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October 2015 PDF

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Archives: October 2015

Archives: October 2015

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Cover Story: Is development back?

Cover Story: Is development back?

Maybe not at peak 2006-08 levels, but healthcare construction is strong By John B. Mugford Editor’s note: This is an extended version of the article that appeared in the print edition of HREI. Has development truly made a comeback in the medical office building (MOB) sector since the throes of the Great Recession? To explore […]

Transactions: Montecito lands large MOB in Johnson City, in northeastern Tennessee

JOHNSON CITY, Tenn. – In a sale-leaseback transaction, Brentwood, Tenn.-based Montecito Medical Acquisition & Development Co. recently acquired a large medical office building (MOB) in Johnson City, a city of about 70,000 residents in the northeastern part of Tennessee.

Transactions: Physicians Realty Trust enters agreements for purchases totaling $91.5M

MILWAUKEE – In last month’s edition of Healthcare Real Estate Insights™, John T. Thomas, president and CEO of Milwaukee-based Physicians Realty Trust (NYSE: DOC), told us that the publicly traded real estate investment trust (REIT) will likely double the size of its portfolio in 2015.

Transactions: DocREIT pays $40.4 million for two-building medical office complex in Katy, Texas

KATY, Texas – In more news from Physicians Realty Trust, the REIT recently acquired the two-building Kingsland Medical Office complex in Katy. The two buildings, one a surgery center and one a rehabilitation facility, are fully occupied by tenants that include Houston-based Memorial Hermann Health System, which has 13 hospitals, seven cancer centers and numerous […]

Transactions: Owner of historic MOB in downtown Seattle lands $69.5 million in financing

SEATTLE – The owner of one of downtown Seattle’s landmark MOBs, the Medical Dental Building, recently secured $69.5 million in financing for the facility, which total 294,286 square feet, including ground floor retail.

The newly rebuilt First Hill Medical Pavilion is being offered in a submarket, the First Hill area, with a Class A MOB vacancy rate of 0.39 percent.
Photo courtesy of CBRE

Hot Property: Big offering in the hottest of markets

Newly rebuilt MOB in Seattle’s First Hill submarket is 100 percent occupied Name: First Hill Medical Pavilion Address, City: 1124 Columbia St., Seattle Year completed: 2015 Total leasable space: 227,628 Occupancy: 100% Parking spaces: 415 Originally built: 1975 Rebuilt, expanded: 2015 Largest tenant: Swedish Medical Center Seller: Trammell Crow Company Brokerage: CBRE Group Inc. Brokers: […]

The three-story, 54,246 square foot medical office building at 2825 Santa Monica Blvd. in Santa Monica, Calif., was recently acquired by Los Angeles-based Stockdale Capital Partners for $38.5 million, or $710 per square foot.
Photo courtesy of Lincoln Property Company

Transactions: MOB in ‘hot’ area trades for $710 PSF

Investor pays $38.5 million for asset in Santa Monica, Calif., healthcare corridor By John B. Mugford Los Angeles-based Stockdale Capital Partners, which started out of a family office 25 years ago, recently acquired a medical office building (MOB) in Santa Monica for $38.5 million, or $710 per square foot (PSF).

Transactions: More Healthcare Real Estate Transactions News

Associates in Ophthalmology of West Miffin, Pa., a south Pittsburgh suburb, recently sold its 27,193 square foot facility for $10.75 million. According to the brokerage firm that represented the seller, the Healthcare Capital Markets Group of Jones Lang LaSalle (JLL), the building is a Class A facility with a surgery center. Associates in Ophthalmology, the […]

Outpatient Projects: Rendina and Axis reportedly plan to develop 80,000 s.f. MOB in Fort Lauderdale, Fla.

FORT LAUDERDALE, Fla. –Rendina Healthcare Real Estate and Axis HealthCare Partners are reportedly planning a $30 million, 80,000 square foot MOB and surgery center in Fort Lauderdale.

Outpatient Projects: Greystone and Ashley submit plans for 15,000 square foot MOB near Bethlehem, Pa.

BRODHEADSVILLE, Pa. – Greystone Capital Inc., in association with Ashley Development Corp., plans to develop a 15,000 square foot medical office building in Brodheadsville that would house a primary care medical practice affiliated with St. Luke’s University Health Network, as well as other medical services.

Outpatient Projects: Ryan Cos. US gets geen light for large medical facility north of Milwaukee

MEQUON, Wis. – The potential tenant, or tenants, of a new MOB coming to Mequon, in the far northern suburbs of Milwaukee, have not been revealed.

Realty Trust Group has started work on the future $15 million, 52,000 square foot flagship medical office building (MOB) in Knoxville, Tenn., for Gastrointestinal Associates, a three-location, 13-physician medical practice.
Rendering courtesy of Realty Trust Group

Outpatient Projects: RTG starts MOB in Knoxville, Tenn.

$15 million project is being developed for area’s largest gastrointestinal practice By John B. Mugford For several years now, the Dowell Springs Business Park on the west side of Knoxville, Tenn., has been putting together quite a collection of medical facilities, most notably the $120 million Provision Center for Proton Therapy, which opened in 2013.

Ground has been broken for HCA’s future $109 million Oviedo Medical Center in Central Florida. Plans call for the hospital to start with 64 beds, but it could be later expanded to more than 180 beds. A medical office building is also planned.
Rendering courtesy of HCA Holdings Inc.

Inpatient Projects: HCA hospital underway in Florida

The $109 million, 64-bed campus is being built in Oviedo, northeast of Orlando By John B. Mugford The country’s largest healthcare company continues to grow, as Nashville, Tenn.-based HCA Holdings Inc. (NYSE: HCA) recently broke ground for a new community hospital in Oviedo, Fla., a growing city of 35,000 or so residents about 20 miles […]