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.
BRYAN — A $26 million, 130,000-square-foot clinical facility, located on the Texas A&M Health Science Center Bryan campus in Bryan, has been completed. The Class A office, clinical and educational facility will serve the Texas Brain and Spine Institute, Mary Crowley Cancer Research Centers and Blinn College Allied Health programs, as well as the Texas A&M Health Science Center College of Medicine. Rose Rock Capital and U.S. HealthRealty developed the project and provided financing, BOKA Powell was the programmer, designer and architect of record, and Skanska USA Building provided construction manager services.
CHARLSETOWN, MASS. — Construction manager Wise Corp. has completed work on a new 20,000-square-foot addition at the MGH Institute of Health Professions in Charlestown. The project included new and expanded physical therapy laboratories, a 104-seat classroom, a cafeteria and floor-to-ceiling windows overlooking Boston Harbor. MGH is an interprofessional graduate school for healthcare specialists.
FLOWER MOUND — MedProperties Holdings has made an equity investment in the 42,000-square-foot Flower Mound Health Plaza, a medical center being developed on a 5-acre site located at FM 2499 and Cross Timbers Road in Flower Mound. Caddis Partners is developing the property, which will begin construction this month and is slated for a December 2012 completion. Caddis has also made an equity investment in the property, along with several physician tenants.