NEW YORK CITY—In the fourth quarter of 2016, NYC Benedict Realty Group, closed on a $60 million, 12-building, medical office portfolio spanning 350,000 square feet in Providence, RI, and indicated it wanted to expand its holdings in the sector. Including the acquisition, the firm now holds 17 MOBs and over 600,000 square feet on the East Coast,

As the new year began, GlobeSt.com sat down with Daniel Benedict, BRG's founder and president, in this EXCLUSIVE interview to discuss the company's plans for 2017.

GlobeSt.com: As 2017 kicks off, what plans does BRG have with respect to MOBs?

Daniel Benedict, BRG  founder and president: We expect to purchase $200 million of medical office properties—near top tier medical institutions along the East Coast, where the demand for medical office properties is greater [than other parts of the country], and where we know the market.

GlobeSt.com: Your firm was previously a multifamily investor. Why are you so bullish on healthcare real estate?

Benedict: America is aging, and therefore using the medical profession more, so there's greater demand. More people are insured and the days of the small medical office are essentially over. Having a doctor on the corner rarely exists anymore; now there are regional and national chains of hospitals and they require larger floor plates and space to achieve greater efficiency.

Also medical professionals like having buildings with a high concentration of medical providers, they refer patients to each other.

GlobeSt.com: Are you done then with investing in multifamily buildings?  

Benedict: We've been in multifamily for 25 years, we're going to do that. We started in the medical office space four years ago because we saw the adoption of the Affordable Care Act and the beginning of consolidation in the medical field. That benefitted us because now we're dealing with tenants that have larger space needs who are seeking a different kind of floor plate than small medical offices.  The small medical offices in an apt. now need larger office space.

GlobeSt.com: So how are you finding MOBs or sites to buy, and what is your criteria when you're considering a property?

Benedict: We're opportunistic driven and we wouldn't be looking at anything under 50,000 square feet. We find deals because we follow the medical providers and they have statistics on the most populated areas. So we find out where there are the best opportunities. Location is everything,

NEW YORK CITY—In the fourth quarter of 2016, NYC Benedict Realty Group, closed on a $60 million, 12-building, medical office portfolio spanning 350,000 square feet in Providence, RI, and indicated it wanted to expand its holdings in the sector. Including the acquisition, the firm now holds 17 MOBs and over 600,000 square feet on the East Coast,

As the new year began, GlobeSt.com sat down with Daniel Benedict, BRG's founder and president, in this EXCLUSIVE interview to discuss the company's plans for 2017.

GlobeSt.com: As 2017 kicks off, what plans does BRG have with respect to MOBs?

Daniel Benedict, BRG  founder and president: We expect to purchase $200 million of medical office properties—near top tier medical institutions along the East Coast, where the demand for medical office properties is greater [than other parts of the country], and where we know the market.

GlobeSt.com: Your firm was previously a multifamily investor. Why are you so bullish on healthcare real estate?

Benedict: America is aging, and therefore using the medical profession more, so there's greater demand. More people are insured and the days of the small medical office are essentially over. Having a doctor on the corner rarely exists anymore; now there are regional and national chains of hospitals and they require larger floor plates and space to achieve greater efficiency.

Also medical professionals like having buildings with a high concentration of medical providers, they refer patients to each other.

GlobeSt.com: Are you done then with investing in multifamily buildings?  

Benedict: We've been in multifamily for 25 years, we're going to do that. We started in the medical office space four years ago because we saw the adoption of the Affordable Care Act and the beginning of consolidation in the medical field. That benefitted us because now we're dealing with tenants that have larger space needs who are seeking a different kind of floor plate than small medical offices.  The small medical offices in an apt. now need larger office space.

GlobeSt.com: So how are you finding MOBs or sites to buy, and what is your criteria when you're considering a property?

Benedict: We're opportunistic driven and we wouldn't be looking at anything under 50,000 square feet. We find deals because we follow the medical providers and they have statistics on the most populated areas. So we find out where there are the best opportunities. Location is everything,