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Industry Pulse: November 2008
CALIFORNIA – On Nov. 4, voters across the country chose Barack Obama as their next president, and in California voters approved Proposition 3, a huge measure that will provide $980 million for capital improvements at children’s hospitals across the state. The measure provides funding for construction projects, expansions and renovations at eight not-for-profit children’s hospitals […]
Publisher’s Letter: Oval Office intrigue
HOW WILL THE ELECTION AFFECT THIS BUSINESS? By Murray W Wolf Dear Reader: What impact will the U.S. presidential election have on healthcare real estate? Lately, I have been asked that question a lot – as if I actually have any idea. As I recently told a BOMA group in Chicago that asked me to […]
Provider profile: Stretching from Ohio to the world
THE CLEVELAND CLINIC’S VAST REAL ESTATE PORTFOLIO IS STAGGERING IN SIZE By Dan Emerson Friday, Sept. 12, was a historic day for the internationally renowned Cleveland Clinic, when officials, politicians and other dignitaries gathered to celebrate the completion of the largest expansion in the clinic’s 87-year history: $634 million worth of construction projects adding 1.3 […]
Inpatient Projects: Doc-owned hospital set for bio center
CIRRUS GROUP, PHYSICIANS TEAMING UP ON $50M PROJECT IN SAN JOSE, CALIF. By John Mugford After quite a few delays, a physician-owned hospital in the San Jose (Calif.) Biocenter recently announced that it plans to break ground soon and open by the end of 2010. The $50 million, 168,000 square foot campus of California Center […]
Outpatient Projects: Baylor plans $350M cancer center
450,000 SQUARE FOOT OUTPATIENT FACILITY TO CONNECT TO DALLAS HOSPITAL By John Mugford They do things big in Texas, and Baylor University Medical Center’s future cancer center planned for Dallas is a good example. The project, which would entail both a new 450,000 square foot outpatient cancer facility as well as an addition to Baylor’s […]
Transactions: Grubb & Ellis buys two MOB portfolios
HEALTHCARE REIT ACQUIRES SEVEN MEDICAL OFFICE ASSETS FOR $77 MILLION By John Mugford During a time when medical office building (MOB) sales are slowing because of the current commercial credit crunch, Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT acquired two MOB portfolios in September with a total of about 404,000 square feet of space. […]
Capital Market Snapshot: The difficult months are almost past
OTHER POSITIVE SIGNS INCLUDE DECLINE IN LIBOR, NARROWING OF TED SPREAD October has lived up to its reputation as a difficult month for capital markets. In fact, eight of the 10 largest single-day percentage declines in the history of the Dow Jones Industrials have occurred during September or October. So far, 2008 has clearly continued […]
Q&A: DASCO sees silver lining
CAPITAL CRISIS IS CREATING FRESH OPPORTUNITIES By Murray W. Wolf Although it might seem counterintuitive, the capital crisis is actually benefiting some healthcare real estate firms. Specifically, some hospitals and health systems have become more receptive to third-party development and investment as other, more traditional, sources of financing have dried up. That’s according to Malcolm […]
Special Report: Where’s the capital?
NIC PANEL EXPLORES TOPIC ON EVERYONE’S RADAR By John Mugford Sure, the debt markets are in disarray, commercial and residential real estate values are in retraction, and investors with equity are not sure where to place it. Even so, there is reason for optimism, such as the notion that people involved in capital markets usually […]
Financing & Investing: NHP to close $171M deal
SALE/LEASEBACK WOULD ADD 14 SENIOR FACILITIES By Murray Wolf Nationwide Health Properties Inc. (NYSE: NHP) says it expects to close this month on a $171 million sale/master leaseback announced Oct. 6. NHP said that it had agreed to acquire from, and triple-net master lease back to, Senior Residential Care and Wingate Healthcare 13 skilled nursing […]
Project Case Stady: Building for the future, on a budget
RURAL OHIO HOSPITAL BALANCES NEEDS AND COSTS WITH CAREFUL PLANNING By Jessica Griffith Mercy Hospital of Tiffin is coping with a problem not uncommon to small, community hospitals. Founded by the Sisters of Mercy in 1913, the hospital in Tiffin, Ohio, located in the northwest part of the state, is struggling with an aged building, […]
Market Focus: Boston has reversed healthcare ‘curse’
NEW PROJECTS STARTING TO TAKE SHAPE FOLLOWING SLOWDOWN IN BEANTOWN By John Mugford The “Curse of the Bambino” lasted nearly nine decades – starting back in the early part of the 20th century when Babe Ruth was sold to the New York Yankees by the Boston Red Sox. But when Boston’s beloved baseball team finally […]
People: Tenet Healthcare announces several personnel moves
DALLAS – Tenet Healthcare Corp. (NYSE: THC) announced several personnel moves in October and November. CFO Robert S. Shapard decided to rejoin Dallas-based TXU Corp. (NYSE: TXU), where had worked for 20 years before joining Tenet in March. Mr. Shapard, who planned to leave Tenet in early November, plans to serve as a strategic advisor […]
Companies: Crimson Capital forms healthcare real estate firm
HOUSTON – Crimson Capital Ltd. has announced the formation of Crimson Healthcare LLC, a Houston-based healthcare real estate firm that plans to specialize in the development and acquisition of MOBs, medical office condos and integrated outpatient facilities. The new firm will initially target projects in the East and Southwest. Thomas T. O’Donohoe is the executive […]
Senior Living: Cowboys, cactus, cars – and a CCRC
PLAZA COS. AND HYATT BUY INTO AUTO DEALER’S UPSCALE ARIZONA PROJECT By Murray W. Wolf Part of the former Rawhide Old West Theme Town in northern Scottsdale, Ariz., will be transformed into a luxury continuing care retirement community (CCRC) if everything goes according to plans announced Nov. 8 by Plaza Cos. and Classic Residence by […]