Feature Story: A delicious MOB deal came together over breakfast

BOMA MOB conference panel provides a glimpse at how their biggest transactions were done

By John B. Mugford

The BOMA MOB + HRE Conference “A Big Year for Big Deals” panel featured (from left to right) Mark Theine of DOC, Andrew Twito of Ryan Companies, Jason Signor of Big Sky Medical and Chad Henderson of Catalyst. Not pictured: moderator John Nero of Newmark. (HREI photo)

There are many ways to cook up a healthcare real estate (HRE) deal. Some follow the usual recipe, as when a brokerage firm hired by the seller puts a medical office building (MOB), or a portfolio of MOBs, on the market, eventually setting off a bidding process of would-be buyers. Other transactions are more of a private affair, with “off-market” negotiations taking place solely between the buyer, or a select number of potential buyers, and the seller.

And some deals are on the breakfast menu, as we learned during last week’s BOMA International MOB + HRE Conference in Nashville.

Specifically, what is believed to be the largest MOB deal of 2021 was first discussed during a routine meeting at a Milwaukee restaurant, where the two firms involved, the eventual buyer, Physicians Realty Trust Inc. (NYSE: DOC), and the seller, Landmark Healthcare Facilities LLC, are both based.

“The deal came together over breakfast at the Pancake House (in May of 2021),” Mark D. Theine of DOC told the BOMA audience. “It was part of an effort, you know, of routinely keeping in touch with Landmark and hanging around the hoop and just keeping up on a great relationship we have with them.” Mr. Theine is co-founder and executive VP of asset management with DOC, one of the largest pure-play owners and buyers of MOBs.

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