Inpatient Projects: Henry Mayo Newhall Hospital starting $110 million, 116-bed tower in Valencia, Calif.
SANTA CLARITA, Calif. – A new six-story tower that will soon get underway in Valencia will add 116 beds to the Henry Mayo Newhall Hospital, in the heart of the Santa Clarita Valley about 30 miles north of Los Angeles. The project is slated to cost about $110 million and be completed in May 2018.
Inpatient Projects: Mercy Medical Center in Canton, Ohio, opens $14.7 million ED renovation
CANTON, Ohio – A new $14.7 million emergency department (ED) expansion and renovation has opened at Mercy Medical Center in Canton, home of the Pro Football Hall of Fame. The 476-bed hospital serves the greater Canton area, about 15 miles south of Akron and 50 miles south of Cleveland.
Inpatient Projects: Hospital in rural Minnesota receives USDA loan, breaks ground on $24M facility
OLIVIA, Minn. – Renville County Hospital & Clinics recently broke ground on a $24 million replacement hospital facility in Olivia, a small rural town in southwest Minnesota. Local officials hope the new hospital can help the agricultural community grow. “Renville County is a leader in agriculture,” Mayor Suzanne Hilgert told a local news outlet. “With […]
Inpatient Projects: More Inpatient News
■ Fletcher Allen Health Care in Burlington, Vt., is moving forward on a $15 million upgrade to its maternity unit. The University of Vermont-affiliated hospital currently houses maternity patients in a space that is more than 70 years old. The construction is the first major project for Fletcher Allen’s Medical Center Campus in five years. […]
Editor’s Letter: When will it all end?
Healthcare real estate is hot! Where is the horizon? Dear Reader: Spoiler alert: In our next few editions, we will be writing about how hot the healthcare real estate (HRE) market is. And with good reason. It seems a perfect storm has created this deluge of both sales and development activity: the economy, while still […]
Industry Pulse: NorthStar is acquiring more than real estate
NorthStar Realty’s deal with Griffin-American REIT II entails more than just its portfolio. In an interesting twist on NorthStar Realty Finance Corp.’s acquisition of Griffin-American Healthcare REIT II for an estimated $4 billion, NorthStar is also acquiring a 47 percent interest in one of the REIT’s sponsors, Irvine, Calif.-based American Healthcare Investors Inc. Damon Elder, […]
Industry Pulse: Ventas buys large MOB in Sacramento
Sutter Medical Plaza occupies repurposed Libby’s cannery Ventas Inc. (NYSE: VTR) recently paid $54 million for a large medical facility at 1625-1631 Stockton Blvd. in Sacramento, Calif. With 143,210 square feet of space, the building, Sutter Medical Plaza, sold for $377 per square foot (PSF). Real estate research firm Real Capital Analytics (RCA) Inc. reports […]
Post Acute & Senior Living: Sabra expands in multiple deals
REIT announces 29 new senior living property acquisitions worth $609 million By Dan Larson Maryland-based Sabra Health Care REIT Inc. (NYSE: SBRA) is wasting no time in expanding its portfolio. In just a two week span, the real estate investment trust (REIT) completed separate deals totaling $609 million that will bring in 29 new senior […]
Post-Acute & Senior Living: CNL Lifestyle Properties buys two communities in Atlanta metro area
ORLANDO, Fla. – Sponsored by CNL Capital Group, CNL Lifestyle Properties Inc. is a real estate investment trust (REIT) that focuses on demographically driven properties featuring everything from ski resorts to golf courses. Along with recreation and attractions, the REIT has also made a name for itself in the senior housing market.
Post-Acute & Senior Living: Construction begins on $75 million senior living high-rise in Hawaii
HONOLULU – San Francisco-based Island Paradise Investments is finally bringing its business to the Aloha State. After several years of delay, construction has begun on Kalakaua Garden, a $75 million senior living high-rise in Honolulu. The 17-story, high-end living facility features 106 assisted living units, 32 memory care units and 49 skilled nursing beds. It […]
Post-Acute & Senior Living: Otterbein Senior Lifestyle Choices plans $20 million expansion to CCRC in Ohio
LEBANON, Ohio – Otterbein Senior Lifestyle Choices is looking to expand its continuing care retirement community (CCRC) in Lebanon, a small town in southwestern Ohio. The senior care operator, also based in Lebanon, will soon begin construction on a $20 million addition to its current facility to add more housing.
Post-Acute & Senior Living: More Senior Living News
■ The Ambassador of Scarsdale is nearing completion and is expected to open in February 2015. The $45 million assisted living and memory care facility in the New York suburbs features a three story building with 95 studio and two-bedroom apartments, as well as 20 memory care apartments. Perkins Eastman of New York designed the […]
REIT Report: ARC REITs unfazed by sponsor errors
Exec says healthcare funds were cleared in investigation into accounting mistakes By John B. Mugford Fallout from a potential accounting fraud scandal can be quite damaging and far-reaching for any large company, but what about the independent, somewhat related entities that share the umbrella firm’s name? Time will only tell whether a self-admitted, $23 million […]
REIT Report: Physicians Realty Trust closes on acquisitions of seven assets totaling $114M
MILWAUKEE – Physicians Realty Trust (NYSE: DOC) announced Oct. 1 that it has closed on previously announced acquisitions consisting of seven different properties totaling about $114.1 million of investments. Together, these acquisitions will average a first year unlevered cash yield of approximately 7.4 percent. The assets that were acquired include:
Companies & People: New phase complete at N.C. hospital
Hammes Company wraps up project on time and under budget By John B. Mugford The latest phase of a massive campus transformation project at Moses H. Cone Memorial Hospital in Greensboro, N.C., is complete, with Brookfield, Wis.-based Hammes Co. acting as the project manager. The latest phase of a multi-phase campus master plan includes 96,000 […]