AUSTIN, TEXAS — Adolfson & Peterson Construction has topped out the $90 million Forest Park Medical Center in Austin. Adolfson & Peterson is serving as the general contractor for the hospital, which is being developed by Neal Richards Group. The project is being built on an 8.5-acre site inside of a 59-acre master campus located near state highway 45 and La Frontera Boulevard in Williamson County. The 145,000-square-foot, four-story hospital will feature 46 private inpatient rooms, including 12 family suites, six intensive care rooms and 10 fully integrated operating suites. Also part of the development is an 80,000-square-foot medical office building and an 181,000-square-foot garage.
Healthcare
JUPITER, FLA. — Rendina Healthcare Real Estate has begun construction on a two-story, freestanding healthcare facility for Jupiter Medical Center in Jupiter. The medical office building will be located approximately two miles south of Jupiter Medical Center. The 26,000-square-foot Margaret W. Niedland Breast Center will be a LEED Silver-certified facility offering 3D mammography, breast ultrasound, Positron Emission Mammography (PEM), stereotactic breast biopsy, bone density, and breast and general MRI services. The second floor of the facility will also house the high-risk and genetics program and be available for physician office and educational space. The project team includes general contractor Anderson-Moore Construction, architect Davis Stokes Collaborative, landscape architect Cotleur & Hearing and engineer Jeff H. Iravani Inc. The facility is slated to open in the first quarter of 2015.
LITHONIA, GA. — Griffin-American Healthcare REIT III Inc. has purchased DeKalb Professional Center, a 19,000-square-foot medical office building in the Atlanta suburb of Lithonia. The property is located at 5461 Hillandale Drive, roughly one mile from DeKalb Medical Hillandale, a 100-bed acute care hospital. The property is currently 81 percent leased to four tenants, including RMS Lifeline and The Emory Clinic. The REIT purchased the asset in an all-cash transaction from McWhirter Realty Partners LLC for an undisclosed price. Lee Asher and Chris Bodnar of CBRE represented the seller in the transaction.
LOXAHATCHEE, FLA. — Avison Young has arranged a 5,700-square-foot lease at Groves Medical Plaza, a 22,000-square-foot medical office building located at 13475 Southern Blvd. in Loxahatchee in Palm Beach County. Gary Gottlieb of Avison Young represented the landlord, Groves Medical Plaza LLC, in the lease transaction with new tenant Prettelt Center for Family Health PA. The family practitioner will take occupancy at Groves in late 2014.
FOSTER CITY, CALIF. — Foster City Medical Pavilion, a 39,842-square-foot medical office building, has received $11.1 million in non-recourse financing. The pavilion is located at 1241 E. Hillsdale Blvd. in Foster City. Proceeds were used to acquire the building. The loan was structured to finance capital expenditures with a secondary funding for 100 percent of the projected tenant improvements and leasing commissions. It represents 60 percent of the borrower’s cost to acquire, upgrade and re-tenant the building. The loan is interest-only for the duration of the term and carries an attractive floating-rate spread with prepayment flexibility. It was secured for Swift Real Estate Partners by Michael Walker of CBRE’s San Francisco office. Financing was placed with a publicly traded mortgage REIT.
CINCINNATI — Mascia Development has acquired a three-building medical office portfolio in Ohio and Kentucky for more than $6.7 million. The New York-based real estate firm purchased Mercy Health’s Cincinnati Sports Medicine & Orthopaedic Center office building portfolio. Properties in the portfolio include a 16,283-square-foot building located at 10633 Montgomery Road in Cincinnati; a 7,793-square-foot property located at 12115 Sheraton Lane in Springdale, Ohio; and a 5,670-square-foot building located at 328 Thomas More Parkway in Crestview Hills in northern Kentucky. Mascia Development will lease back the purchased medical office spaces to Mercy Health.
FORT WORTH, TEXAS — HFF has arranged construction financing for the development of Victory Medical Center, a 104,971-square-foot surgical hospital to be located in Fort Worth. Planned for a six-acre site on the corner of Pennsylvania Avenue and South Main Street, the three-story facility will include eight operating rooms, four special procedure rooms, seven intensive care rooms and 24 inpatient beds. Victory Healthcare fully occupies the property, which is slated for completion in 2015. Jeremy Sain and Steven Heldenfels led the HFF team that worked on behalf of the borrower, a joint venture between Harrison Street Real Estate Capital LLC, Pisula Development Co., Victory Healthcare and a physician-owned group. Comerica Bank provided the 6.5-year loan.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the $5 million sale of a 17,343 square-foot medical facility in Algonquin, a northwest suburb of Chicago. The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road. The single-tenant, net-leased property is leased to Advocate Health and Hospitals Corp. The property has less than two years of lease term remaining. Advocate Health and Hospitals Corp. signed a 10-year net lease with two, five-year options to renew. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the buyer, a private investor in a 1031 tax-deferred exchange.
VIERA, FLA. — Greystone Healthcare Management Corp. has purchased Wuesthoff Progressive Care Center, a 114-bed, 51,000-square-foot skilled nursing and rehabilitation facility in Viera. As part of the acquisition, the asset has been renamed to Viera Health and Rehabilitation Center. The facility was built in 1995 and provides sub-acute care, rehabilitation care and skilled nursing in both short- and long-term settings.
THE WOODLANDS, TEXAS — Healthcare system Houston Methodist has purchased a 57-acre tract in The Woodlands for the construction of a 470,000-square-foot, 193-bed hospital. The Howard Hughes Corporation and its wholly owned subsidiary, The Woodlands Development Company, will develop the property on the site, located south of the intersection of I-45 and State Highway 242. The campus, which will be modeled after Houston Methodist West near Katy, will feature a 135,000-square-foot medical office building in addition to the hospital. The entire project is valued at $328 million. The hospital is slated for completion in early 2015, with opening planned for 2017. The medical office building is slated for completion in late 2015. Robert Parsley and Coy Davidson of Colliers International represented Houston Methodist in the land acquisition. The new property will be the fourth hospital campus in The Woodlands and the eighth in the Houston Methodist system.