Healthcare

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado September 23, 2019

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

September 23, 2019

Development Healthcare Michigan Midwest

HED Designs $9M Heart Center at Beaumont Hospital in Royal Oak, Michigan

by Kristin Harlow September 23, 2019

ROYAL OAK, MICH. — HED has completed the design of the new Max and Debra Ernst Heart Center at Beaumont Hospital in Royal Oak, a northern suburb of Detroit. The firm led the architecture, engineering and interior design for the 14,000-square-foot, $9 million hospital addition. The project consolidates cardiac care, particularly for patients with heart failure, into a convenient and comprehensive facility. The addition is home to 12 patient care rooms, an echocardiogram room, vascular room, stress testing room and two treatment rooms. It is designed to treat 100 patient visitors per day.

September 23, 2019

Development Healthcare Michigan Midwest Top Stories

Michigan Medicine to Develop $920M Hospital in Ann Arbor

by Alex Patton September 20, 2019

ANN ARBOR, MICH. — Michigan Medicine, a health and hospital system affiliated with the University of Michigan, has announced plans to develop a new adult hospital and surgical care facility near the university in Ann Arbor. Construction of the $920 million project will begin in October, with completion slated for fall 2024. The 690,000-square-foot facility will offer state-of-the-art neurological and neurosurgical care, as well as acute cardiovascular services. Michigan Medicine cites a high demand for acute care and more private rooms as primary reasons for the construction, as well as its current facilities frequently operating at capacity. “We are proud to be at the forefront of innovation with a new hospital that will support the extraordinary work of our faculty, nurses and other providers and our research community,” says Marschall Runge, executive vice president of medical affairs for University of Michigan, dean of the medical school and CEO of Michigan Medicine. “It’s an investment in Michigan Medicine’s mission of advancing health to serve Michigan and the world.” Across 12 floors, the new hospital will house 264 private rooms, 20 operating rooms and three interventional radiology suites. Other occupants of the new space will include anesthesiology, pharmacy, speech language pathology and …

September 20, 2019

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers $4.3M Sale of Two-Building Medical Asset in Toledo, Ohio

by Kristin Harlow September 19, 2019

TOLEDO, OHIO — Cooper Commercial Investment Group has brokered the sale of a two-building medical asset anchored by Bon Secours Mercy Health in Toledo for $4.3 million. The property is fully leased. Dan Cooper of Cooper Group represented the seller, a private investment group. Cooper also procured the buyer, a Texas-based medical real estate company. The sales price represents a cap rate of 8.1 percent.

September 19, 2019

Acquisitions Healthcare Kansas Midwest

VanTrust Sells 76,332 SF Medical Office Building in Overland Park, Kansas

by Kristin Harlow September 18, 2019

OVERLAND PARK, KAN. — VanTrust Real Estate LLC has sold a 76,332-square-foot medical office building in Overland Park for an undisclosed price. The Class A property is located at 6650 W. 110th St. VanTrust developed the property in 2017. It is currently 92 percent occupied. Keith Baker of CBRE represented the buyer, Griffin-American Healthcare REIT IV Inc., a non-traded real estate investment trust. After the sale, CBRE was awarded leasing and property management assignments. Baker will handle leasing while Stacy Oldham will oversee management. As of June 30, Griffin-American Healthcare REIT IV’s portfolio totaled 4.1 million square feet in 24 states.

September 18, 2019

Features Healthcare

Top Three Reasons Healthcare Real Estate is Recession-Resistant

by Alex Tostado September 18, 2019

This has been a roller coaster of a year when it comes to the economy, and many are talking about the potential of a recession happening very soon. According to the Conference Board Consumer Confidence Index, August has been just slightly down. Consumer spending makes up 70 percent of the U.S. economy. If sentiment moves down, consumers and purchasing managers begin to curtail spending and an economic slowdown is inevitable. Unfortunately, the more the news and articles focus on the impending recession, the more it becomes a self-fulfilling prophecy. Other signs that point toward a potential recession include an unemployment rate that is at the lowest point in 49 years, trade wars that are causing material prices to increase, and geopolitical unrest abroad that could have a huge impact on the U.S. economy. On the bright side, wages appear to be moving up, initial unemployment claims remain low, interest rates support continued investment and inflation remains in check. There is a close correlation between real estate values and the health of the U.S. economy, but like most things, it is quite nuanced. As companies retract and give back space, occupancies fall and therefore so does the value of commercial real estate. …

September 18, 2019

Acquisitions Healthcare New Jersey Northeast Office

Atlantic Health System Buys Medical Office in Rockaway, New Jersey, for $26M

by Alex Patton September 16, 2019

ROCKAWAY, N.J. — Atlantic Health System has purchased Morristown Medical Center Health Pavilion, a 92,326-square-foot medical office building in Rockaway, located approximately 35 miles west of New York City, for $26 million. The building opened in 2016, and the Atlantic Health System was the sole occupant at the time of sale. JLL’s Jose Cruz and Ben Appel represented the seller in the transaction.

September 16, 2019

California Development Healthcare Office Western

BioMed Realty, UC San Diego Open $92M Center for Novel Therapeutics in San Diego

by Amy Works September 10, 2019

SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.

September 10, 2019

Arizona Development Healthcare Western

Banner Health Selects NexCore Group to Develop 130,000 SF Health Center in Arizona

by Amy Works September 10, 2019

GLENDALE, ARIZ. — Arizona-based Banner Health has selected NexCore Group, a national healthcare real estate firm, to develop its newest multi-specialty health center. Situated on 17.5 acres within the Aspera mixed-use development in Glendale, Banner Health Center will feature 130,000 square feet of medical office space. The three-story facility will offer clinical services including family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN, as well as lab, pharmacy and imaging services. Groundbreaking is slated for January, with a grand opening scheduled for early 2021.

September 10, 2019

Healthcare Leasing Activity Massachusetts Northeast Office

Bulfinch Negotiates Three Medical Office Leases Totaling 134,816 SF Near Boston

by Alex Patton September 10, 2019

CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.

September 10, 2019

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