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Deals keep Coming in Medical real Estate
Date:9/22/2009

Investors Continue to find Opportunities as Other Sectors Struggle

Minneapolis (Vocus) – Medical real estate continues to be one of the bright spots in the commercial real estate market, according to several sector experts quoted in articles in the most recent edition of the Healthcare Real Estate Insights (HREI) newsletter.

Grubb & Ellis Healthcare REIT Inc. recently announced that it has agreed to acquire a 16-property, 855,000 square foot medical office building (MOB) portfolio from Greenville Hospital System in Greenville, S.C. for about $161.6 million, or about $189 per square foot (PSF). The deal was brokered on behalf of GHS by New York-based Healthcare Real Estate Capital (HRE Cap). The cap rate was reportedly 7.96 percent.

And more deals could be on the way, according to HREI. Chris Bodnar of CB Richard Ellis (CBRE) told the publication that several other health systems are exploring options for raising capital by selling MOBs.

“We’re seeing more demand for that and, as a result, we’re spending time with health systems to work with them on enhancing their financial positions,” Mr. Bodnar told HREI. CBRE’s quarterly “National Medical Office Update” also indicated that total second quarter (Q2) MOB sales volume was up 55 percent versus Q1.

Milwaukee-based Landmark Healthcare Properties LLC also added to its MOB portfolio recently, acquiring four assets for a total of $15 million from Saline Memorial Hospital in Benton, Ark. The properties totaled 110,315 square feet, which means the purchase price was about $136 PSF. HRE Cap also brokered that deal.

Some MOBs are selling for even higher prices. According to data provided to HREI by Real Capital Analytics:

 
  • The University of California system acquired the UCLA Medical Building from Held Properties for about $43 million, or about $349 PSF – the single biggest deal of Q2, according to RCA.
  • Grubb & Ellis Healthcare REIT also bought two MOBs from Milwaukee-based Aurora Health Care Inc. for $20.9 million, or about $314 PSF.
  • Senior Housing Properties Trust acquired a 128,312 square foot ambulatory surgery center in Washington, D.C., for $40.7 million, or about $313 PSF.

Additional content in this month’s edition of HREI reports on recent MOB sales and leasing transactions, new outpatient and inpatient developments, senior living facilities, the impact of distressed properties, and more.

For a complete copy of the current edition of HREI™, or for information regarding these articles or healthcare real estate in general, qualified media professionals may contact Murray W. Wolf, Publisher and Founding Editor, at (952) 746-4405.


About Healthcare Real Estate Insights

Launched in January 2003, Healthcare Real Estate Insights has come to be recognized as the most trusted independent source of news and trend information in the healthcare real estate development, financing and investment business. This monthly, national, B2B newsletter offers sophisticated players the most comprehensive coverage in the industry available anywhere. For more information, please visit us at www.hreinsights.com.

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