Archive for MOB

Aug
29

NAI Avant Brokers Columbia Medical Building

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soldNAI Avant is pleased to announce the sale of 126 Professional Park Road, a ±2,900 square foot office building in Columbia, South Carolina.

Senior brokers Nick Stomski, SIOR and Dick Stanland, CCIM, SIOR represented the seller, DWB Professional Park. The building was purchased by Dr. Isiah Davis, Senior for $550,000.

Categories : Columbia
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Aug
22

NAI Avant Closes Sale of Nine Doctors Care Facilities

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doctors-care-logoNAI Avant Senior Investment Broker Dail Longaker represented Medical Investment Holdings, LLC and Port Royal Medical Investments, LLC, in the $22,522,550 portfolio sale of (9) medical facilities located in markets throughout South Carolina and Tennessee.

The current tenant in all nine facilitates is a South Carolina based urgent care company, which plans to maintain its current lease arrangement.

Categories : South Carolina News
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Oct
20

Charleston Medical Building Sold for $5.25 Million

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medical building clipartA North Carolina real estate firm has that already owns two retail centers in the Charleston region has added a medical office building to its local portfolio.

An affiliate of Ferncroft Capital in a deal with Alexandria One Associates LP of Chevy Chase, Md., paid $5.25 million for the four-story corner property at 163 Rutledge St., in the peninsula’s hospital district. The sale closed last week, according to Charleston County land records. The seller was 163 LLC.

The property, also known as the Calcote Building, was built in 2006 at Rutledge and Doughty streets. It is fully leased, with the Medical University of South Carolina as the anchor tenant.

Medical office buildings have become a hot commercial real estate asset. The sector began to blossom during the last recession. Health care weathered the downturn better than most industries, ensuring investors with stable rent streams. The health care industry also has a captive audience in the rapidly growing senior population that will require more medical services in the years ahead.

READ MORE HERE

Categories : Charleston
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Nov
18

Roper St. Francis Building 130,000 SF Building

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Leaders from Roper St. Francis held a ceremonial beam signing Thursday for their new, 130,000-square-foot office building in Ladson. Employees who are expected to move into the building in spring 2016 visited the construction site at 8536 Palmetto Commerce Parkway to put their names on a whitewashed support pile.

The $28 million building will house about 600 Roper employees from various departments, including: health care reimbursement, physician billing, coding, food and nutrition services, pre-admission services, the patient contact center, human resources, finance and payroll, materials and property management, information services and professional development.

The office building will sit on 24 acres of land and will include a fitness center, walking trails, video teleconferencing on each floor, a clinical simulation lab and a cafe offering breakfast and lunch.

“This building will have its own culture,” David Dunlap, president and CEO of Roper St. Francis said. “These 600 people will be coming and working and seeing each other every day, whereas now they’ve been scattered about and not really feeling as connected as they could.”

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Categories : Charleston
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Nov
13

Greenville MOB Sold at 8% Cap Rate

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HealthCap Partners, a Texas-based healthcare real estate development and investment firm, purchased the medical office building at 65 International Dr. in Greenville, SC from Eastside Medical Holdings LLC for $6.75 million, or about $218 per square foot. According to Loopnet, the net operating income was $541,000, which indicates a cap rate of 8%.

The 30,924-square-foot building was constructed in 1999 on 5.13 acres just off I-385 between Patewood and Marcus Drives. It was fully occupied at the time of sale to GHS Cancer Institute.

Tyson Smoak and Ross Kester of NAI Earle Furman represented the seller. The buyer hanlded the sale in-house.

Categories : Greenville
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Aug
15

Medical-Office Sector Leans on the ‘Master’ Lease

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The medical-office sector is undergoing a broad transformation with the rise of master leases.

In those deals, a large company or organization leases several floors or an entire building, then typically sublets the space to smaller users. Until recently, the sector had relied on myriad small leases backed only by the guarantees of individual physicians and small practices.

