Occupancy Rates, Job Growth Provide Strength for Healthcare Real Estate
Steve Bolen provided encouraging news for attendees at the December 13 New York Healthcare Summit in New York City’s financial district. “For 2022, health care was among the top targeted sectors for expansion within virtually every one of our capital sources,” said Bolen, the U.S. head of healthcare real estate at LaSalle Investment Management. “For 2023, healthcare real estate is among the top targeted sectors for expansion for our clients.” Bolen’s confidence hasn’t been shaken by speculation that next year could bring an economic downturn for the United States. “There’s a growing chorus of economists suggesting that a recession could be a reality in 2023,” Bolen said. “That is a... Read More »
Lincoln Advisors Acquires MOB in Atlanta’s Buckhead Neighborhood
Lincoln Advisors, an affiliate of international real estate firm Lincoln Property Company, has acquired the Northwest Medical Center, a four-story, 149,202-square-foot medical office building (MOB) in the Buckhead neighborhood of Atlanta. Lincoln Advisors paid $71.8 million for the Class A asset. The property is 81% leased to 25 tenants with a weighted average remaining lease term of approximately 9.4 years. The sale price is approximately $483 per square foot. A joint venture between Harrison Street and HealthAmerica Realty Group sold the property. CBRE Group, Inc. represented the sellers and procured the buyer. According to the LevinPro HC database this marks the 204th MOB acquisition of... Read More »
Davis Acquires Woodbury, Minnesota MOB For $18 Million
Davis acquired Woodlake Medical Building, a two-story, 42,467-square-foot medical office building (MOB) in Woodbury, Minnesota, for $18 million, or approximately $424 per square foot. Bridgewater Bank provided the financing. Located on 4.73 acres, the property boasts an outpatient surgery center and recently upgraded, digitally controlled VAV and HVAC systems. Davis, founded in 1986, is a national healthcare real estate firm that offers expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. The company has developed 35... Read More »
Pacific Coast Commercial Brokers Sale of La Mesa, California MOB
Pacific Coast Commercial has negotiated the sale of a medical office building (MOB) in La Mesa, California. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. According to the LevinPro HC database, this marks the 200th MOB acquisition of 2022 and the 18th announced in California year-to-date. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. The price is $324 per square foot. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided... Read More »
Cushman & Wakefield Brokers Sale of Escondido, California MOB
Cushman & Wakefield brokered the sale of a 26,945-square-foot freestanding medical and office building in Escondido, California. The property sold for $8.1 million, approximately $301 per square foot. The buyer was The Elizabeth Hospice, which for more than 40 years has been providing medical care and grief support to patients and families dealing with the challenges associated with an advanced, life-limiting illness. The Elizabeth Hospice will initially occupy 80% of the building with plans to occupy the entire building as the existing tenants vacate. A team from Cushman & Wakefield represented the seller, a private local investor, in the transaction. According to the LevinPro HC... Read More »Schedule a demo
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