PARAMUS, N.J. — New Jersey Brain & Spine will open a 16,222-square-foot clinic in the Northern New Jersey community of Paramus. The neurosurgery practice will relocate from nearby Hackensack to the 348,510-square-foot building at 650 From Road in January. Ben Brenner, David DeMatteis, and Mark Zaziski of Cushman & Wakefield represented the landlord, Onyx Equities, in the lease negotiations. Cresa is designing the space.
NORTH BERGEN, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $50 million emergency medical facility at its Palisades Medical Center campus in North Bergen. The new facility will add 17 treatment bays to the existing campus, bringing the total to 50 and doubling the aggregate footprint of the emergency department to 22,000 square feet. In addition, the facility will feature an enlarged trauma room that will accommodate three treatment bays and 15 new fast-track bays to enable medical staff to treat non-emergency patients more efficiently, as well as a dedicated area for pediatric patients and a secure area for behavioral health patients. Construction is underway and slated for a 2026 completion.
CHICAGO — Southern California-based private equity firm IRA Capital has acquired a 41,500-square-foot medical outpatient facility in Chicago’s South Loop. The purchase price was $21.8 million, according to Crain’s Chicago Business. Located at 1411 S. Michigan Ave., the facility occupies five floors of a 15-story building and is fully leased to Rush University Medical Center. Constructed in 2018 as a build-to-suit for Rush, the facility is one of the healthcare provider’s largest outpatient centers, offering both adult and pediatric primary care as well as more than 20 medical specialties. The multispecialty clinic includes 61 exam and procedure rooms and is supported by a team of over 60 physicians.
TUCSON, ARIZ. — Meridian, a full-service real estate developer and owner of medical real estate, has purchased a medical office building located at 4888 N. Stone Ave. in Tucson. An affiliate of Tenet Health sold the asset for $8 million. Situated on 9.2 acres, the 94,569-square-foot property was vacant at the time of sale. Meridian plans to renovate and upgrade the facility, which has sat vacant for 15 years. The company will convert the former inpatient cardiovascular hospital into a health center for El Rio Health, a Federally Qualified Health Center, which will occupy the building. Construction is slated to start by the end of the month, with completion scheduled for early 2026. Rick Kleiner of Cushman & Wakefield | PICOR represented the buyer and tenant, while Vince Femiano and Kate Morris of Transwestern represented the seller in the deal.
EASTON, MD. — Philadelphia-based O’Donnell & Naccarato (O&N) has broken ground on UM Shore Regional Medical Center, a 408,000-square-foot hospital and outpatient facility in the coastal Maryland city of Easton. The $550 million facility is set to open in 2028 and will fully replace the Regional Medical Center’s existing facilities. The new UM Shore Regional Medical Center will comprise a six-story, 147-bed tower (325,000 square feet), a connected two-story outpatient care facility (60,000 square feet) and a central utility plant on a 230-acre campus off Longwoods Road. The new hospital and outpatient facility will operate as part of the University of Maryland (UM) Medical System. The design-build team includes HKS Architects Inc., general contractor The Whiting-Turner Contracting Co., MEP engineer Highland Associates and civil engineer Daft McCune Walker.
HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.
PLYMOUTH, MINN. — Davis has acquired WestHealth, a three-building outpatient medical center totaling nearly 201,000 square feet in Plymouth, a western suburb of Minneapolis. The purchase price was $72 million. The campus comprises two outpatient medical buildings, an ambulatory surgical center and an emergency/urgent care facility. The buildings were 96 percent occupied at the time of sale. The anchor tenant is Allina Health, which occupies roughly 73 percent or 146,000 square feet within the property. Originally purpose-built by Allina Health and acquired by the current ownership in 2013 through a long-term ground lease, the asset has undergone expansions to meet the increasing demand for outpatient services. Eric Gundersen of Alerus Financial and Healthpeak arranged acquisition financing. Brian Bruggeman of Colliers represented Allina Health. Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett, Jesse Greshin and Ryan Watts of CBRE partnered with Steve Brown of Forte Real Estate Partners as the seller’s advisors.
NEW YORK CITY — Eastdil Secured has arranged the recapitalization of Park Sixty, a 186,000-square-foot medical office building located at 110 E. 60th St. in Manhattan’s Plaza District. The property consists of 179,000 square feet of medical office space and 7,000 square feet of retail space and recently underwent a $20 million renovation that upgraded the building’s infrastructure, lobby and common areas. Eastdil acted on behalf of Connecticut-based investment management firm LoanCore Capital, which now owns and operates Park Sixty in partnership with real estate private equity firm Blue Arch Capital and Dallas-based Lincoln Property Co.
PANAMA CITY BEACH, FLA. — Birmingham, Ala.-based construction firm Robins & Morton has completed the Tallahassee Memorial HealthCare Medical Office Building in Panama City Beach. Robins & Morton served as the general contractor for the 80,000-square-foot project on behalf of The St. Joe Co. and Tallahassee Memorial HealthCare (TMH). Designed by HuntonBrady, the four-story facility will house TMH Physician Partners – Primary Care, TMH Urgent Care Center, Coastal Tides Surgical Center, TMH Physician Partners – Cardiology and additional space for pulmonary and orthopedic services. Robins & Morton will also break ground on a 100-bed hospital on the same campus, which is scheduled to be complete before the end of 2027.
BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.