Just this summer, construction kicked off on a proposed medical office building south of Houston after hospital operator Memorial Hermann Health System agreed to lease more than one-third of the building. HCP Inc., HCP +1.68% a developer, is building the project on Memorial Hermann’s campus here, where the hospital system already has a master lease for an existing 80,000-square-foot office building.

Marshall Heins, Memorial Hermann’s head of facilities, declined to disclose the terms of the lease or the rent it will pay for the new space. In general, he says, rents are climbing rapidly and property values are eclipsing those of conventional office spaces.

READ MORE HERE

Categories : National News
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Jul
22

Dunn, NC Medical Office Building Sold

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Flagship Healthcare Real Estate Fund has acquired Harnett Health Medical Park, an 18,623 square-foot medical office building located at 803 Tilghman Drive in Dunn, North Carolina.

This is the eighth investment for the Flagship Healthcare Real Estate Fund, a private equity real estate fund affiliated with Charlotte, NC-based Brackett Flagship Properties, LLC.

Built in 2012, Harnett Health Medical Park is adjacent to Harnett Health’s 101 bed Betsy Johnson Hospital, founded in 1937. The building is fully leased by Harnett Health with tenants that include Dunn Medical Services, WakeMed Cardiology, and Harnett Health’s Wound Center. Harnett Health Medical Park benefits from its proximity to Betsy Johnson Hospital, which is owned by Harnett Health and managed by WakeMed Health, an 884-bed private, not-for-profit healthcare system.

“We’re excited to purchase Harnett Health Medical Park and look forward to working with the hospital and practices in this first class medical office facility,” said Russell Brown, Brackett Flagship Properties’ Vice President of Investments. “We believe that the property is ideally located across from Betsy Johnson Hospital and well positioned to serve the needs of the community.”

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Categories : Uncategorized
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Jun
11

Myrtle Beach MOB Sold

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United Realty Trust Inc., a non-traded REIT, has purchased a triple-net-leased medical office building at 945 82nd Parkway in Myrtle Beach for $15.7 million. The property is located adjacent to the Grand Strand Regional Medical Center, an acute care hospital. United Realty purchased the two-story, 44,323-square-foot property in an off-market transaction. The medical office facility is fully leased to three tenants: Carolina Health Specialists, The Cardiology/Gastroenterology Associates and Grand Strand Regional Diagnostic and Women’s Center.

Categories : Myrtle Beach
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Mar
06

MOB Sales Soar as Cap Rates Slide

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In a year that saw the largest volume of medical office building sales on record, prices took a sharp dip before soaring steadily upwards while cap rates ended the year on a downward slant. Cap rates in the MOB sector have been generally trending downward since the fourth quarter of 2012, according to advisory group Hammond Hanlon Camp LLC.

The year prior to 2013 saw MOB sales volume of $5.2 billion nationwide, and HHC says it was unsurprising that last eyar saw that tally surpassed by a wide margin. “Over $6.4 billion in transaction volume was reported by Real Capital Analytics in 2013, making it the most active year in the medical office building industry’s young but growing history,” according to HHC’s quarterly update on the sector. “The annual volume represents over $1 billion in additional transaction volume compared to prior peak volumes of between $5.4 and $5.5 billion in 2006 and 2007.”

Pricing in Q4 averaged $248 per square foot, a year-over-year increase of 12% from $222 per square foot recorded in the last quarter of ‘12. HHC says the average cap rate reported for transactions over $5 million was 7.1% in Q4, “which is slightly lower than last quarter’s average cap rate of 7.3% and significantly lower than a year ago, when cap rates averaged 8.0%.” However, RCA data show that MOB cap rates still have a way to go match those commanded by office and multifamily assets.

