LOS ALAMITOS, CA-Pacific Medical Buildings has broken ground on a $37-mllion, 70,000-square-foot medical-office building and adjacent parking structure on the Los Alamitos Medical Center campus here. The project, scheduled to be completed in summer 2014, consists of a three-story MOB and a six-level, 1,077-space parking structure that will serve both the MOB and the 167-bed hospital.
The hospital is part of Tenet Healthcare Corp., one of the country's largest investor-owned healthcare delivery systems. The MOB will include an urgent-care center in addition to a mix of experienced specialists and primary-care physicians. Snyder Langston is the general contractor, and Boulder Associates is the architect for the project.
PMB raised roughly $9.3 million in equity and $27.7 million in construction financing for the project from City National Bank and Washington Capital Management. The MOB provides ownership opportunities for physician tenants as well as competitive rental rates.
“We are pleased to break ground on the new MOB and parking structure,” says Mark Toothacre, president of PMB. “This is an exciting project for us, and we are privileged to be a part of the Medical Center campus. We look forward to partnering with Los Alamitos Medical Center as they continue to grow and innovate to meet the medical needs of the surrounding communities.”
The project is Phase I of the hospital's master plan. Phase II will include a new 92-bed patient-care building plus extra services. When complete, the medical center will include a 167-bed acute-care facility, three MOBs and the Total Care Pavilion, home to the area's cancer, imaging and infusion services.
Also, the project is expected to achieve LEED Certification from the US Green Building Council.
As GlobeSt.com reported in January in a commentary by Stephen Jones, chairman and CEO of Snyder Langston, healthcare is facing a financial and performance crisis that requires a dramatic change in thought and practice. Jones said, “Reform of America's healthcare system, or 'Obama Care,' combined with a realization that the current system is unsustainable, is giving focus to this radical transformation.
A major change is the shift in payments to providers being paid for outcomes or “value” rather than the number of procedures performed.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
