BUT BUYERS, SELLERS FINDING COMMON GROUND
By John Mugford
At $73 million, it appears that Huntington Pavilion in Pasadena, Calif., was the single largest medical office building sale during the first quarter of this year. Nationwide Health Properties bought it from Pacific Medical Buildings.
Photo courtesy of Pacific Medical Buildings
When it comes to the medical office building (MOB) sales arena, 2010 had all the makings of a big rebound year, a comeback from the dismal performance of 2009.
After all, the economy is working its way out of the doldrums and healthcare reform has finally passed. Buyers, particularly healthcare real estate investment trusts (REITs), also reportedly have war chests brimming with cash to make MOB purchases – up to a combined $3 billion, according to some industry veterans.
However, there remains one prickly problem: a lack of MOB product, especially high-quality, Class A medical office facilities. Perhaps as hospitals and health systems become more financially stable – and as unstable ones are gobbled up by larger, financially healthy systems –
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