Demand Peaking for MOB

Snyder Langston has wrapped up work on  a three-story, 70k SF multi-tenant building and six-level parking structure within the Los Alamitos Medical Center. Snyder VP of healthcare Lee Watkins (snapped with wife Christina and son Grayson at a monster truck show at the OC Fair last summer) tells Bisnow the $37M project was delivered 30% below market rate, which aids physicians trying to push down the bottom line in today's environment of lower reimbursements. The builder worked in conjunction with the project’s developer, Pacific Medical Buildings (PMB), on behalf of Los Alamitos Medical Center. The MOB was designed by Boulder Associates. In his spare time he manages a monster truck race team called The MAVTV Shocker Motorsports Monster Truck. 

Located at 3751 Katella Ave, construction  on the project began summer 2013. Healthcare Real Estate Insights magazine named it winner of its 2014 HREI Insights Awards in the category of Best New Medical Office Buildings and Other Outpatient Facilities (50k SF to 99,999 SF). Lee says one of the major challenges for large MOB projects is parking, so it takes additional effort to work with jurisdictions on variances. The 1,077-space parking structure was designed by IDG Parkitects. The project is also LEED Silver certified.

Los Alamitos Medical Center opened in 1968, and has served as a general medical and surgical hospital, in addition to providing emergency services, and inpatient and outpatient care. Lee says a growing base of patients made the project necessary; the center was in need of a new MOB to maintain its independent physician base. Lee tells us demand has been strong for the project, which was 43% leased when construction began. It's now about 75% leased.