Healthcare

HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M

by John Nelson September 10, 2019

CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …

September 10, 2019

Santa-Ana-Tustin-Medical-Pavilion-Tustin-CA

Acquisitions California Healthcare Office Western

Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works September 9, 2019

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

September 9, 2019

Acquisitions California Healthcare Office Western

REDA Sells Two-Building Medical Office Complex in Southern California

by Amy Works September 4, 2019

NEWPORT BEACH, CALIF. — Newport Beach-based Real Estate Development Associates (REDA) has completed the disposition of Newport Heights Medical Center (NHMC), a 59,978-square-foot Class A medical office campus located in Newport Beach. LaSalle Investment Management acquired the fully leased asset for an undisclosed price. Built in 2017, NHMC consists of Building One, a 18,303-square-foot building located at 20350 Birch St., and Building Two, a 41,675-square-foot asset located at 20360 Birch St. Current tenants includes Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE represented the seller in the deal. REDA acquired the four-acre site in 2015 for $8.8 million and proceeded to re-entitle the land for construction of two two-story medical office buildings. The development team included Bank of the West, Bascom Group, Westminster Funds, Millie Severson and California Commercial.

September 4, 2019

Development Healthcare Texas

Equity Completes 40,000 SF Medical Office Building Near Austin

by Taylor Williams August 28, 2019

LAKEWAY, TEXAS — Full-service real estate firm Equity has completed a 40,000-square-foot medical office building at 101 Medical Parkway in Lakeway, located northwest of Austin. The project represents Phase I of the Lakeway Medical Village development. The building is open for business and houses physician groups and outpatient service providers including Premier Family Physicians, Texas Orthopedics, Urology Austin and Texas PT Specialists.

August 28, 2019

Development Healthcare Texas

Jacob White Construction Breaks Ground on 52,000 SF Healthcare Project in Metro Houston

by Taylor Williams August 27, 2019

BELLAIRE, TEXAS — Jacob White Construction has broken ground on Bissonnet Medical Plaza, a 52,000-square-foot healthcare project in Bellaire, a southwestern suburb of Houston. Building features will include a patient drop-off area, gurney-sized elevators and both surface level and garage parking. Completion is slated for the fourth quarter of 2020. JLL will handle leasing of the property.

August 27, 2019

Development Healthcare Midwest Nebraska

Darland Nears Completion of 130,000 SF Medical Office Building in Norfolk, Nebraska

by Kristin Harlow August 27, 2019

NORFOLK, NEB. — Darland Construction Co. is nearing completion of a four-story, 130,000-square-foot medical office building in Norfolk in eastern Nebraska. The facility will be known as the Faith Regional Health Services South Medical Office. The first floor will include an outpatient surgery center with six operating rooms and more than 20 patient rooms. The orthopedics department will be housed on the second floor and feature 40 specialized exam rooms, multiple X-Ray rooms and staff offices. The third floor will include the women’s health and pediatrics departments. The fourth floor will be home to surgical specialties, including ear, nose and throat, gastroenterology, general surgery, pain management, rheumatology and urology. The building is connected by a skywalk to the main hospital campus. Completion is slated for later this year. Avant Architects is the project architect.

August 27, 2019

Acquisitions California Healthcare Office Western

LaSalle Investment Management Buys 89,650 SF Medical Office Property in Orange County

by Amy Works August 22, 2019

BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.

August 22, 2019

Front-Medical-Office-Park-Westminster-CO

Acquisitions Colorado Healthcare Office Western

Unique Properties Brokers $3.3M Sale of Medical Office Park in Colorado

by Amy Works August 21, 2019

WESTMINSTER, COLO. — Unique Properties/TCN Worldwide has arranged the sale of Front Range Medical Office Park, a four-building property located at 8402-8406 Clay St. and 8403-8407 Bryant St. in Westminster. An undisclosed buyer acquired the complex from an undisclosed seller for $3.3 million, or $253.26 per square foot. Situated on 2.2 acres, the asset features 13,030 square feet of medical office space. At the time of sale, the property was fully occupied by two medical tenants with long-term leases. Sam Leger and Tim Finholm of Unique Properties/TCN Worldwide represented both parties in the transaction.

August 21, 2019

Development Healthcare South Carolina Southeast

Hammes Breaks Ground on 70,000 SF Medical Office Building Near Hilton Head Island

by Alex Tostado August 15, 2019

OKATIE, S.C. — Hammes Co. has broken ground on a 70,000-square-foot medical office building in Okatie. Scheduled to open in late 2020, the three-story building will expand services in the surrounding area and supplement Beaufort Memorial’s existing acute care regional hospital. The new facility will provide primary care, OB-GYN, orthopedics, urgent care, cardiology, gastroenterology, neurology, vascular and general surgery, a breast health center, outpatient rehabilitation, laboratory and imaging services and a full-service cancer center. Hammes will develop, own and manage the property. Okatie is located 15 miles west of Hilton Head Island.

August 15, 2019

Acquisitions Georgia Healthcare Southeast

Regional Health Properties Sells Three Skilled Nursing Facilities Nationwide for $24.1M

by Alex Tostado August 8, 2019

SUWANEE, GA. — Suwanee-based Regional Health Properties (RHP) has sold three of four skilled nursing properties located in Oklahoma, Alabama and Georgia to affiliates of MED Healthcare Partners. The four-property transaction was previously disclosed by RHP in April. The three properties were sold for $26.1 million in a cash deal. RHP and MED agreed to extend the closing date on the fourth property located in Oklahoma to Sunday, Aug. 18. RHP used the cash proceeds from the sale to pay approximately $1 million in outstanding interest, fees and other costs and to repay $24.7 million in debt, which was secured by the four skilled nursing facilities, subject to the purchase and sale agreement. As a result of such repayment, RHP has paid back all debt owing to Pinecone Realty Partners II and Congressional Bank. For a period of three months following the repayment, Pinecone will continue to hold a right of first refusal to provide first mortgage financing for any acquisition of a healthcare facility by RHP and an exclusive option to refinance the company’s existing first mortgage loan on RHP’s Coosa Valley Health Care facility.

August 8, 2019

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