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- The Department of Labor released new consumer price index (“CPI”) data. The CPI rose 8.3% over the past 12 months, down slightly from previous reports. The average household is spending $460 more each month to buy the same basket of goods and services as last year according to a Moody’s expert cited by the Wall Street Journal.
- CBRE released its Q2 Health Care Real Estate Investor Update, finding that 1) MOB transaction volume (number of deals) is down 14% quarter over quarter, although MOB sales volume (year to date) is up 50%; 2) The average MOB cap rate is 6.12%; and 3) 31M sf of MOB space is under construction, which is an increase of 21% from a year ago.
- Hall Render attorneys recently published the following articles: 1) It’s Time for Change: The Need for New Behavioral Health Care Facilities; 2) Speed to Market: Why Health Care Providers Should Consider Joint Venture Strategies; and 3. Trends in Health Care Real Estate Development.
- A new survey designed to determine the amount of NIMBYism (Not In My Back Yard) found that NIMBYism decreased during the pandemic. Residents that supported new development were most interested in supporting new development projects involving: 1) Affordable senior housing; 2.) Workforce housing for public workers; and 3) Affordable housing for people with disabilities according to GlobeSt.
- Store Capital, a large publicly traded REIT, will be taken private in a $14B transaction. Store Capital owns 168 medical properties, 89 behavioral health properties and 94 health clubs.
- Medical Properties Trust sold 9 hospitals and 2 MOBs back to Prime Healthcare for $360M. The hospitals and MOBs were originally acquired by MPT in connection with a sale-leaseback transaction with Prime that closed in 2012 per BusinessWire.
- University of Miami Health System broke ground on a 184-acre mixed-use project in North Miami. The project will include a 363K sf outpatient facility that will offer oncology and eye services and is a joint venture with real estate developers LeFrank and Turnberry.
- Nuveen Global Cities REIT closed on a 10-building health care portfolio valued at $300M. This brings the REIT’s allocation of health care assets to 21% according to Health Care Real Estate Insights.
- WakeMed has filed a CON application for a new $137M Behavioral Health Center in Knightdale, NC.
- Cleveland Clinic announced plans to repurpose an empty Kmart store in Middleburg Heights, Ohio into a 93K sf outpatient facility and a drive-through pharmacy.
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