Healthcare

Colliers Brokers $3M Sale of Medical Office Property in Metro Seattle

by Amy Works May 31, 2018

BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.

May 31, 2018

Acquisitions Healthcare New York Northeast Office Top Stories

Columbia Property Trust Sells 25-Story Manhattan Office Tower for $332.5M

by David Cohen May 30, 2018

NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million. Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction. The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month. “We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.” Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October. — David Cohen

May 30, 2018

Acquisitions Healthcare Nevada Office Western

Sun Commercial Real Estate Negotiates $8.3M Sale of Office Portfolio in Las Vegas

by Amy Works May 30, 2018

LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.

May 30, 2018

Acquisitions Healthcare Northeast Rhode Island

CBRE Brokers $1.7M Sale of Medical Facility in Rhode Island

by David Cohen May 29, 2018

NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland LLC.

May 29, 2018

Healthcare Loans Property Type Southeast Virginia

Ready Capital Provides $5.6M Acquisition Loan for Medical Office Building in Richmond

by John Nelson May 25, 2018

RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ Hospital, a 340-bed community hospital operated by HCA Virginia.

May 25, 2018

Development Healthcare Massachusetts Northeast

Vantage Completes Build-Out of 12,800 SF Medical Office Near Boston

by David Cohen May 22, 2018

ROWLEY, MASS. — Waltham-based general contracting and construction firm Vantage Builders Inc. has completed the build-out of North Shore Physicians Group’s Rowley office. Rowley is approximately 30 miles north of Boston. The 12,800-square-foot office, which is located at 414 Haverhill St., is North Shore Physicians Group’s 22nd location on the North Shore. The office offers primary and specialty care, as well as X-ray, mammography and bone density testing, for patients in Rowley and the surrounding communities of Ipswich, Boxford and Georgetown.

May 22, 2018

Sunset-Professional-Building-San-Antonio

Development Healthcare Texas

Casey Development Underway on 58,000 SF Medical Office Building in San Antonio

by Taylor Williams May 22, 2018

SAN ANTONIO — Casey Development Ltd. is underway on construction of Sunset Professional Building, a 58,000-square-foot medical office project in north central San Antonio. Construction began in April and two tenants, BHS Physicians Network Inc. and WellMed, have already preleased space. Baxter Contracting LLC, a division of Casey Development, is serving as general contractor and GRG Architecture designed the building, which is scheduled to come on line in March 2019.

May 22, 2018

Acquisitions California Healthcare Mixed-Use Office Restaurant Retail Western

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

Acquisitions Alabama Healthcare Southeast

Fairfield Arranges $15.8M Sale of New Medical Office Building Near Birmingham

by Camren Skelton May 17, 2018

PELL CITY, ALA. — Fairfield Asset Advisors has arranged the $15.8 million sale of a 50,400-square-foot medical office building located at 74 Plaza Drive in Pell City, roughly 24 miles east of Birmingham. Northside Medical — a Birmingham-based specialty practice — anchors the building, which was constructed in 2017. An undisclosed borrower acquired the asset from the developers, a physician group.

May 17, 2018

Acquisitions Healthcare Midwest Ohio

Colliers Brokers Sale of 46,500 SF Medical Office Building in Dublin, Ohio for $2.3M

by Kristin Harlow May 17, 2018

DUBLIN, OHIO — Colliers International has brokered the sale of Stoneridge Medical Center in Dublin for $2.3 million. The 46,500-square-foot medical office building is located at 4015-4059 W. Dublin Granville Road. Current tenants include OSU Obstetrics and Gynecology and OSU Radiology. Jaimine Johnson, Christopher Potts, George Stecz and John Underman of Colliers represented the seller, LNR Partners. A Columbus, Ohio-based real estate investor was the buyer.

May 17, 2018

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