. By mid-2015, the Penguins are scheduled to be able to move […]