ONE PROJECT IS A J.V. WITH HEALTH CARE REIT, THE OTHER IS IN LOS ANGELES
By John Mugford
The future 65,000 square foot Loker Arts Medical Pavilion in Los Angeles is
one of two recent projects with which Jupiter, Fla.-based Rendina Cos. is
moving forward after closing financing deals.
Rendering courtesy of Rendina Cos.
The Rendina Cos. of Jupiter, Fla., looks to be doing its part to keep healthcare real estate development moving. In recent weeks the medical real estate firm announced deals for the development of two projects, one in Merced, Calif., and the other in Los Angeles.
In the first, Rendina formed a joint venture partnership with Toledo, Ohio-based Health Care REIT Inc. (NYUSE: HCN) for the development of a four-story, 65,000 square foot medical pavilion at Mercy Medical Center in Merced, which is in the central part of the state. The hospital is part of San Francisco-based Catholic Healthcare West (CHW), which has 41 hospitals spanning California, Arizona and Nevada.
The agreement calls for Health Care REIT to provide project funding of $15.08 million as well as property management services once the facility is up and running. Rendina, which also has offices in La Jolla, Calif., and Dallas, is providing all of the development services, such as construction management, leasing and marketing services, and tenant improvement (TI) coordination.
The medical facility is slated for land on the campus of the future 196-bed Mercy Medical Center replacement hospital, which is currently under construction on the campus of Mercy’s cancer center in the northern part of the city. The hospital is slated for completion in May 2010.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.