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AcquisitionsConnecticutHealthcareIndustrialMultifamilyNew JerseyNew YorkNortheastRetail

Cushman & Wakefield Arranges $450M Sale of Tri-State Commercial Portfolio

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has arranged the $450 million sale of a four-property commercial portfolio located throughout the greater New York City area. The portfolio comprises existing multifamily, retail, healthcare and industrial buildings spanning roughly 4 million square feet, as well as multiple development sites totaling roughly 300 acres, in the following markets: East Fishkill, N.Y., Edgewater, N.J., Norwalk, Conn. and Yonkers, N.Y.   Specifically, the portfolio includes iPark 84, a 270-acre, 1.8 million-square-foot industrial campus in East Fishkill that was originally built to be IBM’s flagship semiconductor manufacturing plant and can support another 1.5 million square feet of new development. Other properties within the portfolio include Edgewater Harbor, a 262-unit waterfront apartment complex with 60,000 square feet of retail space; a 400,000-square-foot mixed-use development in Norwalk that is anchored by a Northwell Health medical outpatient facility; and Trilogy Lofts, a newly constructed, 97-unit apartment building in Yonkers. Andy Merin, Frank DiTommaso and Ryan Dowd of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership between New York-based Saber-Hightower, Waterfall Asset Management and Dallas-based Lincoln Property Co. John Alascio, Alex Hernanez, Brad Domenico, Chuck Kohaut and Mitch Rothstein, also with Cushman …

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ER-Chart-1
HealthcareMarket ReportsTexasTexas Market Reports

How The No Surprises Act Created New Economics for Emergency Care Real Estate in Texas

by Taylor Williams

By Sean Anderson, senior associate, Partners Real Estate When Congress passed the No Surprises Act (NSA) in December 2020, the goal was straightforward: protect patients from the exorbitant, unpredictable bills that had become synonymous with emergency care and rein in some of the pricing power that out-of-network physicians and freestanding facilities had come to enjoy. On paper, the law delivered. By requiring that out-of-network emergency treatment be billed at the same rate a patient would owe for in-network care, the NSA eliminated an estimated 10 million surprise bills in just the first nine months of 2023 and pushed down the overall cost of emergency room (ER) procedures across the board, according to the second annual report to Congress from the U.S. Department of Health and Human Services. For patients, it was an unambiguous win. For the physician groups and real estate operators that had built business models around emergency medicine, however, the law landed as a direct hit to the bottom line. Out-of-network reimbursements initially fell by roughly 40 percent, according to an FTI Consulting analysis of the provider side of the law, and bankruptcy filings for healthcare operators hit their highest level in five years, tripling from 2021 to …

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55-E-California-Blvd-Pasadena-CA
AcquisitionsCaliforniaHealthcareLeasing ActivityWestern

Meridian Acquires Pasadena Medical Office Building for $13.3M, Arranges Long-Term Lease With Huntington Health

by Amy Works

PASADENA, CALIF. — Meridian has acquired 55 East California Boulevard, a medical office building located adjacent to Huntington Hospital in Pasadena, for approximately $13.3 million. Concurrent with the purchase, Meridian finalized a long-term lease with The Huntington Physicians, an affiliate of Huntington Health and Cedars-Sinai Health System, for the entire second floor of the 32,052-square-foot property. Meridian entered escrow on the property in September 2025 and worked with the City of Pasadena to update its zoning code to permit medical office use as a conforming use within the applicable zoning district. As part of the repositioning effort, Meridian has arranged a new 10-year lease with The Huntington Medical Foundation covering approximately 10,619 square feet on the building’s second floor. Angie Weber of CBRE represented Meridian, while Jackie Benavidez and Damon Feldmeth of CBRE represented Huntington Medical Foundation in the lease transaction. Mark Shaffer and Cody Chiarella of CBRE represented Meridian in the sale transaction.

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AcquisitionsFloridaHealthcareSoutheast

Transwestern Arranges $65M Sale of Medical Outpatient Building in Downtown Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Transwestern has arranged the $65 million sale of Southbank Medical Pavilion, a 493,012-square-foot medical outpatient building located at 841 Prudential Drive in downtown Jacksonville. The buyer, Baptist Health, operates its flagship hospital campus adjacent to the 22-story property. Steve Leathers, Bill Boyd, Seth Gilford, Jake Jordan, Angela Heidman and Max Hastings of Transwestern represented the seller, Alpharetta, Ga.-based ShareMD, in the transaction. Situated on 7.9 acres along the south bank of the St. Johns River, Southbank Medical Pavilion was 94 percent leased at the time of sale.

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AcquisitionsHealthcareMichiganMidwest

Marcus & Millichap Arranges $2.1M Sale of Medical Office Property in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $2.1 million sale of East Paris Medical Center, a 10,011-square-foot, three-suite medical office property in Grand Rapids. Seth Haron, Ashish Vakhariya and Darin Gross of Marcus & Millichap represented the seller, a local private investor and retired physician. Located at 1155 E. Paris Ave. SE, the building is fully leased and anchored by Trinity Health Michigan.

