Ten Medical Property Deals This Year
The medical property sector continues to heat up nationally thanks to the greying of the population and the decentralizing trends in outpatient care. Medical office building (MOB) and retail retrofit deals are coming out of the pipeline in strength for the time being as Congress once again aims to repeal the Affordable Care Act. Only the future will tell if ACA’s repeal and replacement with “insurance for everybody” as promised by the incoming Trump administration will put a damper, a rocket booster, or something in between on the commercial property deals in the medical sector. For now, let’s look at a national snapshot made up of ten medical sector deal items in a young 2017:
- Florida Medical Office Complex Lands Financing – Commercial Property Executive, Jan 16, 2017: A $16.3 refi for this Jacksonville, FL complex covers three buildings, 400 parking spaces and 132KSF.
- Cincinnati TriHealth Hospital Extension – ReJournals, Jan 17, 2017: TriHealth Bethesda Butler Hospital deal closes this year, wins 2016 award.
- Suburban Chicago MOB sells for $4.1 Mil – Commercial Property Executive, Jan 17, 2017: At a shade under 14KSF, this medical office building has been well occupied for 20+ years.
- Healthcare REIT CFO Addresses REITWorld – REIT.com, Jan 9, 2017: Healthcare Trust of America’s CFO Robert Milligan talks acquisition strategy in 25 gateway markets.
- Baltimore MOB with VA Tenant sells for nearly $180/SF – Commercial Property Executive, Jan 3, 2017: Baltimore VA Annex moved by Marcus & Millichap for over $12 mil.
- NYC medical imaging firm leases 7KSF in Manhattan – Commercial Observer, Dec 30, 2016: Doug Rice of Rice & Associates brokers deal in 12-story building on 21st St.
- Cushman Sells Miami-area MOB Campus – Commercial Property Executive, Dec. 28, 2016: $21.4 million for a 91KSF MOB campus in Pembroke Pines, FL.
- 5KSF Facility in Kansas City Offers Primary and Urgent Care – Commercial Property Executive, Dec. 27. 2016: Operator opens eighth health care facility in KC Metro area.
- Long Island deal refinances two MOBs – REBusiness Online, January 12, 2017: Over 100KSF of medical office space in two buildings get new loans fixed at 3.875%
- South Florida multi-tenant medical plaza sells for $14.5 mil – Commercial Property Executive, January 13, 2017: 90% occupied, two-story MOB moves in Boynton Beach.