Minneapolis-based healthcare real estate developer ranked seventh in project starts and eighth in total projects last year, says a new independent survey from Revista and HREI
Davis, a national healthcare real estate (HRE) development, property management, brokerage and investment firm, was one of the nation’s leading developers of medical office buildings (MOBs) and other outpatient facilities last year. That’s according to the newly released Revista HRE Outpatient Development Report.
On the basis of total square footage, Davis ranked in the top 10 nationwide last year in both outpatient development projects started and total projects started or completed. The Minneapolis-based firm began or completed development of five projects totaling 246,226 square feet.
“Davis is pleased to be numbered among the top healthcare real estate developers in the United States after a great 2017, and to be acknowledged in this important survey,” says Mark A. Davis, Principal of Davis. “The Revista rankings are a testament to our constant dedication to providing excellent healthcare facilities answering a variety of consumer and health system needs.”
The second annual Revista Outpatient HRE Development Report, developed by HRE research firm Revista in collaboration with Healthcare Real Estate Insights (HREI) magazine, is the sector’s most comprehensive, accurate source of data for the development of MOBs and other outpatient facilities.
The newly released survey measured medical office and other outpatient developments that were started or completed in 2017.
Revista, in collaboration with HREI, developed a questionnaire that collected data on all outpatient HRE development projects started or completed in 2017 that exceeded $2.5 million in value and that included at least 5,000 square feet of new or renovated space. Data was gathered on the basis of 25 voluntary surveys completed by developers, as well data collected on another 125 companies – all of which was then independently verified by Revista. Overall, 34.2 million square feet of the outpatient real estate was started or completed in 2017.
The Davis developments that were counted in the new survey include:
◾ HealthEast Clinic & Specialty Center, a 147,926 square foot MOB in Maplewood, Minn.;
◾ Monticello Dental Specialty Building, a 10,300 square foot dental facility in Monticello, Minn.;
◾ CityPlace Medical, a 52,000-square foot MOB in Woodbury, Minn.;
◾ HealthEast Vadnais Heights, a 18,000 square foot MOB in Vadnais Heights, Minn.; and
◾ Wayzata Specialty Center, a 16,000 square foot MOB in Wayzata, Minn.
HREI magazine is featuring highlights from the survey in the cover story of its March edition, which is now available. To read the cover story, please click here or visit www.HREInsights.com. The full outpatient medical real estate report is available exclusively to Revista subscribers. Please contact Mike Hargrave at 443-949-8794 or firstname.lastname@example.org for more information or to subscribe.
Davis, founded in 1986, is the pre-eminent Minnesota healthcare real estate firm and provides healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. Over the past three years, the company has developed 350,000 square feet of Class “A” medical buildings at a total cost in excess of $100 million. It has also negotiated more than 250 healthcare property leases totaling 1.2 million square feet and completed over $400 million of investment sale transactions during that time. For more information, please visit www.davisrealestatemn.com.
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