CHICAGO — Lenox Hill Construction has broken ground on a six-story medical office building located at 710 N. Dearborn St. in the River North neighborhood of Chicago. The office will serve as an expansion for the Illinois Orthopedic Network and Wiesman Cosmetic Surgery & Wellness Institute. The building will be used primarily for administrative functions, but will also contain clinical space. Ron Kwaske designed the building, which will only be 20 feet wide. Construction of the building is scheduled to be completed by the end of the year.
GRAND RAPIDS, MICH. — Gentiva Hospice has signed a lease to occupy 5,740 square feet at a medical office property in Grand Rapids. The property, located at 625 Kenmoor Ave. SE, is currently being built out and is expected to open this July. The new lease is serving as a relocation and is Gentiva’s third location in west Michigan. Mary Anne Wisinski-Rosely of NAI Wisinski of West Michigan represented Gentiva Hospice in the transaction. Rachel Sal of Realvesco represented the landlord. Gentiva Hospice has over 490 locations nationwide.
CARLINVILLE, ILL. — Developer Irgens has completed a new medical office building for Carlinville Area Hospital in Carlinville, approximately 60 miles northwest of St. Louis, Mo. The 28,730-square-foot building is located at 20613 N. Broad St. Carlinville Area Hospital is utilizing the medical office building to consolidate and expand existing clinics, allowing it to add services to the campus and free up strategic space within the hospital. Services include primary care, a sleep lab, physical/occupational therapy, senior behavioral health and a multi-purpose community room. The Korte Company was the general contractor for the project, and HGA was the architect.
KNOXVILLE, IOWA — Associated Bank has provided a $6.5 million construction loan for a Veterans Administration Primary Care Clinic in Iowa. Knoxville VA LLC was the borrower. The 16,731-square-foot clinic will be located at 1607 N. Lincoln St. in Knoxville, approximately 40 miles southeast of Des Moines. The single-story, build-to-suit facility is scheduled for completion by the end of the year. Knoxville VA LLC is an affiliate of W.D. Schorsch LLC, which specializes in the development and management of build-to-suit projects for the United States General Services Administration.
VALHALLA, N.Y. — Westchester Medical Center Health Network has selected Skanska to build a $230 million, 279,861-square-foot Ambulatory Care Pavilion adjacent to Westchester Medical Center on its campus in Valhalla, approximately 25 miles north of Manhattan. The eight-story steel and glass pavilion will include 185,000 square feet of ambulatory care service space featuring an advanced imaging center, ambulatory surgery center and a heart and vascular institute. The development will also feature an entry canopy for patient drop-off, a 20,000-square-foot private-room expansion for Westchester Medical Center and an additional 75,000 square feet of physician offices. Construction is expected to begin this June, with completion expected in September 2018. Skanska’s contract for the project is valued at $140 million. According to the hospital, the development is considered the largest healthcare project in the Westchester area since Westchester Medical Center’s 400,000-square-foot main tower was built in 1977 and its 250,000-square-foot Maria Fareri Children’s Hospital was built in 2004. Skanska is a project development and construction firm with expertise in construction, development of commercial and residential properties, and public-private partnerships. The Westchester Medical Center Health Network is a 1,400-bed healthcare system headquartered in Valhalla, spanning seven hospitals in the Hudson Valley. — Katie Sloan
BILLERICA, MASS. — The RAM Companies has acquired a Corporate Place, a 97,403-square-foot property located at 261 and 267 Boston Road in Billerica, for $8.1 million. Built in 1985 and 1986, the Class B multi-tenant asset comprises a 61,795-square-foot facility and a 35,608-square-foot building. The flex/R&D property is 85 percent occupied with a variety of tenants, including Lahey Health Primary Care, New England Rehabilitation Hospital and SI2 Technologies. The name of the seller was not released.
MILWAUKEE — Physicians Realty Trust, a healthcare REIT, has executed a series of purchase and sales agreements, as well as a letter of intent, to acquire 52 medical office facilities from the Catholic Health Initiatives (CHI) for $724.9 million. The CHI portfolio is 94 percent leased and contains 3.1 million square feet of space across 10 states. Approximately 93 percent of the in-place net operating income during the first year will stem from new 10-year lease agreements. The portfolio purchase price includes $32.9 million of future capital improvements, most of which will be completed in the next five years. Physicians Realty Trust expects to close the acquisition in two tranches, the first of which will close this month and cost $202 million. The acquisitions are subject to customary closing conditions, which include the Vatican’s approval to purchase 35 facilities. Catholic Health Initiatives, the fifth largest non-profit health system in the United States, owns over 103 hospitals.
OMAHA — Investors Real Estate Trust has sold the Nebraska Orthopaedic Hospital in Omaha for $24.3 million to the in-place tenant. The 61,758-square-foot facility is located at 2808 S. 143rd Plaza. The hospital provides services such as physical therapy, diagnostic imaging, surgery and rheumatology. The facility also features an infusion clinic. Investors Real Estate Trust primarily invests in income-producing medical office and apartment properties located in the upper Midwest.
SADDLE BROOK, N.J. — NAI James E. Hanson has arranged the sale of a medical office building located at 190 Midland Ave. in Saddle Brook. Brook Development LLC sold the 18,140-square-foot property to a private buyer for an undisclosed price. The two-story building houses three operating rooms and a Joint Commission on Accreditation of Healthcare Organizations outpatient surgical center. Additionally, the facility is outfitted with fiber optic cables, integrated services digital network Internet access and ample covered parking. Darren Lizzack, Randy Horning and Hal Messer of NAI Hanson represented the seller and buyer in the transaction.
BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club and Emory Healthcare have partnered to build a 90,000-square-foot training and sports medicine center on Executive Park Drive in Brookhaven, which will serve as the team’s official practice site. The privately funded facility will cost roughly $50 million to develop, according to the Atlanta Journal-Constitution. The project will feature a fully dedicated recovery area including cryotherapy, sensory deprivation tanks and in-ground hydrotherapy. All non-sports orthopaedic specialties will be located two blocks away at The Emory Orthopaedics & Spine Center. The team expects to break ground this summer, and the Hawks Basketball Operations Department will be housed in the facility upon its completion. In addition to the naming rights entitlement of the training and sports medicine facility, Emory will become the official sports medicine provider of the team. The Hawks’ new facility will be the first in the NBA to be co-located with an entire sports medicine center, allowing for expert and immediate treatment and on-site access to state-of-the-art equipment such as a 3 Tesla MRI scanner. Emory will utilize roughly 30,000 square feet that will offer preventative and rehabilitative treatment and sports performance training. The entire roster of doctors, surgeons and specialists …