Post-Acute & Senior Living: Recovery in jeopardy? Senior living fundamentals softened during first quarter
ANNAPOLIS, Md. – The National Investment Center for the Seniors Housing & Care Industry (NIC) reports that upward momentum in senior housing occupancy stalled during the second quarter (Q2) of 2013, while the pace of annual rent growth slowed and overall construction activity rose.
Companies & People: Veteran HRE Developer Todd Varney joins NexCore Group in Denver
DENVER – After being in the business of developing healthcare projects for essentially the same company for the last 20 years, Todd H. Varney felt there was no time like the present to make a change of scenery for himself and his family and find a new place to hang his hat.
REIT Report: Physicians Realty Trust holds IPO
Healthcare REIT goes public with nearly $120 million and a 19-asset portfolio By Murray W. Wolf Add another name to the growing list of healthcare real estate investment trusts (REITs): Physicians Realty Trust. The Milwaukee-based REIT begn trading on the New York Stock Exchange July 19 under the stock symbol DOC. Five days later, Physicians […]
Q&A: Rendina Cos.’s remarkable rebound
It’s been a rocky road, but the pioneering development firm is once again on a roll By Murray W. Wolf Editor’s note: An edited version of this article appeared in the July 2013 edition of Healthcare Real Estate Insights™. What follows includes a complete transcript of the interview with Richard Rendina. This doesn’t seem like it […]
Companies and People: Harrison Street’s 4th fund closes
Investors contribute $750 million to fund that includes MOBs and other HRE By John B. Mugford Judging by the speed with which Harrison Street Real Estate Capital LLC completed the final closing of its fourth opportunistic fund, the firm has evidently found what real estate investors are looking for. And a big part of what […]
Outpatient Projects: Large physician group to lease MOB under construction in K.Y.
PURCHASE, N.Y. – An under-construction MOB will propel an already fast-growing, independent medical practice headquartered in the suburbs of New York City to grow even larger. WESTMED Medical Group, which has more than 225 physicians in a variety of locations, has signed a long-term lease to occupy all of the space in a medical building […]
Inpatient Projects: 30-year-old Aspen, Colo., hospital gets city approval for final phases of expansion
ASPEN, Colo. – After several public meetings, Aspen Valley Hospital recently gained City Council approval for the final two phases of its expansion, which includes a two-story addition, an expanded basement, a new service road, a new entryway and an emergency room. These third and fourth phases of the hospital’s expansion would add 83,000 square […]
Outpatient Projects: ProHealth Care plans $70M cancer center in western Milwaukee suburb
PEWAUKEE, Wis. – Waukesha, Wis.-based ProHealth Care has plans to build a new cancer center in Greater Milwaukee that would become the hub of the system’s cancer care program.
Post-Acute and Senior Living: LCB gets funding for initial projects
Cushman arranges $38.3 million finance new operator’s first developments By Murray W. Wolf LCB Senior Living LLC is moving ahead with the development of its first two senior living communities in the northeastern United States thanks to $38.3 million in debt and equity financing arranged by Cushman and Wakefield’s Senior Housing Capital Markets Group. […]
Outpatient Projects: Kaiser Permanente drops one MOB plan; looks to a new site in San Francisco
SAN FRANCISCO – Instead of continuing an ongoing battle with neighbors over the development of a large outpatient facility in San Francisco’s Potrero Hill neighborhood, Oakland-Calif.-based Kaiser Permanente has shifted its focus to a new site in the city where no further approvals are needed. In making the site switch, Kaiser now plans to lease […]
Industry Pulse: Employing Physicians: Is it Really a Good Idea?
For healthcare real estate (HRE) firms, the long-term effect of employed docs is unclear. But, so far, most HRE professionals are not complaining about the trend, as filling buildings with employed physicians has a positive effect on the credit ratings of a building’s tenancy. But one well-known healthcare observer has a number of concerns for […]
Transaction: Griffin-American Healthcare REIT pays $35.5 million for two MOBs in Chicago area
HINSDALE, Ill. – Griffin-American Healthcare REIT II Inc. recently closed on the acquisition of a two-building, 169,078 square foot MOB portfolio in Hinsdale, a Chicago suburb near Downers Grove. The unlisted Newport Beach, Calif.-based REIT paid $35.5 million for the facilities, according to information from New York-based Real Capital Analytics (RCA) Inc. That price equates […]
Transactions: Phoenix-based Cole REIT buys new MOB for $24.3 millimon in Concord, Mass.
CONCORD, Mass. – A newly developed MOB in Concord was recently sold to Phoenix-based Cole Corporate Income Trust (CCIT), an unlisted REIT, for $24.3 million, or about $496 PSF. According to RCA, the capitalization (cap) rate, an estimated return, was 6.6 percent. The REIT, which is part of Cole Real Estate Investments Inc. (NYSE: COLE), […]
Inpatient Projects: Victory Healthcare breaks ground for 25-bed surgical hospital in Fort Worth
FORT WORTH, Texas – The Woodlands, Texas-based Victory Healthcare recently broke ground on an 85,000 square foot hospital and a 50,000 square foot MOB in Fort Worth. The future Victory Medical Center is being built on a 6.5-acre site at the corner of South Main Street and Pennsylvania Avenue.
Outpatient Projects: New 40,000 s.f. MOB will add to emerging medical office market in Princeton, N.J., area
PRINCETON, N.J. – With healthcare booming in the area of Princeton and Plainsboro Township in New Jersey, a development partnership is looking to capitalize on demand and add to local medical space offerings. It has chosen to do so at a well-known mixed-use retail and office development known as Princeton Forrestal Village, owned by the […]