MILWAUKEE, WIS. — Hammes Partners has closed on Hammes Partners II LP, a U.S. healthcare real estate private equity fund. Milwaukee-based Hammes Partners received $430 million in capital commitments, significantly over its original target of $300 million. The Hammes platform is focused exclusively on U.S. outpatient healthcare real estate, including investments in existing assets, entitled development projects and adaptive reuse opportunities. Institutional investors that committed capital to the fund include endowments, foundations, pension funds, insurance companies, fund of funds and family offices.
ALPHARETTA, GA. — Huntsville, Ala.-based Triad Properties has selected Atlanta-based Choate Construction to build a four-story, 106,000-square-foot medical office building in Alpharetta. The $26 million facility will be situated on a 11.7-acre site at the northeast corner of Old Milton Parkway and GA 400, which is adjacent to Northside Hospital’s 140-acre Alpharetta Medical Campus. The site will feature both the Class A medical office building and either an ambulatory care center or urgent care center. Atlanta-based HealthAmerica Realty Group has begun pre-leasing and marketing the property. The design team includes architect Smallwood, Reynolds, Stewart, Stewart & Associates and civil engineer Wolverton & Associates. Choate Construction expects to complete the property in the fall of 2016.
BERWYN, ILL. — Reed Construction will begin work this month on a remodeling of the Acute Care Rehabilitation Center at MacNeal Hospital in Berwyn, approximately 10 miles southwest of Chicago. The 427-bed medical facility is located at 3249 South Oak Park Ave. The project, which spans 11,250 square feet, will include updates to the mechanical, electrical and plumbing systems along with all the finishes. The project also involves upgrading a major portion of the base bid electrical infrastructure. Completion is scheduled for early September. Rich Melone, senior project manager, is leading the construction team for Reed. MRF Ltd. of Western Springs, Ill., is providing architectural services. Boca Raton, Fla.-based In.design Inc. is providing interior design services. MacNeal Hospital serves the medical needs of more than 1 million people in the near west and southwest suburbs of Chicago.
ST. PAUL, MINN. — Kraus Anderson Construction Co. has broken ground on a new 130,000-square-foot neuroscience building for HealthPartners in St. Paul. The medical center will be the largest freestanding neuroscience facility in the Upper Midwest, according to Kraus-Anderson. Located at 295 Phalen Blvd. near I-35E, the four-story medical building will include administration offices and a four-story, 298,000-square-foot parking ramp. Architectural firm BWBR is designing the building to accommodate future expansion. The neuroscience building is expected to be complete in early 2017.
SMITHTOWN, N.Y. — Whitetop Mountain Professional Properties and Stalco Construction, serving as general contractor, have broken ground on a medical and research building located in the Village of The Branch, a part of Smithtown. Located at 226 Middle Country Road, the 15,100-square-foot building will be occupied by North Shore-LIJ Health System diagnostic imaging center and the headquarters and product research and development facilities of MIDI, a consulting firm that focuses on medical, life sciences and home healthcare product development. The property will house state-of-the-art medical services and research & development facilities. The project team includes nf architectural designs, Design Bureau of Leonid Krupnik, RMS Engineering and Mottola Rini Engineers.
WAUKESHA, WIS. — Altus Commercial Real Estate has arranged a 535-square-foot lease at 2717 Grandview Blvd. in Waukesha, about 20 miles west of Milwaukee. Comfort Keepers, a home-service caregiver provider, has leased the space. Anita Frey of Altus Commercial Real Estate represented both parties in the transaction.
MIDDLEBOROUGH, MASS. — Braintree, Mass.-based Campanelli Construction has completed a 63,000-square-foot renovation of the formerly vacant Cranberry Specialty/St. Luke’s Hospital in Middleborough. The renovation transformed the property into the 72-bed High Point Hospital, a state-of-the-art psychiatric hospital for High Point Treatment Center. High Point currently operates inpatient and outpatient programs in Plymouth, Brockton, New Bedford and Taunton, Mass. The new hospital will create 200 jobs, including physicians, nurses, clinicians, maintenance staff, housekeepers, dietary, mental health and administrative staff, for the area.
IRVINE, CALIF. — Paul Gallagher has resigned from his position as executive vice president and chief investment officer of real estate investment trust HCP Inc. The resignation will be effective June 30, though Gallagher will provide consulting services until March 2016 to smooth the transition. The reason for the resignation was not disclosed. “Paul has been a valued member of our management team and we greatly appreciate his contributions over the past 12 years, especially in growing and diversifying our portfolio,” says Lauralee Martin, HCP’s president and CEO. “We have strong, dedicated investment teams across our real estate sectors, and will continue executing our portfolio strategy with existing and new operating partners.”
MORRISTOWN, N.J. — Atlantic Health System (AHS) has purchased a two-property, 128,000-square-foot medical office and office building portfolio in Morristown from Ivy Realty and CenterSquare Investment Management for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns. 55 Madison Avenue is an 89,000-square-foot office building; 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. The Colliers International team of Jacklene Chesler, Bryn Cinque, and James Bailey represented AHS in the transaction. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Robert Borny.
NEWTOWN, CONN. — Western CT Medical Group (WCMG) has leased 15,200 square feet of medical office space in a building to be constructed at 170 Mt. Pleasant Rd. in Newtown, from Maplewood Healthcare. The two-story, 30,000-square-foot medical office building is expected to be delivered in early summer 2016 and will be the second of two medical office buildings located at 164 and 170 Mt Pleasant Rd. Maplewood Healthcare is a partnership of Maplewood Senior Living and Allegiance Realty Corp. Todd Payne and Bob Cascella of Goodfellow represented the landlord, while Cushman and Wakefield represented the tenant.