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February 2017 PDF

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February 2017

February 2017

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The 73,238 square foot Adena Health Pavilion at 4437 Highway 159 in Chillicothe, Ohio, was part of Starwood Property Trust’s acquisition of a 35-building portfolio from NorthStar Realty Finance for $796.6 million to close out Q4 2016, bolstering the quarter’s total MOB sales volume to $3.33 billion.
Photo courtesy of Cornerstone Cos. Inc.

Transactions: MOB sales strong in Q4 2016

Bolstered by a big portfolio sale, quarter’s MOB volume hit $3.33 billion By John B. Mugford Commercial real estate brokers are known to say that sales of medical office buildings (MOBs), as well as other types of commercial real estate, typically pick up in the final quarter of most years. That was certainly the case […]

680 N. Lake Shore Drive in Chicago includes 493,064 square feet of medical office, office and retail space, plus a 331-space parking garage. (Photo courtesy of TopMed Realty)

Transactions: Welcome back, TopMed team

Former ProMed Properties executives make first acquisition as new company By John B. Mugford For a time, between 2006 to 2012, New York-based ProMed Properties was a significant owner of medical office and healthcare properties up and down the East Coast. During that half dozen years or so, ProMed, a subsidiary of Tel Aviv, Israel-based […]

LaSalle Investment Management acquired a 150,000 square foot repurposed former retail store from Finmarc Management for $81.8 million. (Photo courtesy of Penn Medicine)

Transactions: LaSalle acquires 150,000 s.f. MOB

Price was $81.8 million for repurposed former retail store in Cherry Hill, N.J. By John B. Mugford When Bethesda, Md.-based Finmarc Management Inc. acquired a vacant Syms department store building on an 11-acre in a heavily trafficked area of Cherry Hill, N.J., for $4.75 million in 2013, it had a number of options for transforming […]

LaSalle Investment Management acquired a 150,000 square foot repurposed former retail store from Finmarc Management for $81.8 million. Photo courtesy of Penn Medicine

Transactions: LaSalle acquires 150,000 s.f. MOB

Price was $81.8 million for repurposed former retail store in Cherry Hill, N.J. By John B. Mugford When Bethesda, Md.-based Finmarc Management Inc. acquired a vacant Syms department store building on an 11-acre in a heavily trafficked area of Cherry Hill, N.J., for $4.75 million in 2013, it had a number of options for transforming […]

The brand-new, 115,920 square foot Mercy Medical Arts Building is on the campus HCA’s Mercy Hospital Miami in the Coconut Grove area of the city. Photo courtesy of Onicx

Hot Property: Miami MOB is in high barrier market

Mercy Medical Arts Building, completed in late 2016, is a value-add offering Name: Mercy Medical Arts Building Address: 3683 S. Miami Ave. Location: Miami Year built: 2016 Square feet: 115,920 Occupancy: Vacant Stories: 5 Seller: Undisclosed Brokerage: JLL Brokers: Steve Leathers, Mindy Berman, Daniel Turley and Brian Bacharach The campus of the 488-bed Mercy Hospital […]

Transactions: Flagship Healthcare Properties buys MOB for $13.9M in Rome, Ga.

ROME, Ga. – Charlotte, N.C.-based Flagship Healthcare Properties recently acquired a fully occupied MOB in Rome, a city of about 40,000 residents at the foot of the Appalachian Mountains some 60 miles northwest of Atlanta.

TopMed Realty acquired 493,064 square feet of medical office, clinical and general office space inside the 680 N. Lake Shore Drive building in Chicago. Photo courtesy of TopMed Realty

Transactions: Welcome back, TopMed team

Former ProMed Properties executives make first acquisition as new company By John B. Mugford For a time, between 2006 to 2012, New York-based ProMed Properties was a significant owner of medical office and healthcare properties up and down the East Coast.

Transactions: Physicians Realty Trust makes a number of buys in late 2016, early 2017

MILWAUKEE – Milwaukee-based Physicians Realty Trust (NYSE: DOC) made big headlines in mid-2016, closing on the largest health system monetization, or sale, of an MOB portfolio ever recorded.

The three-story, 45,576 square foot Hardy Oak MOB at 18626 Hardy Oak Blvd. in San Antonio is one of the properties acquired by Starwood Property Trust. Photo courtesy of Starwood Property Trust

Transactions: Starwood’s $796.6M deal closes

Transaction was finalized just before year-end, making it the biggest deal of 2016 By John B. Mugford Just days before the end of 2016, the largest medical office building (MOB) deal of the year closed with a few days to spare.

Officials from WVU Medicine University Healthcare Physicians (UHP) and WVU Medicine University Healthcare gathered Jan. 18 with community representatives for a groundbreaking ceremony to celebrate the future site of the Spring Mills Medical Office Building.  (Photo courtesy of WVU Medicine University Healthcare)

Outpatient Projects: Physicians to own future MOB underway in far eastern West Virginia

SPRING MILLS, W.Va. – Ground has been broken in Spring Mills, in the far eastern part of the state, for a future $11 million MOB that will be owned by doctors with WVU (West Virginia University) Medicine Healthcare Physicians. The group has an affiliation with relationship with Morgantown, W. Va.-based WVU Medicine University Healthcare, which […]

Outpatient Projects: Baptist Health South Florida proposes $30 million MOB as Broward County expansion continues

Outpatient Projects: Baptist Health South Florida proposes $30 million MOB as Broward County expansion continues

PLANTATION, Fla. – Miami-based Baptist Health South Florida recently announced plans for a 30,000 square foot, $30 million MOB in the Cornerstone Corporate Center in Plantation, just west of Fort Lauderdale, according to The Real Deal South Florida, a local publication.

Outpatient Projects: Aurora to build 200,000 square foot outpatient campus in Kenosha, Wis.

KENOSHA, Wis. – Milwaukee-based Aurora Health Care is making a big commitment to Kenosha as well as to its outpatient delivery care model, as the 15-hospital, 159-clinic health system recently announced plans for a $130 million, two-building project just west of U.S. Interstate 94.

Outpatient Projects: Physicians to own future MOB underway in far eastern West Virginia town of Spring Mills

Outpatient Projects: Physicians to own future MOB underway in far eastern West Virginia town of Spring Mills

SPRING MILLS, W.Va. – Ground has been broken in Spring Mills, in the far eastern part of the state, for a $11 million MOB that will be owned by doctors with WVU (West Virginia University) Medicine Healthcare Physicians.