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). […]
Companies & People: More Company & People News
■ Health Care REIT Inc. (NYSE: HCN) in recent months announced several executive promotions, title changes and expansions of roles. Scott M. Brinker is now EVP – chief investment officer. He is responsible for establishing the company’s investment strategy and managing all aspects of the investment process. Mr. Brinker has played what the company says […]
Cover Story: ARC II lands big deal from Pa. system
Non-traded REIT paying $174.1 million for eight-building PinnacleHealth portfolio By John B. Mugford As health systems continue to face financial pressures and myriad other demands in the era of healthcare reform, many real estate professionals expect at least some of them to tap the capital locked into their property holdings. It’s not that the leading […]
Transactions: CNL to land portfolio for $238 million
REIT agrees to buy 13 MOBs from pioneering MOB developer Meadows & Ohly By John B. Mugford One of the Southeast’s most prolific medical office building (MOB) developers during the past four decades will soon cash in on the market’s historically high pricing. Atlanta-based Meadows & Ohly LLC, which has developed more than 60 MOBs […]
Transactions: The Broe Group buys troubled D.C.-area office, plans to convert it to MOB
ROCKVILLE, Md. – Denver-based the Broe Group recently paid $16 million for a 120,000 square foot general office building in Rockville, Md., that it intends to convert to an MOB. The company has renamed the facility the Shady Grove Medical Pavilion, which is listed by RCA as a “troubled situation” property, as it has an […]
Hot Property: Oregon asset offers rare opportunity
MOB next to PeaceHealth hospital in Springfield has “all the bells and whistles” Name: Northwest Specialty Clinics at RiverBend Address: 3355 RiverBend Drive City: Springfield, Ore. Total square footage: 125,000 Occupancy: 100% Seller: LLC of physicians Brokers: Mindy Berman, Daniel Turley, Steven Leathers Brokerage firm: Jones Lang LaSalle SPRINGFIELD, Ore. – Sure, the largest and […]
Outpatient Projects: Trammell Crow going big in D.C.
Healthcare facilities could total about 1 million square feet amid mixed uses By John B. Mugford When it comes to high barrier-to-entry markets for new healthcare facilities, Washington, D.C., ranks right up near the top, if not at the top. As is the case with a number of densely packed East Coast cities in which […]
Outpatient Projects: Banner Health plans to repurpose strip mall
Aging retail center in Mesa, Ariz., to become a 101,881 square foot ‘one-stop’ medical destination By John B. Mugford As the economy sputtered in recent years, the practice of repurposing vacant or underutilized commercial buildings into medical facilities became a hot trend. The trend seems to have slowed a bit these days as much of […]
Outpatient Projects: Big owner of MOBs has plans for another near San Jose hospital
SAN JOSE, Calif. – A local company that owns 19 MOBs in an area adjacent to Good Samaritan Hospital in San Jose is having some difficulty putting up number 20. Samaritan Medical Center, a local firm that is not affiliated with the hospital, has submitted a request to the city for a rezoning of a […]
Outpatient Projects: NexCore breaks ground for new MOB
New facility will be on the campus of the Holy Cross Germantown (Md.) Hospital By John B. Mugford Denver-based NexCore Group LLC has broken ground on a 79,491 square foot MOB that it will own on the new Holy Cross Health hospital campus in Germantown, Md., a populous yet unincorporated municipality about 25 miles northeast […]
Inpatient Projects: Site set for U.P. replacement
New $280 million campus planned in Marquette, Mich. By Dan Larson After months of speculation, Duke LifePoint has zeroed in on a location for its planned $280 million replacement hospital in Marquette, the largest city on Michigan’s Upper Peninsula. The Marquette City Commission recently voted to sell a 37-acre property to the provider for $4 […]
Inpatient Projects: TriStar Centennial finds opposition to its $96.2M joint center in Nashville
NASHVILLE, TENN. – TriStar Centennial Medical Center’s plan for a $96.2 million expansion hasn’t gone unnoticed, most notably by a competing hospital in Nashville. While TriStar Centennial, part of Nashville-based HCA Holdings Inc., recently submitted an application for a Certificate of Need (CON) to the Tennessee Health Services and Development Agency, competitor Saint Thomas Midtown […]