NORTH HILLS, NEW YORK — Cushman & Wakefield has arranged the $14.7 million sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills. Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta handled the transaction. The property traded at a 6 percent cap rate. The building spans 24,600 square feet and is 100 percent occupied by three medical tenants. Integrated Medical Professionals occupies the front of the building and leases 13,800 square feet. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 square feet. The property features 115 parking spaces and sits on 1.8 acres between Hollow Lane and Dakota Drive.
CHERRY HILL, N.J. — CBRE’s capital markets debt and structured finance team has secured a $41 million acquisition loan for a 155,000-square-foot medical office building located at 1865 Marlton Pike E. in Cherry Hill. The property, which is leased on a long-term basis to University of Pennsylvania Health System, serves as a primary care center and clinical offices for medical practices including cardiology and radiology. CBRE’s Nick Harris, Steve Roth and Steven Doherty procured financing for the borrower.
Portsmouth, N.H. — The Kane Co. has negotiated a 4,081-square-foot lease for Medical Billing & Consulting in Portsmouth. Catie Medeiros of The Kane Co. represented the tenant in the lease at 95 Brewery Lane. Medical Billing & Consulting specializes in solving medical billing and revenue cycle challenges for healthcare clients. The property is located in the Malthouse Exchange Plaza, joining other tenants including Seacoast Sports Club, MoJo’s BBQ Grill, Portsmouth Center for Yoga and Wink Salon & Spa. Andy Fleisher of NAI Norwood Group represented the landlord in the transaction.
SAN DIEGO — Breaking down the silos between the traditional real-estate-based seniors housing providers and the growing number of health, wellness and supportive services providers will lead to better health outcomes for residents and slow the long-term growth of medical costs. But it’s a shift that won’t happen overnight. That’s one of the key messages Bob Kramer, founder and CEO of the National Investment Center for Seniors Housing & Care (NIC), aims to deliver. The 2017 NIC Spring Investment Forum, which happened March 22 through March 24 at the Hilton San Diego Bayfront, drew more than 1,600 industry professionals, a record number for the show, including more than 350 first-time attendees. The title of this year’s program was “Unlocking New Value Through Senior Care Collaboration.” Industry leaders are feeling a sense of urgency to tackle this issue. Five percent of Medicare recipients consume half of the federal program’s total expenditures, or about $60,000 per beneficiary, according to Kramer. By comparison, the bottom 20 percent account of Medicare recipients account for under $1,000 per beneficiary. “In terms of bending the cost curve — a favorite phrase in healthcare reform — the initial target is very much understandably on the high-need, high-cost population. They …
BOSTON — Tryko Partners has acquired the Spaulding Nursing and Therapy Center in Boston. Under the guidance of Marquis Health Services, Tryko’s healthcare affiliate, a $4 million renovation program will launch immediately. Tryko purchased the 100-bed skilled nursing facility from Spaulding Rehabilitation Network. Spaulding will continue to manage the property through late 2017, at which time operation will transition to Marquis Health Services. Located at 70 Fulton Street, Spaulding Nursing and Therapy Center has been in operation since 1983. M&T Bank provided acquisition financing.
Facing shortages in construction labor and obstacles in originating financing for new projects, developers who specialize in healthcare properties are starting to think smaller, according to a recent study by Indianapolis-based REIT Duke Realty Corp. This means more micro hospitals. Micro hospitals are similar to community and small-town medical facilities — a hybrid of urgent care centers and full-fledged hospitals. They offer significantly fewer inpatient beds than regular hospitals — eight to 12 per facility is average — and typically span between 15,000 and 50,000 square feet. As such, they fit more comfortably into densely populated urban pockets and provide more immediate access to acute and emergency care. With delivery costs that range from $7 million and $30 million, depending on size, micro hospitals represent a cheaper means of financing a regular hospital. What else is driving demand for micro hospitals? According to the study, they offer a convenient, cost-effective alternative to larger hospitals without compromising the quality of care. When considering where to build a micro hospital, developers are encouraged to pinpoint high-visibility sites within 20 miles of a major hospital. This enables them to tap directly into the smaller submarkets for which micro hospitals are intended. “Anticipated changes …
GRAND RAPIDS, MICH. — Grand Rapids Surgical Suites has signed a 6,936-square-foot lease for its ambulatory surgical center in Grand Rapids. The building is located at 2505 East Paris Ave. along the East Paris medical corridor. Grand Rapids Surgical Suites is a partner of SurgCenter Development, a corporation that partners with local surgeons to create physician-owned and operated ambulatory surgical centers. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski brokered the lease transaction.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
WESTPORT, CONN. — David Fugitt of Westport-based Vidal/Wettenstein LLC has arranged the $2.6 million sale of 18-26 Imperial Ave. located in downtown Westport. The property is a fully leased five-building medical complex with a total of 7,428 rentable square feet. Amalgamated Realty Company LLC was the seller and Greens Farms Centre Associates was the buyer. Fugitt was the sole broker involved in the transaction.
GRAND PRAIRIE — Duke Realty and its joint venture partners, Baylor Scott & White Health, have broken ground on a 27,149-square-foot medical center. The hospital will be located just off State Highway 360 in Grand Prairie, roughly midway between Dallas and Fort Worth. Situated on a 2.4-acre plot, the two-story hospital will house a full-service emergency care unit, physician offices and an outpatient clinic. Delivery is slated for summer 2017.