$1.24 BILLION IN MOB DEALS IS TOPS Q3 2011 BY 75%
One of the largest transactions of Q3 was HCP Inc.’s $81.4 million acquisition of eight medical office buildings from Scottsdale Health, including the 47,304 square foot Thompson Peak Medical Plaza in Scottsdale, Ariz.
By John Mugford
With all of the investor money chasing medical office buildings (MOBs) these days, the volume of sales taking place in any given quarter is largely dependent on one factor: how much desirable product sellers are willing to put on the market.
Desirability can vary, but for most large investors it means well-leased, hospital-affiliated, newer facilities that can handle multi-specialties. The market’s largest investors would much prefer to buy such facilities in large portfolio deals – even though quite a few have been willing to buy these types of MOBs individually, or in pairs, otherwise known as transactions involving “onesies” and “twosies.”
As we finish up 2012, the premium prices being paid by large investors for desirable MOBs – coupled with the pending, quite significant increase in the capital gains tax that would affect the sale of MOBs in 2013 – is motivating enough sellers to put enough product on the market to keep volume moving along at a very nice clip.
MOB sales in the third quarter (Q3) were
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