ST. LOUIS — McGrath & Associates has completed the $11 million renovation of the intensive care unit (ICU) on the fourth floor of Barnes-Jewish Hospital in St. Louis. The 36,700-square-foot renovation includes 36 new ICU rooms, patient care stations, support areas and family waiting areas. McGrath also installed three new mechanical units. The Lawrence Group was the architect.
MIAMI — Love Funding, a provider of FHA multifamily and healthcare financing, has secured $13.4 million in refinancing for Jackson Plaza Nursing & Rehabilitation Center, a skilled nursing facility that is part of the Plaza Health Network in Miami. Jackson Plaza offers 120 nursing beds in 63 units. It was built in 1964 and renovated in 2000. Joshua Hausfeld of Love Funding’s Washington, D.C., office secured financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program.
TEXAS — Seavest Healthcare Properties has sold 14 medical office buildings in six states totaling 1.2 million square feet to Duke Realty for $332 million. The purchase price averages out to approximately $267 per square foot. The 14 properties included four from Texas, including the Longview Medical Office Building in Longview, Hillcrest Baptist Medical Center I & II in Waco and the Medical Mall of Abilene in Abilene. The properties, on average, are 90 percent leased and most are located on hospital campuses. Seavest sold the properties from its Seavest Properties I & II investment funds. Evercore Partners acted as sole advisor to Seavest.
TAMPA, FLA. — Indianapolis-based Duke Realty will break ground this week on a 106,000-square-foot Primary Care Annex at 13515 Lake Terrace Lane in Tampa to house primary care services for the Department of Veterans Affairs. These services are currently provided by the nearby James A. Haley Veterans’ Hospital. The Primary Care Annex’s construction is expected to be completed in February 2014. The Department of Veterans Affairs will lease the space from Duke Realty. Minneapolis-based HGA is the project architect.
OLD LYME, CONN. — Lawrence and Memorial Hospital in New London has purchased 6.2 acres at 1 Huntley Road in Old Lyme. Plans for the site include the construction of a new medical office building that will include diagnostic imaging and lab services. Stephanie Pious of Colliers International represented the buyer in the transaction. Londregan Commercial Real Estate Group represented the seller, Huntley & Halls.
WICHITA, KAN. — Simon Property Group is converting a portion of the 951,447-square-foot Towne West Square into a space dedicated to a variety of medical users. According to the company, transforming the space to medical use will be convenient to patients and will allow medical users to cluster, as many physicians prefer to office near each other. Additionally the mall has a built-in customer base, with 6 million visitors each year. “The concept of converting mall space into a non-traditional use is a growing trend and we are seeing successful results for both the tenant and landlord,” says Jeff Englert of Grubb & Ellis/Martens Commercial Group. Grubb & Ellis will represent Simon in leasing space at Towne West Medical Plaza.
SUNNYVALE — Texas Regional Medical Center at Sunnyvale has doubled the bed count of the emergency department in a $100,000 expansion. The emergency department's patient visit count has nearly doubled since 2010, when it recorded 18,000. Now the company expects to have nearly 30,000 patient visits in 2012.
OAK LAWN, ILL. — Irgens has completed the Little Company of Mary Outpatient Care Center, located at 6700 W. 95th St. in Oak Lawn. The 50,000-square-foot facility will house several outpatient services including immediate care, diagnostic imaging and lab. After purchasing the site on 95th Street, Little Company of Mary Hospital retained Irgens to develop the new ambulatory care center. Krusinski Construction Co. served as the general contractor while PFB Architects provided design services.
PARSIPPANY, N.J. — EBI, a subsidiary of medical device manufacturer Biomet Spine & Bone Healing Technologies, has signed a 102,000-square-foot lease at 399 Jefferson Road in Parsippany. The space will serve as the headquarters for Biomet. Prism Capital Partners, which owns the property, will fit out the existing space and build a 28,000-square-foot addition for the company. The headquarters will include laboratories, offices, medical conference rooms and a lunch area. Andrew Schiffer and Robert Rudin of Cushman & Wakefield represented the tenant in the transaction.
NEW BEDFORD, MASS. — Carter Validus Mission Critical REIT has acquired the three-story Vibra New Bedford Hospital in New Bedford for $26 million. The property consists of a 70,657-square-foot long-term acute care hospital. Vibra Healthcare will continue to operate the property under a 16-year, triple-net lease agreement.
