PMB

What PMB does

PMB (Pacific Medical Buildings) is a privately-held, full-service healthcare real estate development company founded in 1971 and headquartered in Solana Beach, California, with 11 offices across the Western United States and approximately 98–100 employees. The company is 100% focused on healthcare real estate across the continuum of care, including inpatient, outpatient, post-acute, and senior living facilities. PMB develops medical office buildings, inpatient rehabilitation hospitals, behavioral health campuses, ambulatory care centers, and senior living communities for health systems, hospitals, medical groups, academic medical centers, and senior living operators.

The company operates with substantial in-house capabilities spanning development, planning, design (including registered architects), finance, accounting, land use entitlements, legal, construction management, leasing, and long-term property management through its subsidiary PMB Real Estate Services (PMB RES). PMB has developed over 100 facilities representing approximately 5.5 million square feet and currently owns and manages 66 medical facilities comprising over 4.2 million square feet, with PMB RES managing nearly 5 million square feet of medical facilities overall. The company employs flexible financing structures including traditional equity/debt, tax-exempt bonds, taxable credit-tenant-lease financing, and federal New Markets Tax Credits.

PMB's business model is project-driven and relationship-based, generating revenue through development fees, long-term asset ownership, property management fees, and leasing commissions. Projects are delivered through direct enterprise sales to healthcare providers, joint ventures with operators (Lifepoint Rehabilitation, Kindred Healthcare, The Springs Living, Vancouver Clinic), public-private partnerships (P3s), and capital partnerships with healthcare REITs (Ventas) and institutional investors (Harrison Street). The company's go-to-market motion relies on reputation-based referrals from health system leadership, industry visibility via HREI awards (11 finalists and 7 winners over 8 years), and established relationships with marquee clients including CommonSpirit Health, Providence St. Joseph Health, Sutter Health, Kaiser Permanente, UCLA Health, UChicago Medicine, and Palomar Health. Leadership is provided by President Mark D. Toothacre (since 2007) alongside partners John Hussey, Jake Rohe, and Ben Ryan.

Name

PMB

Legal name

PMB LLC

Website

https://pmbllc.com

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

101–250 employees

Short description

PMB is a privately-held healthcare real estate developer founded in 1971 that builds, owns, and manages medical office buildings, inpatient rehabilitation hospitals, behavioral health campuses, and senior living communities for health systems, hospitals, and medical groups across the Western United States.

Ownership category

akta.pro rank

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Healthcare Real Estate Development: PMB develops healthcare real estate projects for health systems, hospitals, medical groups, and senior living providers. Revenue is generated through development fees, equity returns from long-term ownership, and leasing commissions. PMB maintains long-term ownership of assets rather than relying on asset sales to meet investment objectives.
2. Asset and Property Management: PMB Real Estate Services (PMB RES) manages PMB's own portfolio as well as properties for clients. Revenue is generated through property management fees. PMB manages nearly 5 million square feet of medical facilities across 66+ medical facilities.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

PMB is a full-service healthcare real estate development company that develops, finances, owns, and manages medical facilities for health systems, hospitals, medical groups, specialty providers, academic medical centers, and senior living providers across the continuum of care. The firm handles long-term ownership, deal documentation, land use entitlements, leasing, equity and debt financing, design management, construction management, and asset/property management through its PMB Real Estate Services (PMB RES) subsidiary.

