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Case Study

Pacific Medical Buildings develops new medical office building on hospital campus

Challenge

  • Develop a new healthcare facility and parking structure on the campus of Mission Hospital to meet and exceed the needs and expectations of physicians and patients in the Mission Viejo community

Solution

  • Along with PMB and an institutional equity partner, approximately 15 percent of the tenants invested equity in the project, representing $2.7 million in the ownership of the single-asset LLC
  • Election to become an investor in the project, investing an additional $3 million
  • Implementation of a campus-wide parking revenue joint venture between PMB and Mission Hospital to allow necessary underwriting and financial coverage ratios to be obtained for the parking structure

Results

  • The $62 million project was successfully completed in 2007
  • PMB has partnered with SJHS on two other successful developments in California: St. Joseph Medical Plaza in Orange County and St. Jude Hospital in Fullerton

For more information contact:
Shawn Janus
+1 312 228 2045
shawn.janus@am.jll.com 
www.us.joneslanglasalle.com/healthcare 

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