Rendina lands four development projects
LATEST CONTRACTS INDICATE THE DEVELOPER HAS NO PLANS TO SLOW DOWN
By John Mugford
When the Rendina Cos. of Jupiter, Fla., announced that it was selling 17 of its medical office buildings in early 2007, there was plenty of speculation in the healthcare real estate industry about the company’s future.
There were even rumors that Rendina might close up shop after developing about 4.5 million square feet of space since its founding in 1998. After all, in the previous two years Rendina had sold off plenty of properties, about 50 in total. Then, in December 2006, Bruce Rendina, the company’s founder and the charismatic face of the organization, died after a battle with brain cancer.
But after the 2007 portfolio sale to the Windrose Medical Properties division of Toledo, Ohio-based Health Care REIT (NYSE: HCN) for about $287.7 million, Rendina officials said they would use the proceeds to hit the road and promote the firm’s development capabilities.
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