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Home / Mergers/Acquisitions / St. Joseph’s Mission MOBs Trade (Again)

St. Joseph’s Mission MOBs Trade (Again)

September 13, 2016 by Mike Hargrave Topics: Mergers/Acquisitions, Real Estate Financing/Capital Markets, Revista News

Orange County California Medical Office Buildings have been a prized possession of real estate investors for several years.  In fact, over the past several years, investors have acquired over $1.5 Billion of MOBs in Orange County.  During that time, cap rates have averaged 5.6 to 5.85+ and the Price per SF has been $469/SF.  At  the epicenter of this activity is a group of MOBs around Mission Hospital in Mission Viejo.

The Mission Medical Center MOBs 1, 2 and 3 as well as the Mission Medical Tower were recently acquired by Healthcare Trust of America (NYSE:  HTA).  HTA recently  announced the deal which was valued at $150 million for the 4 MOBS.  HTA said the MOBs are fully leased.  Space was recently being marketed in MOBS 1-3 at approximately $25/SF NNN while the Mission Medical Center had space available at just over $29/SF NNN.

missionmedical
Mission Medical Center

At $150 million, the price  works out to $573 per SF.  This equates to a 26% price increase from when they last sold 2 years ago.  These MOBs were acquired in a reverse monetization by St. Josephs back in 2014.  They purchased the MOBs from Lasalle Investment Management for $453 per SF.

 

Mike Hargrave
Mike Hargrave

Other Articles by Mike Hargrave:

    • Inflationary Pressures Impacting the Revista MOB Industry Fundamentals Report
    • MOB Transaction Volume Sets Quarterly and Annual Volume Records in 1Q22
    • Chicago MOB Market Building into Growth

Previous Post: « Market of Interest: Seattle
Next Post: Medical Real Estate Construction Pipeline is Growing »

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