OVERLAND PARK, KAN. — Newmark Knight Frank has arranged the $16.6 million sale of Southridge Medical Building, a 57,000-square-foot medical office building adjacent to Saint Luke's South Hospital in Overland Park. Michael Bennett of Newmark represented the seller, a private group of doctors associated with Saint Luke's Health System, in the transaction. The buyer was a Midwest family trust.
HOUSTON — McShane Healthcare Solutions has plans to develop a new 35,240-square-foot sports medicine and training facility, located in the Houston Amateur Sports Park at 12211 Kirby Dr. in Houston. The new facility will be built on behalf of Competitive Edge Sports (CES) and will include the Methodist Center for Sports Medicine and the new CES Performance facility. The Houston Dynamo, a Major League Soccer (MLS) team, plans to use the 5,125 square feet of the facility for training. The Methodist Center will be approximately 7,000 square feet and house the physicians for the Houston Texans, Houston Astros and Houston Dynamo. CES will lease 18,505 square feet of the facility. Houston-based Seeberger Architecture will provide architectural services and Cadence McShane Construction Co. will provide design/build construction services for the facility, which is slated for completion in July 2012.
PLYMOUTH, MINN. — Medical device giant St. Jude Medical Inc. plans to expand its facilities in Plymouth with a three-story, 275,000-square-foot addition to its 5050 Nathan Lane building. St. Jude also plans to consolidate its cardiovascular division at the new facility. The company's cardiovascular unit currently leases locations in Minnetonka, Minn. and Maple Grove, Minn. St. Jude acquired the property in 2010, which formerly served as the headquarters for AGA Medical. Pending city approval, the company hopes to begin construction as early as this February.
CEDAR KNOLLS, N.J. — Liberty Bank of Middletown, Conn. has closed a $7.4 million commercial mortgage financing transaction with 197 Riverdale Ave. LLC for the purchase and renovation of the medical office building at 197 Ridgedale Ave. in Cedar Knolls. The 80,600-square-foot property is owned by Commercial Realty Group of Morris Plains, a group of local physicians.
ELECTRA — McCarthy Building Cos. has broken ground on the $11 million renovation and expansion of Electra Memorial Hospital, located at 1207 S. Bailey St. in Electra. McCarthy will construct a 20,890-square-foot addition which will house a rehabilitation department, a computed tomography (CT) imaging area and new patient rooms. The expansion is slated for a spring 2013 completion. Dallas-based Rees Associates is the architect for the project.
OKLAHOMA — Stan Johnson Co. has brokered the $7.5 million sale of five dental clinics, all fully leased to My Dentist, in Oklahoma. The properties are all under new 15-year triple net leases with annual rent increases. Jeff Matulis, Toby Scrivner and Karen Vinsko of Stan Johnson Co.'s Tulsa, Okla., office represented the buyer, a New York-based REIT, and the seller, a Oklahoma City-based developer, in the transaction.
CHICAGO — Duke Realty has acquired Burr Ridge Medical Center, a 104,912-square-foot facility at 6800 N. Frontage Rd. in Chicago. The facility is fully leased to Loyola University Medical Center (LUMC), a subsidiary of Loyola University Health Systems. Burr Ridge houses LUMC's musculoskeletal, orthopedics and neuroscience service lines and rehabilitation facilities, as well as other physicians and healthcare practices.
LEWISVILLE — Marcus & Millichap has brokered the sale of the 19,896-square-foot Baylor Surgicare at Lewisville, a medical office building located at 1854 Lakepointe Dr. in Lewisville. Chris Gomes and Ashish Vakhariya of Marcus & Millichap's Detroit office represented the seller, a partnership, in the transaction. Vakhariya also represented the buyer, a limited liability company. Tim Speck of Marcus & Millichap's Dallas office assisted in closing the transaction.
NEWPORT BEACH, CALIF. — Newport Beach-based Griffin-American Healthcare REIT II has purchased 10 skilled nursing facilities and one medical office building for $174.3 million. The properties are located in Georgia, Tennessee, Louisiana, Alabama and Texas. The 10 nursing facilities add 1,364 beds to the Griffin-American Healthcare REIT II's skilled nursing facility portfolio and are leased through 2027 by affiliates of Wellington Healthcare Services, the seller of the properties. Matt Ryan and Michael Hoagberg of Houlihan Lokey's Chicago office represented the seller in the transaction. The 60,000-square-foot SIerra Providence East Medical Plaza I, located in El Paso, Texas, was acquired from PHT Investment Holdings. Chris Bodnar of CBRE's Denver office represented the seller.
WATERFORD, CONN. — Suffolk Construction was awarded the Lawrence & Memorial Hospital's Cancer Center project in Waterford. The $34.5 million project will include a new, 47,000-square-foot facility for radiation and medical oncology programs. Construction will begin this spring and the grand opening is scheduled for September 2013.