Product overview

PMB is a healthcare real estate development company offering a comprehensive suite of services across the healthcare continuum of care. The company's core offerings include healthcare facility development (medical office buildings, inpatient rehabilitation facilities, senior living communities, and behavioral health campuses), supported by its property management subsidiary PMB Real Estate Services (PMB RES). PMB focuses on long-term ownership of assets and provides in-house capabilities spanning development, planning, design, finance, accounting, land use, legal, construction management, and long-term property management. The company works with health systems, hospitals, medical groups, specialty providers, academic medical centers, and senior living providers to develop facilities across the continuum of care including inpatient, outpatient, post-acute, and senior living segments.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Real Estate Development Full-service healthcare real estate development services spanning long-term ownership, deal documentation, land use entitlements, leasing, equity and debt financing, design management, construction management, and asset/property management. Targeted at health systems, hospitals, medical groups, specialty providers, academic medical centers, and senior living providers.
• PMB Real Estate Services (PMB RES) Property and asset management subsidiary that manages PMB's healthcare facilities with demonstrated lower operational expenses, higher tenant satisfaction, and a Culture of Caring approach to maximize patient experience and staff fulfillment. Manages nearly 5 million square feet of medical facilities across 66+ medical facilities.
• Medical Office Buildings (MOB) Development of medical office buildings across various categories including outpatient facilities, ambulatory surgery centers, clinics, and academic medical facilities for health systems and medical groups.
• Inpatient Rehabilitation Facilities (IRF) Development of inpatient rehabilitation hospitals and facilities serving patients with strokes, spinal injuries, brain injuries, and amputations, typically delivered through joint ventures with health systems and operating partners such as Lifepoint Rehabilitation and Kindred Healthcare.
• Senior Living Communities Development of senior living communities including independent living, assisted living, and memory care units delivered in partnership with senior living operators across multiple markets in the western United States.
• Behavioral Health Campus Development Development of behavioral health campuses providing a continuum of care from urgent treatment to supportive housing, exemplified by large-scale public behavioral health projects for county and university health systems.

Quantifiable outcome

• 40 projects and over 4 million square feet of medical office building development overseen by President Mark Toothacre since 2007
• +3 more outcomes

Named customers26 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

15 partnerships are on record, tiered core.