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Edwards-Professional-Park-Scottsdale-AZ
AcquisitionsArizonaHealthcareLoansWestern

Cushman & Wakefield Arranges $19.9M in Acquisition Financing for Medical Office Buildings in Scottsdale

by Amy Works

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged $19.9 million in acquisition financing for Edwards Professional Park I & II in Scottsdale. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets team arranged the debt through an undisclosed regional bank on behalf of the borrower, Albany Road, a Boston-based private equity real estate investment firm. Located at 10752 N. 89th Place and 8952 E. Desert Cove Ave., Edwards Professional Park I & II features 91,469 square feet spread across two buildings. At the time of the loan closing, the buildings were 91 percent leased to 47 medical and healthcare-related tenants in fields such as dentistry, orthopedics, gastroenterology, dermatology, behavioral health, physical medicine, infusion therapy and aesthetic medicine practice.

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FeaturesHealthcareMixed-UseSoutheastSoutheast Feature ArchiveTennessee

Outpatient Care Is Becoming Valued Member of Mixed-Use Developments

by John Nelson

By Emily Buchanan of Gensler For decades, healthcare delivery was something that happened somewhere else: a hospital campus on the edge of town, a medical office park behind a parking garage, a clinic that required a car and a calendar. Today, patient expectations have shifted. Health systems chase convenience, and outpatient facilities are moving closer to where people live. For mixed-use developers, that shift represents one of the most compelling value propositions available: healthcare not as a use, but as an amenity. The case isn’t complicated. Locating outpatient clinics within a mixed-use development improves quality of life for residents, provides healthcare tenants with a stable and captive patient base and gives medical staff a commute that doesn’t erode the beginning and end of every shift. When all three outcomes land in the same project, developers are not just filling square footage; they are building a functioning community. Developer’s perspective Healthcare tenants are, by almost every measure, among the most valuable tenants a mixed-use developer can attract. They sign long-term leases, they withstand economic downturns, and they generate consistent daily foot traffic that benefits the retail and food-and-beverage tenants around them. Pharmacies, fitness studios and cafés thrive when an outpatient clinic …

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DevelopmentHealthcareMidwestMinnesota

HGA, Mortenson Complete 620,000 SF Surgical Center Addition for Allina Health in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Design firm HGA and general contractor Mortenson have completed the Richard M. Schulze Surgical and Critical Care Center, a 10-story, 620,000-square-foot addition to Abbott Northwestern Hospital in Minneapolis. The largest construction project in Allina Health’s history includes 190 private inpatient rooms. The project team worked with Allina Health to integrate new critical care spaces, including 30 advanced operating rooms purpose-built for complex procedures, into the campus’s existing facilities. HGA implemented several infrastructure and planning improvements, including a new consolidated front entrance; the renovation of 200,000 square feet within the existing hospital to integrate new and existing spaces while modernizing critical areas such as operating rooms; and new roadways to improve circulation for the hospital’s emergency department. The hospital remained fully operational throughout the construction project. The project team included multidisciplinary engineering and specialty consultants, including Jacobs. The Schulze Building will welcome its first patients on Saturday, Aug. 29.

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AcquisitionsHealthcareIllinoisIndianaMidwest

Matthews Arranges $16.1M Sale of Veterinary Portfolio in Illinois, Indiana

by Kristin Harlow

ILLINOIS AND INDIANA — Matthews has arranged the $16.1 million sale of a four-hospital veterinary portfolio in Illinois and Indiana. Michael Moreno, Rahul Chhajed and Andrew Evans of Matthews arranged the sale, with Kyle Matthews serving as broker of record. The assets total 37,718 square feet and are leased to two veterinary operators under triple net lease structures. The seller brought the portfolio to market as the down leg of a 1031 exchange, and the buyer was looking to expand its veterinary portfolio.

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DevelopmentHealthcareMidwestOhio

Cleveland Clinic Breaks Ground on $322M Expansion of Avon Campus

by Kristin Harlow

AVON, OHIO — Cleveland Clinic has broken ground on a $322 million expansion of Cleveland Clinic Avon Hospital and the Richard E. Jacobs Health Center. The multi-phase project will significantly increase the size of the campus, increase capacity across emergency, inpatient and outpatient services and introduce new capabilities and modernized facilities. Key components of the project include the expansion of the emergency department, expansion of imaging services, an expanded Cancer Center, growth of surgical services, expansion of the Richard E. Jacobs Health Center for increased outpatient care, increased medical-surgical capacity with additional inpatient beds, growth of the Intensive Care Unit and construction of a parking garage. Upon completion, the project will add roughly 250,000 square feet of clinical space across the hospital and health center. Avon Hospital opened in 2016 as a five-story, 126-bed facility. The Richard E. Jacobs Health Center, opened in 2011, currently provides advanced specialty and primary care, an outpatient surgery center, a chemotherapy infusion center, an imaging center and a large physical therapy area with two pools for aquatic therapy. The expansion is slated for completion in 2029. HKS architects designed the buildings in collaboration with Cleveland Clinic Buildings + Design and key clinical stakeholders. Gilbane …

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