Cornerstone Grabs 12-Property Healthcare Portfolio

Cornerstone Grabs 12-Property Healthcare Portfolio

Cornerstone Companies, Inc. announced last week it has closed on its sixth medical office building portfolio, acquiring 12 healthcare real estate properties in nine states totaling more than 155,000 square feet. The portfolio was valued at $48.7 million, or close to $314 per square foot, and was completed by Cornerstone Fund VI, a private equity fund focused solely on medical real estate. The portfolio has a wide range of healthcare properties, including six individual clinical MOBs, three clinic/ambulatory surgery centers, an imaging and diagnostics center, a senior care facility, and a single stand-alone ambulatory surgery center.   The medical office buildings are Gateway Clinic Medical... Read More »
Anchor Health Properties Buys 4 MOBs

Anchor Health Properties Buys 4 MOBs

The real estate investment firm Anchor Health Properties has expanded its property portfolio with the addition of four class-A medical office buildings (MOBs) totaling more than 210,000 square feet. Anchor Health is paying more than $100 million for the properties, or more than $475 per square foot, but the exact price was not specified. The assets were acquired through joint ventures with existing institutional equity partners in an off-market setting.  The portfolio includes University City Medical Office Building in Charlotte, North Carolina (66,525 square feet), NorthBay Medical Office Building in Fairfield, California (29,620 square feet), IDC Medical Plaza in Renton, Washington... Read More »
CD Health Infrastructure Partners Hits the Ground Running

CD Health Infrastructure Partners Hits the Ground Running

CD Health Infrastructure Partners is capitalizing on the aging population in Northern Phoenix. The vertically integrated real asset investment firm acquired one medical office building, primarily leased out to Banner Health, in Paradise Valley, Arizona. Banner currently has the largest healthcare system in Arizona with over 50,000 employees. The medical office building has approximately 13,800 square feet, but the price for the facility was not disclosed. The Northern Phoenix area benefits from high population density and rapidly growing aging demographics. In particular, the population of age 75 and older within a 15-minute drive time is expected to grow at 5.8% per year from 2020 to... Read More »
Cornerstone Grabs 12-Property Healthcare Portfolio

The MOB Market Heats Up

The market for medical office buildings (MOB) showed plenty of activity in 2020, and that doesn’t seem to be slowing down in 2021. According to search results in our Healthcare Deals Database, there have been 18 transactions announced since January 1, driven primarily by announcements from Montecito Medical Real Estate, which reported nine of those deals.  Montecito Medical, one of the largest privately-held companies specializing in healthcare-related real estate, added nearly 350,000 square feet in property across eight states. One of the most notable purchases was for a three-story, 91,300 square-foot facility in Sandusky, Ohio. The property is 100% leased to Northern Ohio Medical... Read More »
Healthpeak Properties Acquires MOB and Life Science Portfolio

Healthpeak Properties Acquires MOB and Life Science Portfolio

One of healthcare’s largest REITs is back with two new portfolio acquisitions. Healthpeak Properties, Inc. (NYSE: PEAK), which was formerly known as HCP, Inc., has been an active buyer and seller in the Long-Term Care sector over the past several years, according to search results in our Healthcare Deal Database, but now the REIT is investing in the medical office building (MOB) and life sciences market. Both of these deals were disclosed in the company’s third-quarter earnings report.  First, Healthpeak purchased Cambridge Discovery Park, a 607,000 square foot Class-A life science campus in the West Cambridge submarket of Boston, for $664 million. The property has stabilized cash and GAAP... Read More »
CD Health Infrastructure Partners Hits the Ground Running

MOB Deals Accelerate in the Third Quarter

Medical office building (MOB) transactions have been flowing steadily throughout the third quarter, with 11 deals on the books so far according to DSO. Most deals are focused on facilities in the Southeastern region of the United States, such as Alabama, North and South Carolina, and Georgia, and the buyers are a mix of REITs, private real estate investment firms, and developers. So far in the third quarter, over 376,000 square feet of MOBs have been sold, with disclosed prices totaling approximately $113.6 million. Unlike other sectors in healthcare, MOBs seem to have benefited from a COVID-19 environment, as noted by JLL ( NYSE: JLL) in a report published in July. The COVID-19 pandemic... Read More »