Healthcare Real Estate News - Jan 21, 2025
Developers, Navy Unveil Plans for 20M SF Redo in San Diego
The U.S. Navy and developers have unveiled plans for a 20 million square foot redevelopment of the 70-acre Naval Base Point Loma Old Town Campus in San Diego's Midway District. The master plan includes more than 18 million square feet of private development, featuring 8,900 homes and two hotels, as well as approximately 2 million square feet of new facilities for the Navy. The project aims to replace outdated World War II-era structures currently housing the Naval Information Warfare Systems Command and its divisions, which employ around 5,000 cybersecurity experts. This initiative is set to be one of the largest public-private partnerships undertaken by the Navy.
Chandler Medical Pavilion Sells for $30 Million
Chandler Medical Pavilion, a 65,931-square-foot outpatient medical building in Chandler, Arizona, has been sold for $30 million. The facility, completed in 2021, is fully leased to Banner Health and includes an ambulatory surgery center, advanced imaging center, cardiology department, and clinics for various specialties. The property was sold by a partnership between Unbound Development and Webb Investments, with Montecito Medical Real Estate as the buyer.
Prospect Medical, Large Tenant of REIT Medical Properties Trust, Files for Bankruptcy
Prospect Medical Holdings, a major tenant of Medical Properties Trust (MPT), has filed for Chapter 11 bankruptcy amid financial and legal challenges. The California-based healthcare system has struggled with rent payments to MPT and delays in selling its East Coast properties. In the third quarter, MPT reported a net loss of $801 million, partly due to a $134 million reduction in the value of its investment in Prospect.
CareTrust Closes 2024 with $1.5B in Investment
CareTrust REIT concluded 2024 with a total investment of $1.5 billion, marking a significant increase from the $300 million invested in 2023. This growth was driven by strategic acquisitions and developments in the healthcare real estate sector, including skilled nursing facilities and senior housing properties. The company's expanded portfolio is expected to enhance its revenue streams and strengthen its position in the market.