announced plans in September for a 205,000-sf medical office
building on St. Joseph’s Regional Medical Center’s campus in
Mishawaka, IN. Upon completion in summer 2009, the four-story structure will be connected to the hospital on four levels
and will feature an MRI facility, wound care center and Riley
Hospital for Children’s Pediatric Clinic.
In October, the Terrace Park Professional Center, which is
attached to Trinity at Terrace Park Hospital in Bettendorf, IA,
was sold by developer Alter Care. Dallas-based RM Crowe Co.
picked up the 59,615-sf medical office building for nearly $12
BremnerDuke Healthcare Real Estate recently signed four new tenants
under 10-year leases at Center Point Medical I and II in Atlanta. When the
company purchased the 363,778-sf facility in August 2007, it was roughly
70% leased. With the new contracts, which total more than 21,000 sf,
occupancy has now hit 92%.
million, according to GlobeSt.com. The center is 80% leased,
housing outpatient medical services such as family practice,
internal medicine and physical therapy.
Even non-hospital sponsored medical office buildings tend
to reside on or near hospital campuses. “Being on the campus
of a major hospital is advantageous for the obvious convenience to a doctor or practice that has to get back and forth to
the hospital,” says Pontius. Of equal importance is tenant composition, which makes leasing medical office buildings much
like leasing retail, he says.
“There is great sensitivity to the mix of practices that comes
into a building,” Pontius relates. “You want to have a symbiotic
relationship between the tenants, where, for instance, referrals
might make sense. Location sensitivity and tenant synergies
created in quality projects are stabilizing factors for those
assets and a stabilizing factor for the product type overall.”
In leasing its properties, BremnerDuke pays close attention
to tenant relationships, says its president. “Our basic healthcare model includes operational hospital strategies, which
could be a laundry list of services: an ambulatory surgery center that would have a variety of specialty groups doing surgical
procedures and an imaging center that might include a MRI or
CT scan as a component.”
Last month the company signed four new tenants under
10-year leases at Center Point Medical I and II in Atlanta.
Internal Medicine Associates took 10,457 sf, Georgia Retina
absorbed 8,118 sf, Lorie S. Delk & Associates signed on for
1,938 sf and CorpHealth leased 1,222 sf of space. When
BremnerDuke purchased the 363,778-sf facility in August 2007,