RALEIGH, N.C. — CBRE|Raleigh has arranged the $5.3 million sale of a 15,090-square-foot medical office building located at 1921 Falls Valley Drive in Raleigh. Glen Allen, Va.-based Capital Square Holdings purchased the owner-occupied building in a sale-leaseback transaction. Jim McMillan of CBRE|Raleigh represented the seller in the transaction.
Healthcare
WESTERVILLE, OHIO — Doster Construction Co. has been selected to build a 60,000-square-foot hospital in Westerville, approximately 15 miles northeast of Columbus. The new 60-bed hospital will replace an inpatient rehabilitation unit at Mount Carmel West. The hospital will help patients transition from the hospital to home after suffering from a stroke, brain injury, major orthopedic surgery or other major illness or injury. The new facility will be located at the intersection of Polaris Parkway and Cleveland Avenue. Doster Construction Co. is the general contractor. Gresham, Smith and Partners is the architect of record. The hospital will be jointly developed and operated by HealthSouth Corp. and Mount Carmel Health System.
GLENVIEW, ILL. — The Missner Group will complete a build-out of a medical office property for the Illinois Bone & Joint Institute (IBJI) in Glenview, approximately 20 miles northwest of Chicago. IBJI’s OrthoAccess facility is located at 2401 Ravine Way and treats fractures, sprains, sports injuries and problems from minor auto accidents. New construction on the existing building will include the addition of an entire floor of exam rooms, nursing stations, three waiting areas, an updated reception area and an X-ray suite. The project is scheduled for completion in this spring. Stephen Rankin Associates is providing the architectural services.
Sands Investment Group Negotiates Sales of Two Medical Office Properties in Pennsylvania
by Amy Works
BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of a property net leased to OSF Healthcare | Cardiovascular Institute in Rockford. The 48,225-square-foot asset sold for an undisclosed price. A joint venture fund managed by MBRE Healthcare purchased the facility located at 444 Roxbury Road. The building, which was constructed in 2007, is fully leased to OSF HealthCare System. Gino Lollio and Scott Niedergang of Marcus & Millichap listed the property on behalf of the seller. The duo also procured the buyer.
CANTON, GA. — Batson-Cook Construction has topped out the $195 million Northside Hospital Cherokee project in Canton, a northern suburb of Atlanta in Cherokee County. The 525,000-square-foot hospital will replace Northside’s existing 200,000-square-foot, 96-bed hospital on Hospital Road. Since breaking ground in early 2013, the construction project has encompassed 508 tons of steel and 700,000 cubic feet of concrete. Batson-Cook and the joint venture architectural firms of HRD/HDR worked with Northside Hospital for more than two years during the pre-construction phase of the project. Batson-Cook plans to deliver the replacement hospital in January 2017. The Northside Hospital healthcare system is an 838-bed, not-for-profit healthcare provider with more than 120 locations across metro Atlanta, including three acute care hospitals in Fulton, Cherokee and Forsyth counties.
LITHONIA, GA. — Chicago-based Stage Equity Partners LLC has purchased Stonecrest Medical Office Building, a 31,000-square-foot, hospital-sponsored property in Lithonia, a suburb of Atlanta in DeKalb County. Stage Equity purchased the Class A medical office building from a private investment group for $6 million in an off-market transaction. DeKalb Regional Health System anchors the two-story, multi-tenant property. MB Financial Bank provided acquisition financing for the medical office facility, which is located at 8225 Mall Parkway, across the street from The Mall at Stonecrest.
CHICAGO — The Boulder Group has completed the sale of a net-leased medical property in Chicago for $2.3 million. Physicians Immediate Care is located at 6140 N. Broadway and has approximately 14 years remaining on its lease. The 3,220-square-foot building was constructed in 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development. The buyer in the transaction was a high-net-worth individual in a 1031 exchange.
BIRMINGHAM, ALA. — SK Commercial Realty represented Seavest Healthcare Properties in the acquisition of the 208,000-square-foot Grandview Physicians Plaza in Birmingham. The newly constructed, Class A medical office building is located on the Grandview Medical Center campus. The facility features an imaging center, multiple clinical spaces and physician offices covering several medical disciplines. Daniel Corp. sold the property to Seavest for an undisclosed price.
NEPTUNE CITY, N.J. —Tryko Partners LLC has acquired Medicenter Rehabilitation & Nursing, a skilled nursing facility in Neptune City. Tryko Partners has a $2.5 million upgrade planned for the 110-bed facility, which will be renamed Coral Harbor Rehabilitation and Healthcare Center. The planned improvements include creating a modern, home-like atmosphere for residents and staff and a complete overhaul of all patient rooms, including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen television and free WiFi for residents and staff. Additionally, the owners will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot. Tryko Partners will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week.