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 […]
More Healthcare Real Estate Companies & People News
Baylor Charles A. Sammons Cancer Center in Dallas recently earned the U.S. Environmental Protection Agency (EPA) Energy Star certification. The building was developed and is managed by Indianapolis-based Duke Realty Corp. (NYSE: DRE). The designation signifies that the building performs in the top 25 percent of similar facilities nationwide for energy efficiency and that it […]
Inpatient Projects: Fort Bliss to get $648 million, 1.1 million square foot replacement medical center
EL PASO, Texas – Construction is set to begin on the $648 million, 630,000 square foot William Beaumont Army Medical Center at Fort Bliss. The project will include a seven-story hospital, two clinic buildings, an administrative building, a biosafety-equipped, clinical investigation building, laboratories, and a central utility plant.
Transactions: Los Angeles MOB garners a whopping price of $847 per square foot
LOS ANGELES – A once-speculative Los Angeles MOB that now houses the DaVita Westwood UCLA Dialysis Clinic recently fetched a whopping $847 PSF in a transaction that closed in recent weeks. The sale price for the three-story, 17,825 square foot building at 10630 Santa Monica Blvd. was $15 million.
Inpatient Projects: Ground broken for New Sibley Memorial in Washington, D.C.
WASHINGTON, D.C. – Construction began July 1 on what is being called the New Sibley Memorial Hospital. Essentially, the hospital campus is being rebuilt, with the recent groundbreaking marking the start of construction on a 469,000 square foot, 200-bed facility on the campus in northwest Washington. The hospital, owned by Johns Hopkins Medicine, will include […]
Industry Pulse: On The Record
What MOB acquisitions opportunities are you seeing? “We continue to see plenty of opportunity to acquire individual properties, ranging from $20 million to $50 million at attractive cap rates of about 7 percent on average.” Todd J. Meredith EVP of Investments, Healthcare Realty Trust Will kind of cap rates are you seeing for […]
Industry Pulse: Healthcare Sector Leads Jobs Growth
A new report reminds us why HRE is a good business. In its recent “Healthcare Metro Monitor Supplement,” the Brookings Institution reports that the U.S. healthcare industry added 2.6 million jobs during the past decade. That was an increase of 22.7 percent, far exceeding the 2.1 percent growth rate in all other industries.
Companies & People: Perkins+Will designed rehab hospital opens in Boston-area navy yard
CHARLESTOWN, Mass. – A 262,000 square foot rehabilitation hospital designed by Chicago-based Perkins+Will recently opened on a remediated brownfield parcel in the Charlestown Navy Yard just outside of Boston. The $225 million Spaulding Rehabilitation Hospital replaces an aging, 42-year-old facility on the banks of the Charles River.
More Outpatient Projects
Meadows Healthcare Alliance, which operates Meadows Regional Hospital in Vidalia, Ga., recently acquired a former manufacturing complex for what officials are calling a “future medical development.” Hospital officials have yet to provide details about what the health system has planned for the 44.2-acre site, which is home to the 187,000 square foot building that formerly […]
News Release: Medical Office Building Assets Continue to Outperform Other Sectors
Strong leasing fundamentals, plentiful capital and limited supply of product continue to fuel aggressive pricing for good-quality medical office properties. NEW YORK – July 24, 2013 – Cushman & Wakefield today released the results its 2013 Medical Office Building Investor (MOB) Survey which tracks the opinions of a broad range of lenders, brokerage professionals and […]