Healthcare

Marcus & Millichap Brokers $43.5M Sale of Medical Office Building in Grand Rapids, Michigan

by Kristin Harlow January 27, 2017

GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the sale of the Women’s Health Center of West Michigan in Grand Rapids for $43.5 million. The four-story, 106,806-square-foot medical office building was built in 2008. The facility, which is 93 percent occupied, is anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The University of Michigan recently acquired Metro Health. Haron and Ashish Vakhariya of Marcus & Millichap represented the seller, Pinnacle Construction Group. The team also procured the buyer, a private real estate investment trust. The transaction was the largest sale by dollar value for a medical office property in Michigan since 2014.

January 27, 2017

Healthcare Texas

Davita Healthcare Leases 6,920 SF of Healthcare Space in Metro Austin

by Amy Works January 26, 2017

PFLUGERVILLE, TEXAS — Davita Healthcare has leased 6,920 square feet of healthcare space at Pecan Street Marketplace, located at 2600 FM 1825 in Pflugerville. Trevor Williams of Retail Solutions represented the undisclosed landlord, while Ted Doucet of Cushman & Wakefield represented the tenant in the deal.

January 26, 2017

Healthcare Midwest Minnesota Office

Elion Partners, Davis Group to Develop Medical Office Building in Woodbury, Minnesota

by Kristin Harlow January 26, 2017

WOODBURY, MINN. — Elion Partners and The Davis Group have entered into a joint venture to develop a Class A medical office building at CityPlace in Woodbury, approximately 19 miles east of Minneapolis. The new medical office building is the second to be developed, and is part of the 100-acre planned development off Radio Drive and I-94. The two-story, 50,000-square-foot medical office building will be located between the retail space and Residence Inn by Marriott. Tria Orthopedics will occupy the other 75,000-square-foot office at the site beginning this summer.

January 26, 2017

Connecticut Healthcare Northeast Office

Griffin-American Healthcare REIT III Acquires Medical Office Portfolio in Connecticut

by Amy Works January 23, 2017

NORWICH, CONN. — Griffin-American Healthcare REIT III has acquired a two-building medical office portfolio in Norwich for $15.6 million. Totaling 56,265 square feet, the portfolio includes Wawecus Medical Center and a building located at 105 Wawecus St. Yale Cardiovascular, Eastern Connecticut Endoscopy, Connecticut GI and Norwich Ophthalmology occupy the portfolio. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice brokered the transaction. The name of the seller was not released.

January 23, 2017

Florida Healthcare Loans Southeast

Tremont Realty Capital Structures $16.3M Refinancing for Medical Office Building in Jacksonville

by John Nelson January 20, 2017

JACKSONVILLE, FLA. — Tremont Realty Capital, a subsidiary of The RMR Group LLC, has arranged a $16.3 million loan for the refinancing of Jacksonville Medical Plaza, a 132,488-square-foot, multi-tenant medical office complex in Jacksonville. The non-recourse, CMBS loan features a 10-year term, fixed 5.26 percent interest rate and a 30-year amortization schedule. The name of the borrower wasn’t disclosed.

January 20, 2017

Connecticut Healthcare Northeast Office

Tomasso Group Sells Medical Office Building in Connecticut for $30.2M

by Amy Works January 19, 2017

PLAINFIELD, CONN. — Tomasso Group has completed the disposition of Medical Arts Center at The Hartford Healthcare Cancer Institute, located at 201 N. Mountain Road in Plainfield. A publicly traded REIT acquired the property for $30.2 million. At the time of sale, the 72,022-square-foot property was 95 percent leased to Hartford Healthcare, Orthopedic Associates of Hartford and a variety of Hartford Healthcare-employed physicians. Ben Appel, Phil Mahler, Evan Kovac and Doug Rodio of HFF represented the seller in the transaction. Tunxis Management Co., an affiliate of Tomasso Group, will continue to manage the property.

January 19, 2017

Healthcare Midwest Missouri

McCarthy Completes Construction of $31.3M Cancer Facility in Rolla, Missouri

by Kristin Harlow January 19, 2017

ROLLA, MO. — McCarthy Building Cos. Inc. has completed construction of the Delbert Day Cancer Institute at Phelps County Regional Medical Center in Rolla in central Missouri. The 37,000-square-foot cancer care facility occupies the first two levels of the new, four-story, 100,470-square-foot building constructed by McCarthy. Located at the north side of the main hospital campus, the $31.3 million building is connected to an adjacent medical office building via a pedestrian bridge.The new facility includes more than 63,000 square feet of medical office space to accommodate future tenants. The institute houses radiation therapies, nuclear medicine, infusion therapy, medical oncology and supporting lab and pharmacy services. To optimize efficiency, the project team employed Lean construction techniques, including the construction of prefabricated mechanical, engineering and plumbing systems, using building information modeling to reduce site waste. McCarthy also used advanced construction technologies such as a semi-automated robotic mason to enhance the efficiency of bricklaying. BSA LifeStructures designed the building.

January 19, 2017

Healthcare Illinois Midwest

Baum Arranges $4.1M Sale of Medical Building in Park Ridge, Illinois

by Kristin Harlow January 17, 2017

PARK RIDGE, ILL. — Baum Realty Group LLC has arranged the sale of a medical building in Park Ridge for $4.1 million. The 13,925-square-foot building is located at 101 S. Washington Ave. The property is 100 percent leased. Medical practices have occupied the property for over 20 years. Danny Spitz and Greg Dietz of Baum represented the seller, a national developer. A Chicago-based investment group was the buyer.

January 17, 2017

Georgia Healthcare Southeast

Children’s Healthcare of Atlanta Breaks Ground on Pediatric Care Center in Brookhaven

by John Nelson January 12, 2017

BROOKHAVEN, GA. — Children’s Healthcare of Atlanta (CHOA) has broken ground on its Center for Advanced Pediatrics ambulatory care center, a new 260,000-square-foot facility situated at I-85 and North Druid Hills Road in Brookhaven, a suburb of Atlanta. Located at 1400 Tullie Road N.E., the Center for Advanced Pediatrics will house 457 physicians and employees and anticipates managing more than 100,000 patient visits in the first year. The development cost was undisclosed, but the Atlanta Business Chronicle reports that contractors familiar with the project estimate that the facility could cost anywhere from $90 million to $120 million to build. Pulmonology, neurology, cardiology and diabetes are a few of the specialties that will move into the new building, which will be centrally located to CHOA’s three hospital campuses: Egleston, Hughes Spalding and Scottish Rite. Basic imaging and phlebotomy services will also be available at the facility. In addition to physician space, the six-story property will have telemedicine capabilities, flexible exam rooms, a teaching classroom and a demonstration kitchen. Additional features of the site include gardens and green space around the building and a dedicated parking deck. CHOA has not announced an expected completion date.

January 12, 2017

Healthcare Loans New York Northeast Office

Cronheim Mortgage Closes $12.7M in Refinancing for Two Medical Office Buildings in Long Island

by Amy Works January 12, 2017

LONG ISLAND, N.Y. — Cronheim Mortgage has arranged $12.7 million in refinancing for two medical office buildings located at 520 Franklin Ave. in Long Island’s Garden City. The properties total 100,141 square feet. The loan was structured with an initial five-year fixed-rate period locked at 3.875 percent followed by a five-year extension option. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the financing for the undisclosed borrower.

January 12, 2017

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