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Categories : National News
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Sep
18

Columbia Medical Building Sold for $88/SF

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NAI Avant Senior Investment Broker, Dail Longaker, recently represented the owner of 2 & 3 Southern Court in the sale of its approximately 22,000 square foot, multi-tenant medical office building in West Columbia. Tenants at the property include Laboratory Corporation of America (a NYSE company, occupies 62%of the building) and Palmetto Spine & Sports Medicine. The 84% occupied building sits on 2.51 acres. It was purchased by Joseph Penn, LLC, for $1,930,000, or $87.73 per square foot.

Categories : Columbia
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Aug
13

AnMed Health Breaks Ground in Pendleton

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Members from AnMed Health were excited to break ground at their new location in Pendleton on Tuesday.

A crowd of people showed up at the corner of Mechanic Street and Meehan Way for the groundbreaking ceremonies for the new 6,624-square-foot office coming to Pendleton. The office is located on 2.38 acres at 1005 Meehan Way, facing South Mechanic Street and adjacent to Palmetto Bank.

The new office will relocate AnMed Health Pendleton Family Medicine, currently at 101 Shirley Street.

Design plans include nine exam rooms, a procedure room, lab space and shell space for the future addition of an X-ray room.

READ MORE HERE

Categories : Clemson
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May
22

ULI Members: Tour the New Greenville VA Building

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The new $30 million, 77,000 square foot Upstate Veterans Administration Out Patient Clinic (VA OPC), will be opening this summer. The building is designed to be certified as LEED Silver, however, they are currently tracking LEED gold. ULI is offering a members-only tour of this facility on Thursday May 30th.

Join us as Rich Boggan with the Veteran Affairs leads us on a tour of the new facility. We will also hear from the developer, Hughes Development Corporation; Architect, DesignStrategies; and the Contractor Brasfield & Gorrie. We will look at the process of bidding on a government contracted building as well as answer any specific questions about the structure.

This is a members-only event, and I look forward to attending. Please sign up here ULI SC

Michael Dodds, MAI, CCIM

Categories : Greenville
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Mar
26

Bluffton MOB Brings Hospital Close to Competitor

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For many years, hospitals and health systems shied away from competing with each other directly. These days, however, as health systems face a need to grow and expand, most are willing to meet their competitors head on, often building facilities near another system’s hospital or outpatient building.

A case in point can be found in Bluffton, SC, where Rendina Cos., a healthcare real estate and development firm situated in Jupiter, FL, recently broke ground on a $16 million, 60,000 square foot outpatient facility that will offer services ranging from orthopedics to breast health.

The two-story outpatient center, known as Bluffton Medical Campus, will carry the flag of Hilton Head Regional Healthcare, whose hospital, the 93-bed Hilton Head Regional Medical Center, is about 10 miles to the east on Hilton Head Island. Rendina found and acquired the site as a strategic location for Hilton Head Regional, a subsidiary of Dallas-based Tenet Healthcare Corp.

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Categories : Bluffton
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Jul
26

Murrells Inlet MOB Sold

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According to Real Capital Analytics, the Wachesaw Medical Center at 4367 Riverwood Dr in Murrells Inlet, SC sold last month. The 37,976 sf building is situated on a 3.76 acre site and is approximately 76% occupied. RCA reports show that the buyer, Waccamaw Community Hospital, paid approximately $5.5 million. The two story building was built in 2006 and Grand Strand Urology LLP is a tenant. No cap rate was reported.

Categories : Myrtle Beach
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Jul
11

Medical Oriented Development Increasing in Charleston

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The growth in medical-office demand is helping take some of the sting out of the local construction crunch.

No fewer than nine new health care facilities have either recently opened, are being built or are in the planning stages over the next two years. They span the Lowcountry: Mount Pleasant, West Ashley, North Charleston and Summerville.

And that doesn’t count the two proposed new hospitals duking it out in court for a slice of Berkeley County, or the spate of new veterinary centers recently completed or under construction.

The reasons for the flurry of new medical buildings are varied, but most are tied to the economic downturn.

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Categories : Charleston
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