Inpatient Projects: Saint Thomas in Nashville embarking on $110M, 4-year capital project
NASHVILLE, Tenn. – Saint Thomas Hospital in Nashville has broken ground on a four-year, $110 million modernization project that, according to CEO Dawn Rudolph, will make the facility “better, not bigger.” The project will require renovation of existing space and construction of a new 155,000 square foot inpatient tower to serve as its new “front […]
Inpatient Projects: D.C. mayor calls for new strategy
City-owned hospital would be modernized, run by third-party operator By John B. Mugford Instead of selling the financially troubled United Medical Center in Washington, as a recent plan had called for, D.C. Mayor Vincent Gray recently announced that he would like to see the city remodel or rebuild the hospital into a “modern” facility that […]
Outpatient Projects: VA clinic to be housed in older, rehabbed building in Fort Wayne
FORT WAYNE, Ind. – Birmingham, Ala.-based Johnson Development plans to begin a reconstruction project in Fort Wayne in April, converting an existing on-campus building into an outpatient facility to be leased and operated by the U.S. Department of Veterans Affairs (VA). Renovating the building, which is on the campus of Parkview Hospital’s Randallia campus in […]
Outpatient Projects: Large on-campus MOB opening in phases at Tacoma hospital
TACOMA, Wash. — For the third time, Bloomington, Minn.-based Frauenshuh HealthCare Real Estate Solutions and its Tacoma office have completed an outpatient project for Tacoma, Wash.-based Franciscan Health System. According to local reports, the latest project, the $90 million, 120,000 square foot Franciscan Medical Building at St. Joseph Medical Center, looks more like a corporate […]
Outpatient Projects: $109 million MOB started in Chicago for Advocate system
CHICAGO — As noted in the previous article, it looks as if the competition among healthcare providers is heating up in neighborhoods just north of the Chicago Loop. In February, Turner Construction started working on a $109 million outpatient facility for Advocate Illinois Masonic Medical Center, located less than a mile from Presence Health’s St. […]
Outpatient Projects: Commanding Presence
Merged Illinois health systems seek to make a statement with an ambitious plan for a new ambulatory care center fronting Chicago’s North Lake Shore Drive By John B. Mugford Mergers of big health systems, the hypothesis goes, ought to lead to the development of big new healthcare facilities. It looks like the hypothesis is coming […]
Transactions: Broadstone Real Estate buys three MOBs on Florida’s Gulf Coast for $16 million
SARASOTA, Fla. – Rochester, N.Y.-based Broadstone Real Estate LLC recently paid $16 million for three MOBs on the Gulf Coast of Florida; two in Sarasota and one in nearby Englewood. The investor acquired the properties through a subsidiary, Broadstone GCSC Florida LLC. With a total of 46,854 square feet, the three properties commanded a PSF […]
Transactions: The Sanders Trust pays $13M for recently completed MOB near Austin, Texas
KYLE, Texas – Birmingham, Ala.-based The Sanders Trust (TST) has purchased the recently completed Kyle Medical Plaza in Kyle, about 15 miles south of Austin, Texas. TST paid $13 million for the 42,000 square foot standalone facility, which includes among its tenants the five-operating room Hays Surgery Center. The facility also is home to MRI […]
Transactions: Buyer pays $10.4 for on-campus MOB in Tacoma, Wash.
TACOMA, Wash. – Citing optimism about the healthcare market in the South Puget Sound area, Olympia, Wash.-based Berschauer Group, a commercial real estate construction and development firm, recently acquired a local on-campus MOB. The company paid $10.4 million for the 97,590 square foot Allenmore B building on the campus of Multicare Health System’s Tacoma Hospital, […]
Transactions: Griffin-American Healthcare REIT invests a total of $47M in five MOB acquisitions
NEWPORT BEACH, Calif. – American Healthcare Investors and Griffin Capital Corp., Southern California-based companies, have been quite busy in recent weeks making acquisitions for Griffin-American Healthcare REIT II Inc., of which they are co-sponsors. The companies recently made three acquisitions with five MOBs for the Newport Beach, Calif.-based unlisted healthcare real estate investment trust (REIT). […]
Industry Pulse: On the Record
What is driving the uptick in development? “Health systems (are) thinking more strategically on how to … get the right facilities in the right locations at the lowest costs and with the right outcome.” Mike Lincoln, Executive VP, Lillibridge What is going to happen to older, obsolete MOBs? “Many of those are […]
Thought Leaders: Jones Lang LaSalle sees hospital’s move to aggressive ambulatory care unit strategies accelerating
Focused effort leads to broader outreach and improved efficiencies CHICAGO, March 4, 2013— Healthcare reform and ongoing financial and operational pressures are having significant influence on how hospitals and healthcare systems define and execute ambulatory care unit (ACU) strategies. The cumulative effect of these influencers is a further and accelerated modification of the hub and […]
Post-Acute and Senior Living: Senior housing recovery continues as Q4 occupancy climbs to 89.1 percent
ANNAPOLIS, Md. – The average occupancy rate for senior housing was 89.1 percent during the fourth quarter (Q4) of 2012, up 0.3 percent from Q3 and up 1 percent Q4 2011, according to the Annapolis-based National Investment Center for the Seniors Housing & Care Industry (NIC). “Occupancy is now at a four-year high and, with […]
Post-Acute and Senior Living: Norvin acquires Texas rehab hospital
Private equity firm pays $32.9 million for fully leased, 50-bed facility in Austin By John B. Mugford New York-based Norvin Healthcare Properties recently gained a foothold in the Austin, Texas, market by purchasing the 60,000 square foot, three-story Central Texas Rehabilitation Hospital (CTRH) from an affiliate of Dallas-based Prevarian Hospital Partners. The price was $32.9 […]
Inpatient Projects: More Inpatient Project News
Dignity Health recently started construction on its future 24-bed, $44 million hospital in Glendale, Ariz. The new hospital, to be called St. Joseph’s Westgate Medical Center, is under way on a 35-acre tract near Loop 101 and Glendale Avenue, in the West Valley area of Greater Phoenix. The hospital is scheduled to open in early […]