KPMG Managing Director Sees Compressed Valuations in 2023 MOB Market
Rising interest rates will benefit buyers with access to capital Investors focusing on the medical office building (MOB) market in 2023 will be able to take advantage of favorable valuations as interest rates climb. That’s the message from Eric Lewandowski, managing director at KPMG. Lewandowski, based in Detroit, is involved in 10 to 20 MOB deals per year on the sell and buy sides. “There is increased pressure on valuations given higher lending rates, which is likely to work against valuations,” Lewandowski said. “Opportunistic buyers with access to lending may be swayed by value-focused buying opportunities and decide to take the expensive financing upfront with a plan to... Read More »
Ingenovis Health Acquires Springboard Health
Ingenovis Health, Inc., backed by private investment firms Cornell Capital and Trilantic North America, announced it is acquiring Springboard Healthcare for an undisclosed price. Citizens Bank, N.A. and KeyBanc Capital Markets are acting as joint lead arrangers for the transaction. Davis Polk & Wardwell LLP is acting as legal advisor to Ingenovis, Cornell Capital and Trilantic North America. Citizens M&A Advisory is acting as financial advisor to Springboard, and Dinsmore & Shohl LLP is acting as its legal advisor. The transaction is Ingenovis’ third in the past 12 months, following its acquisitions of HealthCare Support, a leading provider of clinical and non-clinical allied... Read More »
Buchanan Street Partners Buys Laguna Hills, CA MOB
Buchanan Street Partners is acquiring Oakbrook Plaza, a four-story, 120,354-square-foot office property in Laguna Hills, California. Buchanan is purchasing the building from a New York City-based fund manager for $28.1 million in an off-market transaction. Kevin Shannon, Paul Jones and Brandon White with Newmark represented the seller in the transaction. The Laguna Hills property is located less than one mile from MemorialCare Saddleback Medical Center and near several retirement communities. The property is 66% occupied, of which 30% of the existing space is leased to medical tenants. Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California.... Read More »
Anchor Health Properties Acquires Clackamas, Oregon MOB
Anchor Health Properties announced its acquisition of a 19,916-square-foot medical office building (MOB) in Clackamas, Oregon, through its Chestnut Healthcare Fund II, a discretionary equity investment vehicle co-managed with Chestnut Funds. Synovus Bank provided debt financing for the asset that was sold by Providence Health. Terms of the deal were not disclosed. Completed in 2009, the building is part of a two-building campus totaling 55,000 square feet. The fully leased building is anchored by Clackamas Radiation Oncology Center, a joint venture between Providence Health and The Oregon Clinic division of Radiation Oncology. The tenant roster also includes the Cancer Institute... Read More »
KKR to Acquire Bushu Pharmaceuticals From BPEA EQT
KKR & Co. L.P. and Bushu Pharmaceuticals Ltd. announced on December 20 a definitive agreement under which KKR will acquire all shares in Bushu Pharmaceuticals from Asian private equity firm BPEA EQT. KKR is making its investment from one of its Asia-focused investment funds. The transaction is expected to be completed in Q1 2023, subject to customary approvals and closing conditions. Following the transaction’s completion, KKR aims to accelerate Bushu’s growth and further position it as a leading contract development and manufacturing organization (CDMO) for the pharmaceuticals market in Japan and worldwide. Terms of the deal were not disclosed. Bushu Pharmaceuticals Ltd. was... Read More »Schedule a demo
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