Healthcare

DOWNERS GROVE, ILL. — Ann & Robert H. Lurie Children’s Hospital of Chicago has begun plans to develop a low-acuity pediatric hospital in Downers Grove, a western suburb of Chicago. The proposed hospital will include a pediatric emergency department, surgery sites, inpatient beds and pediatric subspecialties such as oncology, cardiology, gastroenterology and orthopedics. The new facility would be Lurie Children’s first inpatient hospital outside its main location in Chicago’s Streeterville neighborhood. Lurie Children’s says the Downers Grove hospital represents a key component of its strategic growth initiatives, reflecting the organization’s evolution from a single hospital into an integrated pediatric healthcare system. The announcement comes on the heels of Lurie Children’s opening a new outpatient center in Schaumburg in 2025. In addition to its flagship hospital in Chicago, Lurie Children’s offers care through more than 20 outpatient centers and 10 partner hospitals across Chicagoland. A design-build team led by Clayco will also include healthcare design and construction expertise from Skender, ZGF and LJC. The project is subject to regulatory approvals.

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DOVER, OHIO — Marcus & Millichap has arranged the $3.5 million sale of a 34,658-square-foot medical office building in Dover, about 45 miles south of Akron. The 10-suite property is situated on 5 acres at 340 Oxford St. Built in 2001, the facility is leased to healthcare providers, including OrthoUnited, Trinity Hospital, Retina Associates of Cleveland and Aultman Hospital. The asset is located one mile from Cleveland Clinic Union Hospital. OrthoUnited, the anchor tenant, recently invested more than $1.5 million into its 27.7 percent share of the building. Ryan Moore, Christopher Mitchel and Billy Skoch of Marcus & Millichap represented the seller, an Ohio-based private investor.  The buyer was not released.

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GARDEN CITY, N.Y. — Intercontinental Real Estate Corp. has sold a 127,496-square-foot healthcare and retail building in Garden City, located on Long Island. The site spans 2.3 acres at 1300 Franklin Ave., and the building was originally constructed in the 1960s and renovated in 2007. Jose Cruz, Jeremy Neuer and David Leviton of JLL represented Intercontinental in the transaction. The buyer and sales price were not disclosed. The building was 78.5 percent leased at the time of sale.

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SCOTTSDALE, ARIZ. — A partnership between Hammes and Phoenix-based NOVO Development has broken ground for construction of a 34,000-square-foot medical office building in Scottsdale. The property will serve as an anchor component of the new 43-acre Sierra Bloom mixed-use wellness campus. The building’s anchor tenant will be Arizona Sports Medicine Center (ASMC), which is part of Abrazo Medical Group, a division of Abrazo Health. Occupying a majority of the new space, ASMC will offer sports medicine, imaging and other advanced medical services designed to meet the growing healthcare needs of the Scottsdale community. The medical office building is slated for completion in third-quarter 2026, with a topping out ceremony scheduled for late March.

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GRAND RAPIDS, HOLLAND, NORTON SHORES AND BIG RAPIDS, MICH. — Cushman & Wakefield has brokered the $56 million sale of the Michigan OneOncology Cancer Center portfolio, a five-property portfolio totaling 152,289 square feet across western Michigan. The oncology-focused medical outpatient buildings, located in Grand Rapids, Holland, Norton Shores and Big Rapids, were fully leased at the time of sale. OneOncology operates the centers in partnership with The Cancer & Hematology Centers. The facilities are situated near Corewell Health and Trinity Health hospitals. Each property serves as a treatment hub with infusion bays, onsite radiation oncology and specialty pharmacy services. Gino Lollio, Travis Ives, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, a group of physicians and investors associated with the operating practice of the facilities.

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SUGAR LAND, TEXAS — A partnership between Dallas-based Lincoln Property Co. and PGIM Real Estate has purchased Imperial Medical Center, a 129,000-square-foot healthcare property located in the southwestern Houston suburb of Sugar Land. The facility was built in 1994 in proximity to multiple hospital campuses and is home to users such as Memorial Hermann, Alpha Surgical Center and Texas Advanced Imaging. The seller was a partnership between Pinecroft Realty and Harrison Street Asset Management.

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ESCONDIDO, CALIF. — CBRE has brokered the sale of Valley Parkway Health Center, a medical office building located at 488 E. Valley Parkway in Escondido. Neighborhood Healthcare acquired the asset for $36.4 million. Lars Eisenhauer and Dan Henry of CBRE represented the undisclosed seller, while Chris Ross and Ben Schiesl of JLL represented the buyer in the deal. The four-story, 72,000-square-foot multi-tenant facility includes an ambulatory surgery center, endoscopy center, onsite pharmacy and cardiology lab services.

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WICHITA, KAN. — Marcus & Millichap has brokered the $18.7 million sale of a cardiology medical office building in Wichita. Located at 3535 N. Webb Road, the 40,912-square-foot property is home to Heartland Cardiology. Spencer Koch, Christopher Biuso, Rory Shelby, Scott Gould and Colby Haugness of Marcus & Millichap represented the seller and procured the buyer.

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ROSEMONT, ILL. — Lee & Associates of Illinois has expanded its Chicago-area office brokerage group with the launch of a dedicated healthcare real estate division. The firm has welcomed three professionals — Principals Peter Cangialosi and Doug Pauly, and Associate Austin York — who bring more than 35 years of combined experience representing healthcare providers, investors and property owners across the Midwest. The team was most recently at Oak Brook, Ill.-based Joseph Rossi & Associates Inc. Lee & Associates of Illinois’ new healthcare division provides comprehensive brokerage and advisory services, including tenant and landlord representation, investment sales, site selection and acquisition support.

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INDIANA, LOUISIANA, WISCONSIN AND KANSAS — W. P. Carey has acquired four inpatient rehabilitation facilities (IRF) located in Indiana, Louisiana, Wisconsin and Kansas for $137 million. New Era Cos. and WB Development Partners developed and owned the 191,000-square-foot portfolio. The properties are triple-net leased to NewEra Nobis Operations Holdings, a healthcare provider specializing in comprehensive rehabilitation services for patients recovering from debilitating illnesses and injuries. The weighted average lease term is 17 years with fixed annual rent increases. As part of the transaction, W. P. Carey is also funding a 10-bed expansion of the Kansas facility. Nobis Rehabilitation Parters manages the properties. The inpatient rehabilitation sector largely serves elderly and Medicare-eligible individuals. IRFs typically provide shorter lengths of stay and superior health outcomes relative to other post-acute options, according to W. P. Carey.

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