Healthcare Real Estate News - Dec 18, 2024
Here's How Oasis is Creating the Future of Healthcare
The Discovery Oasis project, spearheaded by Mayo Clinic in Phoenix, is a massive 120-acre bioscience hub aiming to revolutionize healthcare innovation. It integrates biotechnology companies, researchers, and educators to expedite medical advancements. Its focus includes leveraging Mayo Clinic's reputation and Phoenix's talent pool to attract innovation in biotechnology and life sciences.
Healthcare Leviathan Kaiser Shrinks Downtown Oakland Footprint Again
Kaiser Permanente is significantly reducing its office presence in downtown Oakland, planning to shrink its footprint in the Ordway Building by over 130,000 square feet. The office tower, valued at $161 million in early 2024, faces an uncertain future, with occupancy potentially dropping to 59%. Kaiser previously abandoned plans for a $900 million headquarters complex, underscoring the difficulties facing the Bay Area’s office market.
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Lee & Associates Brokers Sale of 20,574 SF Office, Medical Building in Monrovia, California
Lee & Associates brokered the $7.6 million sale of the Huntington Professional Center, a fully occupied 20,574-square-foot office and medical property in Monrovia, California. Located at 831 E. Huntington Drive, the two-story building features 76 parking stalls and tenants such as Optum Healthcare, Tomdan (Tommy Burgers’ parent company), and Select Physical Therapy.
Conversions Help Expand San Diego Medical Office Supply
In Q3 2024, San Diego saw rising vacancies in outpatient and medical office spaces. Limited new construction, high interest rates, and inflated costs have hindered medical office building (MOB) development, with supply falling short of demand by over 81,000 square feet annually since 2014. Despite these challenges, rents have climbed, with medical office spaces seeing a 4-5% rise due to low vacancy. Medical office sales were active, with $183 million in transactions and an average cap rate of 7.1%.?
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$13.4M Refinancing Arranged for Class-A Medical Property in Arizona
JLL Capital Markets has arranged a $13.4 million fixed-rate refinancing loan for Goodyear Medical Plaza, a Class-A medical office building in Goodyear, Arizona. The property, redeveloped in 2019 from a former movie theater, spans 47,483 square feet and is located on the Abrazo West hospital campus. It is 99% leased, with major tenants including Abrazo Health, which occupies 49% of the space and offers services such as orthopedics and cardiology.