Healthcare

Montecito Medical Buys Medical Office Building in Lynchburg, Virginia in Sale-Leaseback Deal

by Alex Tostado August 6, 2019

LYNCHBURG, VA. — Montecito Medical has bought an 88,000-square-foot medical office building (MOB) in Lynchburg from OrthoVirginia in a sale-leaseback. Constructed in 2008, the facility was a build-to-suit for OrthoVirginia, which fully occupies the MOB. The building is located at 2405 Atherholt Road, less than a mile from Lynchburg General Hospital. OrthoVirginia provides services including general orthopedics, physical therapy, sports medicine and care for joint replacement patients. The sales price was not disclosed.

August 6, 2019

Acquisitions Healthcare Retail Texas

TIG Real Estate Sells 75,000 SF Retail, Medical Office Property in Metro Houston

by Taylor Williams August 1, 2019

PEARLAND, TEXAS — TIG Real Estate Services has sold Sunrise Lake, a 74,612-square-foot retail and medical office property located in the southern Houston suburb of Pearland. Sunrise Lake offers roughly 50,000 square feet of office/medical office space and approximately 24,500 square feet of retail space, which was a combined 86 percent leased at the time of sale. Dan Miller, John Indelli and Bryan Strode of JLL represented TIG in the transaction and procured the undisclosed buyer.

August 1, 2019

Acquisitions Healthcare Midwest Multifamily Northeast Ohio Seniors Housing Southeast Texas Top Stories Western

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

by Alex Tostado August 1, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …

August 1, 2019

Development Healthcare Midwest North Dakota

Kraus-Anderson Completes Construction of $12M Ambulatory Surgical Center in North Dakota

by Kristin Harlow July 30, 2019

BISMARCK, N.D. — Kraus-Anderson Construction Co. has completed construction of a new ambulatory surgical center for Bismarck Surgical Associates at 106 E. Greenfield Lane in Bismarck. The new facility will provide same-day surgical procedures. Designed by Sperides Reiners Architects, the $12 million facility features five operating rooms and 20 pre-operation and recovery rooms. The 36,450-square-foot property also includes a sterile processing area and decontamination room as well as an administrative area. The basement houses all mechanical, electrical and medical support equipment.

July 30, 2019

Development Healthcare Texas

Kelsey-Seybold to Open 37,000 SF Healthcare Clinic in Metro Houston

by Taylor Williams July 30, 2019

KATY, TEXAS — Multi-specialty healthcare provider Kelsey-Seybold will open a 37,000-square-foot clinic at Grand Morton Town Center, a 91-acre development by NewQuest Properties in the western Houston suburb of Katy. The two-story clinic is slated to be complete in April 2020 and has the capacity for 17,000 square feet of future expansion.

July 30, 2019

Development Healthcare Indiana Midwest

Cornerstone Develops New Facility for Goodman Campbell in Carmel, Indiana

by Kristin Harlow July 29, 2019

CARMEL, IND. — Cornerstone Cos. Inc. has completed the development and construction of a 38,537-square-foot medical office building for Goodman Campbell Brain and Spine in Carmel. The build-to-suit facility comprises medical office, treatment and administrative services. The building sits along U.S. 31 in the Meridian Corridor and includes covered physician parking. Goodman Campbell Brain and Spine specializes in neurosurgery.

July 29, 2019

Acquisitions Healthcare Texas

CBRE Negotiates Sale of 120,596 SF Medical Office Building in Metro Houston

by Taylor Williams July 29, 2019

SUGAR LAND, TEXAS — CBRE has negotiated the sale of CHI St. Luke’s Health Sugar Land Medical Plaza, a 120,596-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The five-story building is situated within the CHI St. Luke’s hospital campus. Shane Seitz, Chris Bodnar, Lee Asher, Ryan Lindsley, Sabrina Solomiany and Nelson Udstuen of CBRE represented the seller in the transaction. The buyer and other terms of sale were not disclosed.

July 29, 2019

Acquisitions Healthcare Indiana Midwest

Caddis, Invesco Acquire 41,205 SF Medical Office Building in Indianapolis

by Kristin Harlow July 26, 2019

INDIANAPOLIS — A joint venture between Caddis and a client of Invesco Real Estate has acquired the 41,205-square-foot Hand to Shoulder Center in Indianapolis. The single-tenant medical office building and ambulatory surgery center is located at 8501 Harcourt Road. The property serves as the headquarters for 10 additional Hand to Shoulder locations throughout metro Indianapolis. The center opened in 1971 and now serves more than 50,000 patients annually. BMO Harris Bank’s Healthcare Real Estate Finance group provided financing for the acquisition.

July 26, 2019

Acquisitions California Healthcare Office Western

NAI Capital Brokers $5.5M Sale of Medical Office Building in Southern California

by Amy Works July 19, 2019

LOS ALAMITOS, CALIF. — NAI Capital has arranged the sale a medical office building, located at 10921 Cherry St. in Los Alamitos. Nautica LLC sold the property to ABG Property 1 LLC for $5.5 million, or $759 per square foot. The three-story property features 7,250 square feet of medical office space. At the time of sale, Los Alamitos Medical Surgery Center and Ocean Pacific Surgery Center fully occupied the building. Steve Body and Grant Bullen of NAI Capital’s Investment Services Group represented the seller in the deal.

July 19, 2019

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $52M Expansion of Hospital in Mora, Minnesota

by Kristin Harlow July 18, 2019

MORA, MINN. — Kraus-Anderson Construction Co. has completed a $52 million expansion of FirstLight Health System in Mora, about 75 miles north of Minneapolis. Designed by DSGW Architects, the renovation includes a new main entry and common area, eye clinic, lab, chemotherapy and radiology spaces, IT facilities, administration offices and gift shop. A two-story addition features a new rehabilitation area with a therapy pool, food-service kitchen, cafeteria and inpatient pharmacy. It also includes new units for births, medical surgeries and ICU. Another two-story addition features a new emergency department, community pharmacy, ambulance garage and fitness center. A separate one-story addition comprises clinical exam rooms. Exterior upgrades include new parking areas, relocation of the helipad and improved access from the highway. All hospital services were in full operation during the entire duration of the multi-phased, 25-month project. The original hospital was built in 1943, with additions completed in 1960, 1970, 1995, 2002 and 2007.

July 18, 2019

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