Cover Story: Development: More activity, but who will own the MOBs?
By John B. Mugford The number of newly developed MOBs has held steady in recent years, with about 7 million to 8 million square feet completed in 2012 and 2103, according to a number of sources. But even though most HRE professionals do not believe that the enrollment of newly insured patients under the PPACA […]
Cover Story: MOB sales: What’s next after a record-setting 2013?
By John B. Mugford As most people involved in the sector know by now, 2013 was a record year for medical office building (MOB) sales. Data from Real Capital Analytics Inc., a real estate research firm, indicate that more than $6.5 million worth of MOBs traded hands in 2013, a total that includes only transaction […]
Transactions: A record-setting year for MOB sales
The MOB sales volume reached new heights last year, exceeding $6.5 billion By John B. Mugford Just when it seemed as if the sales volume of medical office buildings (MOBs) couldn’t go any higher in a single year, along came 2013. Just a year earlier, 2012 became the second-highest year for MOB sales of all […]
Transactions: CNL Healthcare pays $60 million for MOBs
Unlisted REIT acquires two medical office buildings in Florida and two in California By John B. Mugford CNL Healthcare Properties, an unlisted real estate investment trust (REIT) sponsored by Orlando, Fla.-based CNL Financial Group LLC, continues to make headway in the HRE sector. In recent weeks, the REIT closed on the acquisition of two medical […]
Transactions: Sabra REIT moves into acute-care space with Texas deals
DALLAS – For the most part, Irvine, Calif.-based Sabra Health Care REIT Inc. (Nasdaq: SBRA) looks to grow its portfolio primarily through the acquisition of senior housing and memory care facilities, with a secondary focus on skilled nursing facilities (SNFs). However, it also continues to search for “opportunistic” acquisitions of other types of healthcare real […]
Transactions: Ill.-based MedProperties Group looks west, to Arizona, for latest MOB acquisition
GILBERT, Ariz. – Northbrook, Ill.-based MedProperties Group (not to be confused with the unaffiliated, Dallas-based MedProperties Holdings) has ventured west for its latest MOB acquisition, acquiring Mercy Medical Commons in Gilbert, part of what the company calls the “rapidly growing” East Valley region of Greater Phoenix. According to MedProperties Group’s website, the Gilbert building is […]
Transactions: MedSouth Healthcare Properties LLC acquires Myrtle Beach, S.C., MOB
MYRTLE BEACH, S.C. – MedSouth Healthcare Properties LLC, a relatively new company focused on acquiring healthcare properties in the Southeast, recently purchased an MOB in Myrtle Beach in a JV with Sterling Fox Group LLC. Both MedSouth and Sterling Fox Group are based in Charlotte, N.C. The JV acquired Market Commons Medical, a 20,000 square […]
Transactions: TDA Investment Group buys 51,441 s.f. on-campus MOB in San Diego for $11.4 million
SAN DIEGO – TDA Investment Group of San Mateo, Calif., in recent months acquired an MOB located within a complex of three medical buildings across the street from Alvarado Hospital Medical Center in San Diego. The firm closed on Alvarado Medical Plaza III, a three-story, 51,441 square foot MOB, for about $11.4 million, according to […]
Transactions: More HRE Transactions
MedSouth Healthcare Properties LLC, a relatively new company focused on acquiring healthcare properties in the Southeast, recently purchased an MOB in Myrtle Beach, S.C., in a JV with Sterling Fox Group LLC. Both MedSouth and Sterling Fox Group are based in Charlotte, N.C. The JV acquired Market Commons Medical, a 20,000 square foot, two-story building […]
Outpatient Projects: Adult ED remodel project at New York Presbyterian gets a big donation and a name
NEW YORK – Without a $15 million gift from Morgan Stanley (NYSE: MS), a project to expand and upgrade the adult ED at New York Presbyterian/Columbia University Medical Center would not be taking place, according to health system officials. As a result of the donation, the newly rebuilt ED will be called Morgan Stanley Adult […]
Outpatient Projects: Rendina Cos. completes two MOBs
South Carolina and Virginia projects total $26 million and 92,500 square feet By Murray W. Wolf Jupiter, Fla.-based Rendina Cos. recently completed the development of new medical office buildings (MOBs) in South Carolina and Virginia – projects totaling $26 million and 92,500 square feet. A grand opening was held Jan. 14 for the Bluffton Medical […]
Outpatient Projects: Wisconsin firm to develop, own $48.2 million MOB on campus in Kennewick, Wash.
KENNEWICK, Wash. — A Wisconsin-based developer is in the midst of starting a new $48.2 million MOB on the campus of the future Southridge Hospital in Kennewick, in the southeast part of Washington state. Kennewick-based Trios Health, part of the Kennewick Public Hospital District, is building its new 74-bed hospital on 40 acres in the […]
Inpatient Projects: While waiting for CON, Lee County, Fla. system seeks local approval
BONITA SPRINGS, Fla. – While awaiting a possible approval for a new hospital from an administrative law judge, Fort Myers, Fla.-based Lee Memorial Health System is moving forward with zoning applications for an acute care facility it has planned for Bonita Springs. Last year, the health system, which operates four hospitals in Lee County, had […]
Inpatient Projects: Contested Illinois hospital underway
Despite a pending appeal, Centegra Health moves forward on $233M project By John B. Mugford Even though an appeal from competitors is still pending, a health system in the far northwestern suburbs of Chicago has decided to start preliminary construction on its long-planned $233 million hospital in the growing city of Huntley. Confident that the […]
Industry Pulse: On the Record
What’s new in development in the Greater Phoenix market? “Arizona-based hospitals are continuing to develop sophisticated, on-campus facilities and are also focused on retrofitting and repositioning older spaces to be new, efficient, effective and cutting edge. The outpatient facilities are typically smaller, providing emergency services and ambulatory surgery and other services. The major hospital groups […]