Former ProMed Properties executives make first acquisition as new company
By John B. Mugford
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)
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 Gazit-Globe (NYSE: GZT) (TSX: GZT), made purchases totaling $476.9 million while accumulating 16 buildings with a total of 1.48 million square feet of space, according to transaction records from commercial real estate research firm Real Capital Analytics (RCA) Inc.
Led by Roni Soffer, the initial president and CEO, and Joshua D. Friedman, who worked with Mr. Soffer and later succeeded him in the role, ProMed was never in a race to acquire as many medical properties as possible. Instead, the company focused on selectively acquiring medical office buildings (MOBs), some with research components as well as administrative offices, affiliated with the top healthcare and academic medical systems in their respective geographical markets – strong markets with strong demographics.
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