HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired the 161,000-square-foot Bellaire Medical Center, a long-term acute care center and behavioral rehabilitation hospital located in Houston's Bellaire neighborhood. The hospital takes up an entire city block and is located four miles west of the 45 million-square-foot Texas Medical Center, the world's largest medical campus. Bellaire Medical Center has undergone $6 million worth of capital improvements since 2008, and $6.8 million is slated to be invested to further expand the facility. The medical center is fully leased to Cornerstone Healthcare Group and Ascent Health Corp. Griffin-American acquired the medical center directly from 5314 Dashwood, a subsidiary of PinPoint Commercial. Griffin-American financed the acquisition using $23.5 million from its unsecured line of credit from Bank of America and the remaining with cash on hand.
Healthcare
STOCKBRIDGE, GA. — Ackerman Medical, a division of Atlanta-based Ackerman & Co., has broken ground on its newest medical office building, the 60,000-square-foot Piedmont Physician Center in Stockbridge. The $11 million, three-story Class A building will be located at the entrance of Piedmont Henry Hospital at the intersection of Eagle’s Landing Parkway and Rock Quarry Road. It is set to open in October 2013 and is 60 percent leased. Piedmont Healthcare has taken 15,000 square feet on the second floor and OrthoAtlanta has secured the entire third floor. Henry Physician Center is being privately developed and is owned by a venture of Ackerman Medical, Commercial Assets Group and local physicians on long-term ground leases. John Willig of Ackerman Medical and Mike Tallant of Commercial Assets Group are leasing the property.
OVIEDO, FLA. — Central Florida Regional Hospital, an affiliate of Hospital Corp. of America, has broken ground on a $9.7 million freestanding emergency department on 26 acres at the intersection of Red Bug Lake Road and State Road 417 in Oviedo. The 11,000-square-foot, state-of-the-art satellite facility will operate as a full-service emergency room providing 24/7 emergency care for both pediatric and adult patients. It will also offer comprehensive emergency services including a dedicated trauma room as well as laboratory and imaging services. The single-story emergency care center will include 12 private patient care rooms, a waiting area, nurse station, restrooms and support areas. It will open next fall and employ 35 full-time staff and four emergency care physicians. Charles Perry Partners Inc. (CCPI) is the healthcare project’s construction manager. CCPI specializes in healthcare, institutional, educational, government and commercial construction.
GARDEN CITY, N.Y. — Sabre Investment Group has arranged the $7 million sale of a 28,000-square-foot medical facility in Garden City, which is double net leased to Winthrop University Hospital. A private investor purchased the property, located at 975 Stewart Ave., from Cardiovascular Medical Associates. Corey Gluckstal and Guy Canzoneri of Sabre represented both parties in the transaction.
KATY — MedSpring Urgent Care has opened a new 5,000-square-foot center at 6501 S. Fry Road in Katy. MedSpring will have doctors on-site from 9 a.m. to 9 p.m. seven days a week, including holidays. The center is MedSpring's fifth Houston location and 10th in Texas.
AUSTIN — KW Commercial has arranged the purchase of an 11,395-square-foot, freestanding medical office building, located in south Austin. Nick Nelson and Jim Young of KW Commercial represented the buyer, an out-of-state investor, in the transaction.
BALTIMORE — New York-based Promed Acquisition Inc. has purchased a leasehold interest in four floors of the eight-story Johnston Professional Building on the campus of MedStar Union Memorial Hospital in Baltimore. Johnston Professional LP sold the leasehold interest for $21.75 million. The first four floors are owned and operated by the hospital and the top four floors are subject to a long-term air rights lease. The property is located at 3333 N. Calvert St. and is fully occupied with tenants MedStar Union Memorial Hospital and Greater Chesapeake Orthopedic Associates. Jonathan Carpenter, James Wellschlager and Douglas Brinkley of Cassidy Turley represented the seller.
SAN DIEGO — Freedom Station, a 12-unit housing facility and recovery support center for injured warriors, has sold to Freedom Station USA, a non-profit organization. The purchase price was not disclosed. The facility is located near Naval Medical Center San Diego, one of the country’s largest military hospitals. Freedom Station USA had initially leased and opened the center in May 2010. HFF’s local offices donated their commercial real estate services to assist the non-profit with its purchase. The firm’s Bryan Clark provided commercial mortgage financing and consulting services to Freedom Station USA.
SAN DIEGO — Freedom Station, a 12-unit housing facility and recovery support center for injured warriors, has sold to Freedom Station USA, a non-profit organization. The purchase price was not disclosed. The facility is located near Naval Medical Center San Diego, one of the country’s largest military hospitals. Freedom Station USA had initially leased and opened the center in May 2010. HFF’s local offices donated their commercial real estate services to assist the non-profit with its purchase. The firm’s Bryan Clark provided commercial mortgage financing and consulting services to Freedom Station USA.
JUPITER, FLA. — Jones Lang LaSalle (JLL) Project and Development Services has completed the Max Planck Florida Institute for Neuroscience, a LEED Gold-certified research center, in Jupiter. It is the first U.S.-based institute for the Germany-based Max Planck Society, a global scientific research organization. The three-story, 100,000-square-foot facility includes 57,600 square feet dedicated laboratory space and is situated on six acres at Florida Atlantic University’s John D. MacArthur Campus. The project was primarily funded by the State of Florida and Palm Beach County, which received more than $180 million in public funding including $66 million for the facility’s construction. ZGF Architects LLP designed the building, and The Weitz Co. and DPR Construction were construction managers. The Florida Institute’s scientists are focused on the nervous system, its capacity to produce perception, thought, language, memory, action and emotion. Their primary goal is better research and treatments for brain disorders.