• The Springs LivingcoreStrategic or Co-development PartnerPMB and The Springs Living partnered on The Springs Living at Issaquah Highlands, a 225-residence senior living community (329,250 SF, five-story) in Washington State adjacent to Swedish Issaquah Medical Center. This marks The Springs Living's first entry into the Seattle market as its 24th community overall, expected to open in late 2028.
• Abrazo HealthcoreStrategic or Co-development PartnerPMB and Abrazo Health partnered on the Abrazo Health Litchfield Medical Building in Goodyear, Arizona – the first combination medical building and inpatient rehabilitation facility in Goodyear (46,000 SF, 24 beds). PMB developed the project and Abrazo Health operates the facility.
• El Camino HealthcoreStrategic or Co-development PartnerPMB and El Camino Health partnered on the El Camino Health Rehabilitation Hospital in Sunnyvale, CA (64,000 SF, 52 private rooms, opening spring 2027).
• Lifepoint RehabilitationcoreStrategic or Co-development PartnerLifepoint Rehabilitation is PMB's operating partner for rehabilitation hospitals including El Camino Health Rehabilitation Hospital (Sunnyvale) and UCI Health Rehabilitation Hospital (Irvine).
• Madison MarquettecoreChannel Partner/ Reseller/ DistributorMadison Marquette handles leasing alongside PMB for projects such as the Helen Caloggero Women's & Family Center.
• Vancouver CliniccoreStrategic or Co-development PartnerPMB entered a joint venture with Vancouver Clinic to develop an 80,225 SF, $75M clinic in Salmon Creek, WA – Vancouver Clinic's 12th location, designed to provide a clinic within 10 minutes of every resident in Clark County, WA.
• UCI HealthcoreStrategic or Co-development PartnerPMB partnered with UCI Health and Lifepoint Rehabilitation on the UCI Health Rehabilitation Hospital in Irvine, CA (68,000 SF, 52-bed inpatient facility).
• Kindred HealthcarecoreStrategic or Co-development PartnerKindred Healthcare operates multiple inpatient rehabilitation facilities developed by PMB, including Palomar Health Rehabilitation Institute and UC Davis Rehabilitation Hospital.
• Palomar HealthcoreStrategic or Co-development PartnerPalomar Health partnered with PMB and Kindred Healthcare on the $44M Palomar Health Rehabilitation Institute – a 52-bed free-standing inpatient rehabilitation facility in Escondido, CA.
• UC Davis HealthcoreStrategic or Co-development PartnerUC Davis Health partnered with PMB and Kindred Healthcare on a 52-bed, 58,600 SF inpatient rehabilitation facility (UC Davis Rehabilitation Hospital) on the UC Davis Sacramento campus.
• Riverside University Health System (RUHS)coreStrategic or Co-development PartnerPMB partnered with RUHS on The Wellness Village at Mead Valley, a $580M, 445,000+ SF behavioral health campus in Mead Valley, CA – one of PMB's largest projects.
• City of HopecoreChannel Partner/ Reseller/ DistributorCity of Hope leases approximately 25,000 SF in San Antonio Regional Hospital's new MOB for a community cancer center offering radiation therapy, infusion, surgical oncology, and clinical trials.
• Phoenix Children's HospitalcoreStrategic or Co-development PartnerPhoenix Children's Hospital anchored Mercy Gilbert Medical Plaza II with approximately 56,000 SF of clinical and administrative space, supporting the women and children's pavilion at the Mercy Gilbert Medical Center campus.
• Bayside Realty PartnerscoreChannel Partner/ Reseller/ DistributorBayside Realty Partners handles leasing for the 1100 Van Ness building in San Francisco alongside PMB.
• Cushman & Wakefield/PicorcoreChannel Partner/ Reseller/ DistributorCushman & Wakefield/Picor handles leasing for St. Mary's Medical Pavilion in Tucson, AZ.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hammes Partners: Hammes Partners is a healthcare-focused real estate consulting and development firm that advises health systems on strategy, planning, and project delivery. It is one of PMB's most direct competitors in healthcare real estate advisory and development services.
• NexCore Group: NexCore Group is a national healthcare real estate developer specializing in MOBs, ambulatory care, and inpatient facilities for health systems. It competes head-to-head with PMB for the same enterprise health system client base and project types.
• Rendina Healthcare Real Estate: Rendina is a privately-held healthcare real estate development firm focused on MOBs, ambulatory surgery centers, and specialty hospitals. Comparable to PMB in scale and target customer (health systems and physician groups), with similar project mix across the continuum of care.
• Anchor Health Properties: Anchor Health Properties is a national healthcare real estate development and investment firm focused on outpatient medical facilities and MOBs. Directly comparable to PMB's MOB and outpatient development business.
• MedProperties Holdings: MedProperties is a healthcare real estate private equity and development firm focused on medical office buildings and outpatient facilities. Comparable to PMB in its blend of development and long-term ownership of healthcare real estate.
• Caddis: Caddis is a healthcare-focused real estate developer that builds and owns medical office buildings, ambulatory facilities, and specialty healthcare properties for health system clients. Directly comparable to PMB's MOB and continuum-of-care development business model.

Broad incumbents

• Ventas: Ventas is a leading S&P 500 healthcare REIT and an active capital partner of PMB on projects including 1100 Van Ness and Mercy Gilbert Medical Plaza II. It is a broad incumbent in healthcare real estate ownership at a scale substantially larger than PMB.
• Healthpeak Properties: Healthpeak Properties is a large diversified healthcare REIT (formed via the Physicians Realty Trust merger) with a substantial medical office building portfolio. It is a broad incumbent in the same healthcare facility category PMB develops, though at materially larger scale.
• Welltower: Welltower is one of the largest US healthcare REITs with significant senior housing, post-acute, and outpatient exposure. Comparable to PMB at a category level (especially PMB's senior living and post-acute development) but operates at vastly greater scale.
• Healthcare Realty Trust: Healthcare Realty Trust is a publicly-traded REIT focused on outpatient medical facilities and MOBs leased to health systems. Directly comparable to PMB's MOB focus, but as a publicly-traded owner/operator at much larger scale rather than an active developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PMB