Editor’s Letter: A move to modesty?
MOBs MIGHT NOT BE SO LUXURIOUS ANYMORE By John B. Mugford Dear Reader: As we look back a mere two or three years, it seems light years from where we are now. Residential construction was booming, housing values were skyrocketing and most Americans saw no end to prosperous times. In healthcare real estate, the boom […]
Companies: McCarthy finishes work on $37 million Outpatient project
MURRIETA, Calif. – In late January, McCarthy Building Cos. Inc. completed construction on a $37 million, 72,000 square foot expansion of the women’s center and emergency room at Rancho Springs Medical Center in Murrieta. St. Louis-based McCarthy, which has offices in Southern California, also completed site improvements on the 5.5-acre site, including constructing a 252-space […]
Inpatient Projects: Hospital near D.C. continues planning
$6.5 MILLION GIFT FROM FORMER PATIENT WILL HELP PAY FOR $230M EXPANSION Staff Reports During the past couple of years, Suburban Hospital in Bethesda, Md., has been trying to overcome strong neighborhood resistance to its proposed $230 million expansion plan. But recently, the hospital received quite a vote of support from one former patient. The […]
Outpatient Projects: Construction starts on Alabama MOB
$13.5 MILLION FACILITY TO BE THIRD OFFICE BUILDING ON CULLMAN CAMPUS By John Mugford Demand is driving the development of a third medical office building (MOB) on the campus of Regional Medical Center in Cullman, Ala., about 50 miles north of Birmingham. Ground was broken in recent weeks for the future $13.5 million MOB, which […]
Transactions: Lillibridge, Grubb & Ellis acquire MOBs
LILLIBRIDGE ACQUIRES ILLINOIS PORTFOLIO; GRUBB PURCHASES WISCONSIN MOBs By John Mugford Medical office building (MOB) sales have fallen dramatically because of the recession and tight credit market. Yet at least two firms have continued to make MOB acquisitions in recent months in unrelated transactions. They are Chicago-based Lillibridge and Santa Ana, Calif.-based Grubb & Ellis […]
Capital Markets Snapshot: Fed action might ease some loan rates
DECLINE IN TREASURY BOND INTEREST COULD BENEFIT LOWER-RISK OFFERINGS The most important development in the capital markets in the past month was the Federal Reserve’s announcement that it will initiate a massive Treasury Bond repurchase program, which drove down medium and long-term bonds by as much as 50 basis points. Given that short-term rates are […]
Q&A: Firm likes the Northeast
NOYACK’S FOLLINI REMAINS BULLISH ABOUT SECTOR By John Mugford The economic news in almost every business sector in almost every nook and cranny of the country is not good, as we all know. And even though healthcare is often regarded as an industry that can weather most economic storms, the current recession is taking a […]
Special Report: Lessons of the recession
HEALTHCARE SECTOR MIGHT SEE LASTING CHANGES By John Mugford By the end of 2009, some healthcare real estate experts predict a loosening of debt and equity capital, and a revival of medical office building (MOB) sales transactions. But they say we won’t necessarily see a return to business as usual. Healthcare has fared far better […]
Industry Pulse: March 2009
WASHINGTON – As we all know by now, healthcare is not recession-proof. However, it was one of the few sectors to add jobs in 2008, as an estimated 371,600 healthcare jobs were added last year, according to the U.S. Bureau of Labor Statistics. In December 2008, as the rest of the economy was shedding jobs, […]
Editor’s Letter: A tool for tough times
CHECK OUT OUR NEW 2009 HREI™ Resource Guide™ By John B. Mugford Dear Reader: Besides this month’s edition of Healthcare Real Estate Insights™, we are please to present our second annual HREI™ Resource Guide™. If you are print subscriber, you should have found a copy of the guide enclosed in the envelope with this newsletter. […]
Special Focus: MOB pros still optimistic, survey says
THEY EXPECT MORE ACQUISITIONS, WITH STABLE OCCUPANCIES AND NET INCOMES By John Mugford Even as the economy was tanking in November 2008, a group of medical office building (MOB) owners, investors and developers remained optimistic about their industry for 2009, according to a survey conducted by New York-based Healthcare Real Estate Capital LLC (HRE Cap). […]
Provider Perspective: Finding opportunity amid difficult times
SYSTEM EXECUTIVE SAYS REAL ESTATE FIRMS CAN PARTNER WITH HOSPITALS By John Mugford When thrown together, the sagging economy, the financial difficulties facing health systems and a continued demand for healthcare services as baby boomers enter retirement could actually create a perfect storm – in a good way – for companies involved in healthcare real […]
Companies: Seavest obtains $11M in MOB financing
PROJECT WILL BE FIFTH DEVELOPMENT FIRM HAS DONE FOR FLORIDA HOSPITAL Staff Reports At a time when the capital market is extremely tight, White Plains-based Seavest Inc. recently secured an $11 million construction loan for a 60,000 square foot medical office building (MOB) in Orlando, Fla.. The Surgical Medical Plaza MOB is under construction on […]
Outpatient Projects: $30 million Texas MOB moves forward
TWO-PHASE, 160,000 S.F. DEVELOPMENT IS UNDER CONSTRUCTION IN GEORGETOWN By John Mugford A local developer has put together a group of investors, which includes 25 physicians, and started a 99,600 square foot medical office building (MOB) in Georgetown, Texas, a town of about 50,000 people. The lead developer is Randy Mongold of San Gabriel Contract […]
Transactions: Lillibridge buys two Ascension MOBs
BUILDINGS ARE ON THE CAMPUS OF PROVIDENCE HOSPITAL IN WASHINGTON, D.C. By John Mugford Healthcare real estate firm Lillibridge recently acquired two medical office buildings (MOBs) with a total of 101,000 square feet of space on the campus of Providence Hospital in Washington, D.C. The transaction is Lillibridge’s eighth in the past decade or so […]