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INPATIENT PROJECTS Lewes, Del. city officials approved plans for a $25 million, 71,300 square foot expansion at Beebe Medical Center. Construction is to start this spring with completion targeted for late 2006… Southwest Washington Medical Center of Vancouver, Wash. is working on an eight-story hospital tower with 154 private rooms, a surgery center and a […]
Alter+Care plans to develop surgery center in Joliet
JOLIET, Ill. – Provena St. Joseph Medical Center and developer Alter+Care expect to begin construction this spring on a three-story, 70,000 square foot outpatient medical facility and office building in Joliet. Major tenants of the building, known as Madison Medical Plaza, are expected to include Surgery Center of Joliet LLC. The target date for completion […]
Duke Realty Corp. plans $102 million in health projects
INDIANAPOLIS – Indiana-based Duke Realty Corp. (NYSE: DRE) recently unveiled plans to expand its position in healthcare real estate with $102 million in new projects. The largest project is a 350,000 square foot office headquarters in Buffalo, N.Y., that is 100
Seattle real estate firm buys MOBs, enters med arena
SEATTLE – Unico Properties Inc., a Seattle-based real estate investment and management firm, had no healthcare real estate holdings prior to December 2004. But, the firm’s recent acquisitions of two medical properties in the Puget Sound area suggest that the firm is serious about becoming more of a player in the healthcare arena.
News & Analysis: Lillibridge buys 10 MOBs from SSM
REIT ALSO SIGNS SEPARATE DEAL TO PROVIDE SERVICES TO PROVIDER ALLIANCE By John Mugford After acquiring a seven-building medical office building (MOB) portfolio in March and a healthcare real estate development firm in April, Lillibridge was at it again in May. The private Chicago-based health-care real estate investment trust (REIT) announced last month that it […]
Publisher’s Letter: Set my information free!
WHY WON’T CMS RELEASE PUBLIC INFORMATION? Dear Reader: Thousands of words have been written about physician-owned specialty hospitals. Yet, some basic information has not been disclosed: Of the specialty hospitals that were under development when the 18-month federal moratorium was imposed in November 2003, which ones were grandfathered in and which ones were stopped? It […]
Product Focus: Seniors flocks to schools
COLLEGE-LINKED RETIREMENT COMMUNITIES ARE HOT By Jessica Griffith All retirees are not created equal. As increasing numbers of Americans consider retirement, developers are anxious to attract those seniors at the top of the economic scale: older adults with significant nest eggs and an interest in comfortable, even luxurious, retirement. For many years, housing communities centered […]
News & Analysis: More small MOB deals?
Q1 SAW MORE TRANSACTIONS, LESS DOLLAR VOLUME By John Mugford There seems to be a growing sense in the medical office sector that big deals are becoming harder to come by and that the market is seeing more – but smaller – transactions. While it might be too soon to call that a sustained trend, […]
Industry Pulse: June 2005
BIRMINGHAM, Ala. – Baptist Health System (BHS) has engaged a New York investment bank to assist in the sale of seven medical office buildings (MOBs) totaling 480,690 rentable square feet. Three of the MOBs are on the not-for-profit system’s flagship Princeton campus, two are on its Montclair campus and two are off-campus, according to Philip […]
Financing and Investing
Beverly looks to stave off takeover through auction NEW YORK – Nursing home operator Beverly Enterprises Inc. (NYSE: BEV) has announced that it has opened its financial records to several potential suitors. The move is intended to avoid a $1.5 billion takeover bid from a group of investors and, instead, complete an auction of the […]
Hospitals can have more than one life
EXISTING MEDICAL CAMPUSES CAN BE CREATIVELY ADAPTED TO NEW USES By Mike O’Keefe, Al Aardsma and Dave Brown Adaptive reuse – the transformation of vacated hospitals and related buildings into renovated, refurbished structures for new, productive uses – is a challenge for hospitals that plan to relocate to greenfield sites. The leap from old to […]
Market Focus: Plans abound in NYC despite woes
PREDICTED HOSPITAL CLOSINGS COULD STRENGTHEN SURVIVING PROVIDERS By John Mugford There promises to be plenty of activity at hospitals in the greater New York City Area in the next year or so. Some of the activity, however, could be the closing of hospital doors. The financial situation at many metropolitan area hospitals – as well […]
Project Case Study: Medical is key to Utah mixed-use plan
NEW HEALTH FACILITY IS CENTRAL COMPONENT OF SUBURBAN REDEVELOPMENT By Jessica Griffith Five years ago, the Five Points Mall site in Bountiful, Utah, provided the community with nothing but a few shops and a prime example of outdated suburban shopping trends. The 180,000 square foot shopping center in a northern suburb of Salt Lake City […]
Provider Profile: Non-urban hospitals are focus for CHS
COMMUNITY HEALTH SYSTEMS SEEKS TO BUY TWO TO FOUR FACILITIES ANNUALLY By Beth Mattson-Teig With 68 hospitals in 21 states, Brentwood, Tenn.-based Community Health Systems Inc. (NYSE: CYH) has used an aggressive acquisition strategy to become the country’s largest owner of non-urban hospitals. And while the publicly traded, for-profit company looks to continue growing through […]
News & Analysis: JV partners pay $80 million+ for MOBs
CROW UNIT AND INSTITUTIONAL PARTNER BUY BREMNER & WILEY ASSETS By Murray W. Wolf In a transaction valued at more than $80 million, a wholly-owned subsidiary of Trammell Crow Co. (NYSE: TCC) has teamed with an institutional partner to make its first acquisition: seven Indianapolis medical office buildings (MOBs) totaling 463,000 square feet. PHT Investment […]