Inpatient Projects: Mercy Medical Center in Canton, Ohio, opens $14.7 million ED renovation
CANTON, Ohio – A new $14.7 million emergency department (ED) expansion and renovation has opened at Mercy Medical Center in Canton, home of the Pro Football Hall of Fame. The 476-bed hospital serves the greater Canton area, about 15 miles south of Akron and 50 miles south of Cleveland.
Inpatient Projects: Hospital in rural Minnesota receives USDA loan, breaks ground on $24M facility
OLIVIA, Minn. – Renville County Hospital & Clinics recently broke ground on a $24 million replacement hospital facility in Olivia, a small rural town in southwest Minnesota. Local officials hope the new hospital can help the agricultural community grow. “Renville County is a leader in agriculture,” Mayor Suzanne Hilgert told a local news outlet. “With […]
Inpatient Projects: More Inpatient News
■ Fletcher Allen Health Care in Burlington, Vt., is moving forward on a $15 million upgrade to its maternity unit. The University of Vermont-affiliated hospital currently houses maternity patients in a space that is more than 70 years old. The construction is the first major project for Fletcher Allen’s Medical Center Campus in five years. […]
Editor’s Letter: When will it all end?
Healthcare real estate is hot! Where is the horizon? Dear Reader: Spoiler alert: In our next few editions, we will be writing about how hot the healthcare real estate (HRE) market is. And with good reason. It seems a perfect storm has created this deluge of both sales and development activity: the economy, while still […]
Industry Pulse: NorthStar is acquiring more than real estate
NorthStar Realty’s deal with Griffin-American REIT II entails more than just its portfolio. In an interesting twist on NorthStar Realty Finance Corp.’s acquisition of Griffin-American Healthcare REIT II for an estimated $4 billion, NorthStar is also acquiring a 47 percent interest in one of the REIT’s sponsors, Irvine, Calif.-based American Healthcare Investors Inc. Damon Elder, […]
Industry Pulse: Ventas buys large MOB in Sacramento
Sutter Medical Plaza occupies repurposed Libby’s cannery Ventas Inc. (NYSE: VTR) recently paid $54 million for a large medical facility at 1625-1631 Stockton Blvd. in Sacramento, Calif. With 143,210 square feet of space, the building, Sutter Medical Plaza, sold for $377 per square foot (PSF). Real estate research firm Real Capital Analytics (RCA) Inc. reports […]
Post Acute & Senior Living: Sabra expands in multiple deals
REIT announces 29 new senior living property acquisitions worth $609 million By Dan Larson Maryland-based Sabra Health Care REIT Inc. (NYSE: SBRA) is wasting no time in expanding its portfolio. In just a two week span, the real estate investment trust (REIT) completed separate deals totaling $609 million that will bring in 29 new senior […]
Post-Acute & Senior Living: CNL Lifestyle Properties buys two communities in Atlanta metro area
ORLANDO, Fla. – Sponsored by CNL Capital Group, CNL Lifestyle Properties Inc. is a real estate investment trust (REIT) that focuses on demographically driven properties featuring everything from ski resorts to golf courses. Along with recreation and attractions, the REIT has also made a name for itself in the senior housing market.
Post-Acute & Senior Living: Construction begins on $75 million senior living high-rise in Hawaii
HONOLULU – San Francisco-based Island Paradise Investments is finally bringing its business to the Aloha State. After several years of delay, construction has begun on Kalakaua Garden, a $75 million senior living high-rise in Honolulu. The 17-story, high-end living facility features 106 assisted living units, 32 memory care units and 49 skilled nursing beds. It […]
Post-Acute & Senior Living: Otterbein Senior Lifestyle Choices plans $20 million expansion to CCRC in Ohio
LEBANON, Ohio – Otterbein Senior Lifestyle Choices is looking to expand its continuing care retirement community (CCRC) in Lebanon, a small town in southwestern Ohio. The senior care operator, also based in Lebanon, will soon begin construction on a $20 million addition to its current facility to add more housing.
Post-Acute & Senior Living: More Senior Living News
■ The Ambassador of Scarsdale is nearing completion and is expected to open in February 2015. The $45 million assisted living and memory care facility in the New York suburbs features a three story building with 95 studio and two-bedroom apartments, as well as 20 memory care apartments. Perkins Eastman of New York designed the […]
REIT Report: ARC REITs unfazed by sponsor errors
Exec says healthcare funds were cleared in investigation into accounting mistakes By John B. Mugford Fallout from a potential accounting fraud scandal can be quite damaging and far-reaching for any large company, but what about the independent, somewhat related entities that share the umbrella firm’s name? Time will only tell whether a self-admitted, $23 million […]
REIT Report: Physicians Realty Trust closes on acquisitions of seven assets totaling $114M
MILWAUKEE – Physicians Realty Trust (NYSE: DOC) announced Oct. 1 that it has closed on previously announced acquisitions consisting of seven different properties totaling about $114.1 million of investments. Together, these acquisitions will average a first year unlevered cash yield of approximately 7.4 percent. The assets that were acquired include:
Companies & People: New phase complete at N.C. hospital
Hammes Company wraps up project on time and under budget By John B. Mugford The latest phase of a massive campus transformation project at Moses H. Cone Memorial Hospital in Greensboro, N.C., is complete, with Brookfield, Wis.-based Hammes Co. acting as the project manager. The latest phase of a multi-phase campus master plan includes 96,000 […]
Companies & People: Fairfield Asset Advisors brokers sale of Texas MOB to Harrison Street
DENTON, Texas – Denver-based Fairfield Asset Advisors in recent weeks brokered the sale of an on-campus, 40,800 square foot medical office building (MOB) in Denton, just outside of Dallas. Real Capital Analytics (RCA) says the buyer was Chicago-based Harrison Street Real Estate and the price was $10.8 million, or about $265 per square foot (PSF). […]