MOBs Are Moving

The doctor is in . . . but his landlord is out of state. EnTrust, a division of the Alter Group, repped the seller in three recent medical office building transactions, EnTrust's James Clark  tells us.Madison Medical Plaza, above, at the 480-bed St. Joe Provena Campus in Joliet was sold by Alter+Care to Florida-based Rendina Cos., while Equity Inc., a Midwestern company, purchased the 327k SF Wellspring Medical Office Center on the  Christus Spohn Hospital Campus in Corpus Christie, Texas, below. James says these represent a trend away from local ownership of medical office properties, especially those that already have an anchor tenant.
In the third transaction, the 35k SF St. Bernadine's Medical Plaza in Rialto, Calif. was sold to local private ownership. James says the recent stability of MOBs has led some investors who weren't previously interested in the asset class to move away from traditional office investments. MOB owners are also looking at their balance sheets and finding that sometimes its more beneficial to do a sale-leaseback than to own a building themselves, bringing more buildings to the marketplace.

Continue reading this story with a free account

Log in or register
Related Topics: James Clark , Medical Plaza , Rendina Cos
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

California Investor Scoops Up Amazon Warehouse: The Chicago Deal Sheet

How Crystal Lake 'Connects The Dots' To Building Complete Community

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Prologis Acquires 69 Acres For 1M SF Chicago-Area Industrial Development

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years

First LaSalle Street Reimagined Conversion Opens In Chicago's Loop

CBRE IM Buys Net Lease REIT For $1.6B, Plans More Investment

The Difference Between Service And Hospitality That Makes A Flexible Workspace A Success

Beyond The Boom: How Miami's CRE Market Continues To Be Resilient