Healthcare

Beaumont Hospital Breaks Ground on $40M Proton Therapy Center in Royal Oak, Mich.

by John Nelson February 20, 2015

ROYAL OAK, MICH. — Construction has begun on a new proton therapy center at Beaumont Hospital’s Cancer Institute in Royal Oak, a northern suburb of Detroit. Proton therapy is a newer, high-tech alternative to treating certain types of cancer. The $40 million project will be the first single-room proton treatment center of its kind in Michigan. Upon completion, the two-story proton therapy building will be 25,200 square feet, including a basement. The first floor will house the Proton Therapy Center. The 10,000-square-foot space will include a cyclotron that produces the proton beams and a single-room treatment area. The first patients will undergo treatment at the proton therapy center in the spring of 2017. The 8,000-square-foot second floor will house the pediatric oncology and hematology program at Beaumont Children’s Hospital. Along with hundreds of construction jobs, the new proton therapy center will create at least 30 clinical positions at Beaumont. The hospital is developing the project in cooperation with Proton International, an Atlanta-based proton therapy development group with expertise in all phases of proton therapy development and operations.

February 20, 2015

Healthcare Massachusetts Northeast Office

Vantage Builders Completes 55,000 SF Renovation for Omnicare

by Amy Works February 17, 2015

PEABODY, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 55,000-square-foot renovation project for Omnicare Inc. Located at Two Technology Dr. in Peabody, the $1.3 million project includes the creation of new office, pharmacy and shipping/receiving space for the company. The first phase of the project was an interior gut of the building, including the removal of pre-existing offices and structural walls. Additionally, the work included a completely new electrical distribution and lighting, mechanical and plumbing work and new VCT flooring. The office build-out encompassed 16,000 square feet and created a dozen new offices and rooms for cubicles. The new space also includes a lunchroom and high-tech training center with room for 40 trainees. The 22,000-square-foot pharmacy area offers ample room to Omnicare’s staff and robotics equipment, while the shipping area offers 22-foot clear heights and a built-in ramp. Vantage also installed a new HVAC system for the property. The project team included PFB Architects Inc. and Melling Engineering. The building, which is part of Centennial Park, is owned by Combined Properties.

February 17, 2015

Healthcare New York Northeast

Cardiovascular Associates Expands, Relocates to Queens Shopping Center

by Amy Works February 17, 2015

NEW YORK CITY — Jackson Heights Cardiovascular Associates has signed a long-term lease for space at Jackson Heights Shopping Center. The medical facility will accompany 13,780 square feet of the 142,274-square-foot retail center, which is located in the Queen’s Jackson Heights neighborhood. The tenant will occupy the entire second floor of the newly renovated portion of the shopping center. Jackson Heights Cardiovascular Associates is slated to move into the new space in the second quarter of 2015. Bill Bergman of Muss Development provided in-house representation for landlord, while Brian Jaffe of DY Realty Services represented the tenant in the transaction.

February 17, 2015

Healthcare Texas

Marcus & Millichap Brokers Sale of 31,760 SF Medical Office Building in Plano

by Danielle Everson February 16, 2015

PLANO, TEXAS — Marcus & Millichap has brokered the sale of Woodburn Corners Medical Park, a 31,760-square-foot medical office property located at 3700 W. 15th St. in Plano. The asset is adjacent to The Medical Center of Plano. Terms of the sale were not released. Ron Hebert, vice president of investments in Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a limited liability company. Hebert also procured the buyer, a private investor.

February 16, 2015

Healthcare New York Northeast

18-Acre Land Parcel Sells to Two Pharma Companies for $3.5M in Islip, N.Y.

by Amy Works February 16, 2015

ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.

February 16, 2015

Florida Healthcare Southeast

Bauman & Co. Purchases Medical Office Building in Florida

by John Nelson February 16, 2015

VERO BEACH, FLA. — Bauman & Co., a commercial real estate owner and operator based in Atlanta, has purchased the Vero Beach Physicians Building for an undisclosed price. The seller was an unnamed real estate investment trust (REIT). The two-story, 40,000-square-foot medical office building is located on the campus of the 335-bed Indian River Medical Center in Vero Beach. The Class A asset is fully leased to independent medical practice groups and physicians. Bauman & Co. investors and GE Capital Healthcare Financial Services provided funding for the transaction.

February 16, 2015

Healthcare Loans New Jersey Northeast

NorthMarq Capital Closes $16.5M Loan for New Jersey Health Care Center

by Amy Works February 12, 2015

ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.

February 12, 2015

Healthcare Illinois Midwest

$2.4M Expansion Begins on Centreville Health Center in Illinois

by Danielle Everson February 10, 2015

CENTREVILLE, ILL. — Construction-management firm IMPACT Strategies has begun construction on a $2.4 million expansion and renovation project at the Southern Illinois Healthcare Foundation (SIHF) Mother and Child Center in Centreville. The multi-phased project is set for completion in October. IMPACT Strategies will renovate approximately 24,000 square feet of SIHF’s current facility at 6000 Bond Ave. The renovation will include five departments. Those include pediatrics, pediatric behavioral health, adult medicine, obstetrics and dental, and the addition of an outpatient pharmacy. The project will involve five to six phases of construction to accommodate the facility’s plans to remain operational while the project is ongoing. The design-build team includes project manager Will Stadjuhar, project assistant Kari Stevens and project superintendent Larry Howard. IMPACT Strategies is collaborating with architectural design firm Bates & Associates of Clayton, Mo.

February 10, 2015

Healthcare North Carolina Southeast

JE Dunn Construction Tops Off $104M VA Clinic in Charlotte

by John Nelson February 10, 2015

CHARLOTTE, N.C. — JE Dunn Construction Co. has topped off the Charlotte VA Health Care Center, a $104 million, six-story, 420,000-square-foot clinic in Charlotte. The healthcare complex, located on 35 acres near Charlotte Douglas International Airport, will be the largest leased facility of the U.S. Department of Veterans Affairs (VA). The facility will provide outpatient primary and mental health care, as well as specialty clinics for radiology, neurology, cardiology, dialysis, women’s health, dental and oncology. In addition to JE Dunn, the project team also includes Childress Klein Properties and Cambridge Development Group, who formed Childress Klein-Cambridge Healthcare Solutions LLC to design, build and provide facility management for the project, which it owns and will lease to the VA. Charlotte-based RPA Design, the architect of record, designed the project to achieve LEED Silver certification. The clinic is scheduled for completion in spring 2016 and is estimated to produce roughly 2,000 jobs during construction and, upon completion, about 500-600 permanent jobs.

February 10, 2015

California Healthcare Western

Monterey VA Health Care Center in Marina Receives $99.4M Loan

by Nellie Day February 4, 2015

MONTEREY, CALIF. — Monterey VA Health Care Center in the Monterey County submarket of Marina has received a $99.4-million construction-to-permanent loan. The 141,000-square-foot healthcare facility will be located on the former Fort Ord military base. The facility is currently under construction. Veteran Affairs will occupy the majority of the building, with the remaining space going to the Department of Defense for the next 20 years. The center will provide primary and specialty care to tens of thousands of patients in the surrounding area. The non-recourse, fixed rate loan will amortize over a 20-year term. It was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital, as well as by Mesirow Financial. Newmark will service this loan for its life company correspondent lender.

February 4, 2015

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