HOLLAND, MICH. — The 117,750-square-foot Lakeshore Medical Office Complex in Holland has sold to a private family office based in New York City and Chicago for $8 million. The four-building complex is 85 percent occupied and was owned by a CMBS Trust. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services Inc. represented the buyer in the transaction.
JACKSONVILLE — Johnson Development has started construction on a 60,000-square-foot medical office building in Jacksonville. The property will be located next to St. Vincent's Medical Center Clay County hospital, a new 64-bed hospital scheduled to open in 2013. The medical office building will house facilities for cardiology, wound care, orthopedics, rehabilitation, neurology and include a sleep center. Johnson Development will own the property with a group of area physicians. The medical office building is slated for completion in October.
DETROIT — Queen Lillian Development has plans to construct the Midtown Professional Building, a $30 million medical office building at the corner of Mack and Woodward avenues in Midtown Detroit. The partnership, which includes developers Jim Jenkins and Chris Jackson, says that a retail tenant, a medical practice and a dental practice have expressed interest in locating to the 75,000-square-foot, five-story facility, which will include a 280-car parking garage. Construction is slated to begin in August.
ST. JOHNS, FLA. — St. Johns Medical Ventures LLC has acquired 2 Doctors Village Drive in St. Johns, a 10,944-square-foot freestanding emergency room built in 2012, for $3 million. Giles Stevens of Lee & Associates represented the buyer in the transaction. Josh Pardue of Stan Johnson Co. represented the seller, Jacksonville Medical Center Development LLC.
KING OF PRUSSIA, PA. — Cronheim Mortgage has secured $10.3 million in financing for a 74,326-square-foot medical office building located off Schuylkill Expressway in King of Prussia. The loan was placed with a CMBS lender on a 10-year term with a 30-year amortization schedule. The borrower was a major Philadelphia-based developer. The property is a brick-clad office building located at the intersection of South Gulph Road and South Henderson Road. It was 82 percent occupied by nine tenants at the time of sale. Main Line Spine, The Philadelphia Hand Center and a private wealth management firm anchor the medical office building. David Turley and Janet Proscia of Cronheim Mortgage arranged the loan.
SAN ANTONIO — Skanska USA has topped off Metropolitan Methodist Hospital, a campus of Methodist Hospital in downtown San Antonio. The expansion includes a 85,000-square-foot, seven-story patient tower that will house an intensive care unit (ICU) that can accommodate 48 ICU beds, additional surgical and diagnostic space and a gastrointestinal lab. Skanska USA is anticipating wrapping up construction in early 2014. Earl Swensson Associates is the project architect. Metropolitan Methodist Hospital has invested more than $105 million in the property during the past six years.
SPRINGFIELD, MO. — CoxHealth is moving forward with plans to build a $130 million, 310,000-square-foot patient tower that will connect to the northwest portion of Cox Medical Center South in Springfield. The nine-story tower will house a women and children’s hospital, a neuroscience hospital and includes 80 patient beds and room for future expansion. The additional beds in the tower will allow Cox South to transition its semiprivate rooms to private rooms. The Beck Group, based in Dallas, will design the facility. A general contractor has not been chosen. CoxHealth plans to break ground in May with a goal of opening the new tower by Thanksgiving 2014.
INDIANAPOLIS AND DETROIT — Griffin-American Healthcare REIT II Inc. has acquired three medical office buildings in Indianapolis and Detroit as part of a five-building, $46 million purchase throughout the United States. The properties include the 44,000-square-foot Riverview Medical Arts Building in Noblesville, Ind., a northwest suburb of Indianapolis; and the 94,000-square-foot Eastern Michigan Medical Office Building Portfolio, which includes Keystone Medical Center and West Oaks Medical Office Building in Novi and West Bloomfield, Mich. Riverview Medical Arts Building was acquired from an entity affiliated with Cornerstone Cos. Inc. Eastern Michigan Medical Office Building Portfolio was acquired from entities affiliated with RSM Development and Management. The other two medical office buildings in the deal include the 28,000-square-foot St. Anthony North Medical Office Building II in Westminster, Colo., a northern suburb of Denver; and the 45,000-square-foot Ultima at Eagles Landing in Stockbridge, Ga., located about 20 miles south of Atlanta. Newport Beach, Calif-based American Healthcare Investors facilitated the acquisition on behalf of Griffin-American Healthcare REIT II Inc.
SPRINGFIELD, MO. — McCarthy has broken ground on a $28 million rehabilitation hospital for Mercy and Centerre Healthcare . The 63,000-square-foot, two-story rehab hospital is located across the street from the Mercy Orthopedic Hospital Springfield site in Springfield. Mercy Rehabilitation Hospital Springfield will include 60 beds and provide inpatient rehabilitation for patients who are recovering from strokes, brain or spinal cord injuries, amputations, complex orthopedic injuries and other conditions. Construction is slated for completion in early 2014. Indianapolis-based Duke Realty Corp. will own the building. Nashville, Tenn.-based Earl Swensson Associates, Inc. is the project architect. Mercy Rehabilitation Hospital Springfield is a partnership between Mercy and Centerre Healthcare Corp.
ARLINGTON, TEXAS — The Mansour Group of Marcus & Millichap has arranged the sale of Concentra Health Services, an 8,462-square-foot urgent care medical center located along Interstate 20 in Arlington. The property is located adjacent to Arlington Highlands, an 825,000-square-foot retail center. Alvin Mansour of The Mansour Group represented the seller, a developer, in the transaction. Mansour is an investment specialist in Marcus & Millichap's San Diego office. The buyer was an out-of-state private investor.