Healthcare

MILWAUKEE, WIS. — The Boulder Group has brokered the sale of a 16,709-square-foot medical property in Milwaukee for $3.6 million. Aurora Health Care is the sole tenant of the property located at 5818 W. Capitol Drive. The property is positioned as an outparcel to the Midtown Center, which is anchored by Walmart and Pick ‘n Save. The Midtown Center also includes tenants such as Planet Fitness, Firestone, Foot Locker, GNC, Rue 21 and Starbucks. The property was built in 1997, and Aurora Health Care’s lease expires in 2027. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based real estate investment company. The buyer is an East Coast-based real estate investment fund and was self-represented.

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HOUSTON — i3 Interests and Atlas Real Estate Partners have closed a 202,978-square-foot acquisition of a three-building portfolio located on the campus of the Tenet Health Systems-operated Northwest Medical Center in Houston. Scott Carter of Transwestern represented the seller. Texas Capital Bank provided financing. The company plans to update the portfolio’s lobbies, landscaping, corridors, bathrooms, elevators and internal building components that will be followed by a rebranding campaign. Transwestern will provide both leasing and property management services.

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HARRISBURG, PA. — New York-based TL Management has acquired Spring Creek Rehabilitation & Health Care Center, located at 1205 S. 28th St. in Harrisburg. The acquisition was funded in part by a $48 million credit facility arranged by First Niagara Bank. Spring Creek is a 404-bed rehabilitation and healthcare center features both short-term rehabilitation and long-term care facilities.

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MEQUON, WIS. — Ryan Cos. has broken ground on a new Children’s Hospital of Wisconsin clinic in Mequon, approximately 20 miles north of Milwaukee. This is the third Children’s Hospital that Ryan Cos. has been hired to build in Southeast Wisconsin in the past two years. The two-story, 40,000-square-foot clinic will be situated on a six-acre site at the corner of Mequon Road and Market Street. The clinic will include Echo and MRI imaging, neurology, orthopedics, occupational therapy, primary care, urgent care and much more. The clinic will also feature an on-site lab and pharmacy services. The facility is slated to open in mid-2016. Ryan Cos. is providing development, design-build construction and real estate management services. ScopeBridge serves as the project architect, and Associated Bank is providing construction financing.

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ROMEOVILLE, ILL. — Morgan/Harbour Construction has broken ground on a 28,928-square-foot medical office building for Presence Health Group in Romeoville, approximately 30 miles southwest of Chicago. The Presence Senior Healing Arts Pavilion will be located at 500 S. Weber Road. The facility will include a full imaging suite with MRI, CT, X-ray, mammogram, ultrasound and bone density capabilities. The building will also feature 26 exam and procedure rooms, physical therapy training facilities, labs, treatment rooms, private offices and a cafe. Construction is slated for completion in summer 2016. Hammes Co. is the project manager, and Jensen & Halstead Ltd. will provide architectural services.

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RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.

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ARLINGTON, TEXAS — Rebecca Harrell of Henry S. Miller represented Town Oak Properties in the sale of a 3,150-square-foot medical office building located at 919 W. Randol Mill Road in Arlington. Alavi Legacy Foundation purchased the building for a pain management clinic scheduled to open in January 2016. The building is located across the street from Texas Health Arlington Memorial Hospital.

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CHICAGO —Presence Saint Joseph Hospital, part of Presence Health, has opened a new outpatient facility in Chicago’s Lincoln Park neighborhood. The Presence Center for Advanced Care is a 10-story lakefront medical facility developed by Hammes Co., a healthcare consulting firm. The building is located at the intersection of Surf Street and Sheridan Road. Services at the new facility include advanced diagnostics capabilities, ambulatory surgery, a full endoscopy center, laboratory services, physical therapy and rehabilitation, and specialty services such as bariatrics, orthopedics and comprehensive oncology. The facility features three floors of physician office suites, three levels of indoor parking, and the building connects directly to the hospital via a glass sky bridge. Hammes Partners provided development capital for the project and retains ownership of the facility. RTKL Associates Inc. completed the architecture for the project and Power Construction served as the construction manager. Hammes Co. will also be in charge of leasing up the facility.

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BROOKFIELD, WIS. — Ryan Companies US Inc. has broken ground on a new facility for Children’s Hospital of Wisconsin in Brookfield, a western suburb of Milwaukee. The new facility will serve as a primary care building and will be located within the Underwood Crossing retail center. The retail center is located on Bluemound Road and is anchored by Target. The Children’s Hospital of Wisconsin Pediatric Consultants Primary Care Clinic will be renamed Bluemound Pediatrics when it relocates to the new facility, which is 1.5 miles west of its current location. Construction is slated for completion in the spring of 2016. The development will be an 18,000-square-foot freestanding building that will be adjacent to Target at the east end of the 175,000-square-foot shopping center. Stephen Perry Smith Architects and ScopeBridge are the architects of record for the project. Johnson Bank provided financing for the development.

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OVERLAND PARK, KAN. — Mainstreet has opened The Healthcare Resort of Shawnee Mission in Overland Park, a southwest suburb of Kansas City. The 85,635-square-foot property, located at 7600 Antioch Road, features 125 beds and provides transitional care such as short-stay rehabilitation and therapy. The $19.8 million, three-story Healthcare Resort of Shawnee Mission includes a large therapy gym, a spa, a movie theater, an on-site chef and more. Mainstreet developed the project and The Ensign Group Inc. operates it.

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