Feature Story: Independence day
Privately held Cornerstone Cos. says it is doing just fine on its own By John B. Mugford When capital-rich suitors came calling in recent years, many smaller healthcare real estate firms (HRE) succumbed to the temptation to partner or be acquired. But one regional HRE firm that has no plans to sell is Indianapolis-based Cornerstone […]
News Release: Griffin-American Healthcare REIT II Reports Fourth Quarter and Year End 2012 Results
Media Contact: Damon Elder delder@ahinvestors.com (949) 270-9207 Portfolio triples in size to $1.325 billion, based on aggregate acquisition price Company generates record net operating income and normalized modified funds from operations Annualized investor distribution rate increased twice NEWPORT BEACH, Calif. (March 19, 2013) – Griffin-American Healthcare REIT II, Inc. today announced operating results for the […]
Companies & People: Transwestern brokers 17,000 s.f. medical office lease in repurposed office complex
SAN RAMON, Calif. – Transwestern’s East Bay, Calif., office recently brokered a long-term lease of more than 17,000 square feet of medical office space in a newly repurposed two-building complex in San Ramon, Calif. The new tenant is IntegraMed America, a specialty healthcare services provider, which signed a lease at the Park Place Medical Building, […]
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). […]
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 […]
Hot Property: On-Campus Portfolio Offered in Tenn.
Four MOBs are on the campuses of three Tennova Healthcare system hospitals Name: Tennova MOB Portfolio Number of Buildings: 4 Locations: Tennessee cities of Knoxville, Jefferson City and Powell (2) Size: 204,000 square feet Asking Price: $53.4 million Price Per Square Foot: $261.7 Cap Rate: Not disclosed Years Completed: 2003-07 Annual NOI: Not disclosed Seller: […]
Transactions: More HRE Transactions
With the signing of a new tenant to a 20,000 square foot, 10-year lease, Nashville, Tenn.-based Healthcare Realty Trust (NYSE: HR) has taken Hale Pawa’a, the nine-story, 124,000 square foot MOB it developed in Honolulu in 2010, closer to full occupancy. As of October, reports indicated that the MOB in the heart of Honolulu was […]
Transactions: 1031 Buyers Pay $14.1 Million for MOB in Charlotte Suburb
MINT HILL, N.C. – A New York-based 1031 exchange investment group recently paid $14.1 million for a 42,300 square foot medical facility in Mint Hill, a Charlotte, N.C., suburb. That price works out to about $334 PSF. According to news reports, the seller was the developer of the building, Mint Hill-based Sageworth Properties LLC. Glen […]
Transactions: JV partnership lands MOB for $19.25 million in Claremont, Calif.
CLAREMONT, Calif. – An off-campus MOB in Claremont that is anchored by a hospital in a nearby town traded hands in recent days, fetching a price of $19.25 million, or $393 PSF. The building has 48,984 square feet of space, is 89 percent leased and anchored by nearby Pomona Valley Hospital Medical Center. The seller, […]
Transactions: Health Care REIT Inc. buys MOB outside of Baltimore for $20.6 million, or $367 PSF
COLUMBIA, Md. – Toledo, Ohio-based Health Care REIT Inc. (NYSE: HCN) recently aquired the Charter Professional Builing in Columbia. The real investment trust (REIT) paid $20.6 million for the three-story, 56,103 square foot building, about $367 PSF Marketing the building for the seller, a partnership of physicians known as Aequus I LLC, was Colliers International-Baltimore. Columbia […]
Transactions: Seavest, KIRCO Team for Another Buy
Partners acquire second large multi-specialty outpatient center in Detroit area By John B. Mugford The potential success, or lack thereof, of an off-campus medical office building (MOB) often hinges on a number of factors, with location perhaps being highest on the list. As far as officers with White Plains, N.Y.-based Seavest Healthcare Properties LLC are […]
Transactions: HTA Lands MOB on Doc-Owned Campus
REIT caps quarter with $26.75 million acquisition of Forest Park Pavilion in Dallas By John B. Mugford Forest Park Medical Center in Dallas has to be considered one of the biggest success stories when it comes to beating the odds in the world of new hospital development. That’s because the relatively new hospital, which opened […]
