The commercial real estate experts at Thomas Park put together a running list of the top headlines with healthcare / medical real estate. The list will feature the latest development projects, major leases, and acquisitions nationwide.
Healthcare Real Estate News – Q1 2023
Below are the most recent medical real estate news articles from around the country.
Report Finds Growing Demand for Taller Medical Real Estate Office Assets
A report by 42Floors.com finds that there is demand for taller medical real estate office buildings. This trend is becoming more evident as the growing number of seniors puts certain stress on the health care system, which is requiring providers to create larger, specialized facilities. Read More
$3.8B Mixed-Use Megadevelopment Begins on Chicago’s South Side
The Bronzeville Lakefront project, which will be a seven-million-square-foot mixed-use development is set to be built on the historic site of the former Michael Reese Hospital. Read More
Peace Capital Seals the Deal on $201M Loan for “Skilled Nursing Portfolio”
Peace Capital closed a $201.3 million loan with the help of bridge lender Greystone Monticello. The loan will be used to acquire a portfolio of “skilled nursing facilities”. Read More
Banner Health Investing $400M for New Hospital in Scottsdale
Arizona-based medical health care company, Banner Health, is completing the purchase of 48 acres in Scottsdale (near Phoenix, AZ) for the eventual development of a $400 million medical health care project. Read More
Chicago Is Attempting to Get Federal Biomedical Research Center
The Advances Research Projects Agency for Health (ARPA-H), a new federally funded project with $2.5B to research biological innovation, recently announced its search for two cities to host their initiatives. Chicago lawmakers are vying for the opportunity to be one of the host cities. Read More
Cap Rate Expansion and Rising Expenses Are on the Horizon for Seniors Housing
According to BBG’s yearly US Seniors Housing Investor Survey, cap rate expansion and rising operating expenses are on the way for this sector of the medical real estate and healthcare sector. Read More
RXR Enters the NC Market with Major $3B Project
NYC-based RXR Realty is entering “superstar regions” with its latest investments. The “superstar regions” are areas that supper growth across residential (multifamily), logistics (industrial), and life sciences (medical) real estate sectors. Read More
Life Science Lab To Be Developed in Lou Gehrig’s Birthplace
New York-based life sciences company, Taconic Partners, announced plans to develop a lab project on 94th St in Manhattan, where baseball legend, Lou Gehrig, was born. Read More
Healthcare Real Estate and Affordable Housing Come Together in Model Chicago Development
Mixed-use housing developments generally feature different CRE sectors in one project, such as retail spaces, restaurants, and fitness spaces. A new development project in Chicago will feature a mixed-use property with healthcare real estate involved. Read More
Life Sciences Leasing Activity Breaks Record in NYC
Although Venture Capital funds pulled back during 2022, the year finished with broken records that were established just one year prior in 2021. Leasing activity reached new heights across the board in New York’s life sciences sector. Read More
Millbrae Life Sciences Campus Seals $310M Loan for Development
JLL Capital Markets set up a $310M construction loan for the development of Avia Labs at Millbrae Station. The life sciences real estate project will be a 315,000-square-foot campus. JLL sealed the loan via Otera Capital representing the borrower, Longfellow Real Estate Partners. Read More
Elliot Bay Creates JV for the Acquisition of Various U.S. Healthcare Real Estate Assets
Seattle-based healthcare real estate investment outfit, Elliot Bay Capital Trust, created a joint venture with Pantheon (a global private markets investor) to acquire several medical properties around the country. Read More
UChicago Medicine Unveils $815M Plan for Cancer Hospital
The University of Chicago Medicine updated its original plans to develop the first freestanding cancer hospital in Chicago. The updated design will be more costly than the original with a total investment of $815M to develop a 575,000-square-foot medical center. Read More
$10.6B CVS Deal for Oak Street Health Is Official
The CVS Health acquisition of Chicago-based Oak Street Health is officially announced. The two companies came to an agreement for an all-cash transaction at $39 / share. The total value of the deal will be $10.6 billion. Read More
USC Plans New $315M Eastlake Campus Research Facility
USC’s Health Sciences Campus is set to develop a new research facility, according to an application submitted to the LA Department of City Planning. The 220,000-square-foot, seven-story building is estimated to cost $315M to develop. It will feature wet and dry labs, support spaces, an auditorium, a cafe, a medical chemistry core lab, and a bio repository. Read More
New Medical Office Real Estate Leases and Extensions in Haverhill, MA
The Merrimack Medical Center, a medical real estate building owned by a JV between Thomas Park and Echo Real Estate Capital, saw new medical office leases and extensions in January, 2023. SVN Parsons Commercial Group announced that 28,000 square feet of medical office space was leased and renewed. Read More