SANTA ANA, CALIF. — Grubb & Ellis has presided over the $5.3 million sale of the 75-unit Montecito Assisted Living building, located at 2025 N. Bush St. in Santa Ana. Robertson Property Group purchased the building out of foreclosure from Wells Fargo Bank N.A. Grubb & Ellis’ Alan Ursillo, Robert Black and Sean McNee represented both parties in the transaction. Reconstructed in 2008, the facility was 95 percent leased at the time of sale.
RIVER FOREST, ILL. — HSA PrimeCare, the medical office division of HSA Commercial Real Estate, is developing a 9,800-square-foot medical office building in River Forest. Located at the corner of North and Ashland avenues, the single-story building will be fully leased to Loyola University Health System's Gottleib Memorial Hospital. The tenant plans to use the facility for urgent care, primary care, orthopedic care and radiology outpatient services. The project includes the demolition of an existing building on the site and the construction of the new facility and a parking lot. Completion is scheduled for the fourth quarter.
SUGAR LAND – Dr. John Novak of Colliers International has facilitated three medical office building transactions in Sugar Land. Dentists, Dr. Cashion and Dr. Cody, have purchased 1.24 acres of land in the southeast corner of Sweetwater Boulevard and Highway 59 at 17003 Southwest Fwy. in Sugar Land. The new dental office is scheduled to open late this summer. Planned Community Developers, represented by Don Janssen in house, sold the land. Dr. Novak represented Dr. Cashion and Dr. Cody. Also, Dr. Greg Condrey, a periodontist, has renewed and expanded his office lease to 1,900 square feet in the Imperial Medical Center at 1111 Hwy. 6 in Sugar Land. The landlord, HC Sugar Land, was represented by Tim Gregory of Transwestern, while Dr. Novak represented Dr. Condrey. Finally, Health Carrier Services, a medical staffing company, has leased office space at 1108 Soldier’s Field Ct. in Sugar Land from GPS Properties. Dr. Novak represented both parties in the lease transaction.
NEW LENOX, ILL. — HSA PrimeCare, the medical division of Chicago-based HSA Commercial Real Estate, is developing The University of Chicago Cancer Center at Silver Cross Hospital in New Lenox. The two-story, 22,500-square-foot facility will be fully occupied by the University of Chicago Medical Center (UCMC) oncology department and a joint UCMC-Silver Cross Hospital oncology practice. The facility will be owned and managed by HSA PrimeCare. Construction is scheduled to begin this spring, with completion slated for spring 2012.
JONESBORO, ARK. — NEA Baptist Health System is developing a new medical campus in Jonesboro. Designed by Earl Swensson Associates, the 550,000-square-foot hospital will offer 181 beds and an adjoining 213,000-square-foot professional medical office building will house NEA Baptist Clinic's medical specialists, surgeons and diagnostic testing services. The building will be connected floor by floor to the inpatient hospital. Construction for the $400 million project is scheduled to begin in April with completion slated for summer 2013. Hoar Construction is constructing the project on behalf of NEA Baptist Health System.
NEW JERSEY AND RHODE ISLAND — Trammell Crow Co. (TCC) has begun development for two healthcare projects. First, the company is developing a 140,000-square-foot addition to the new University Medical Center of Princeton at Plainsboro. The five-story Medical Arts Pavilion will be physically connected to the hospital and will be complete in May 2012. TCC will own the project in a partnership with physician tenants and a public pension fund advised by Bentall Kennedy. TCC is also developing a 60,000-square-foot addition to Kent Hospital in Warwick. The hospital will operate a 30,000-square-foot ambulatory surgery center on the building's second floor that will feature eight operating rooms. The first floor will contain 30,000 square feet of medical office space. Joining TCC on the development team is Seavest, Steffian Bradley and Dimeo Construction.
DALLAS — Net Lease Capital Advisors has acquired two Dallas medical office buildings, Northpoint I and Northpoint II, from an affiliate of Dallas-based Caddis Partners for a price exceeding $20 million. Texas Health Resources (THR), a 24-hospital conglomerate and the largest health system in the Dallas-Fort Worth area, occupies both buildings. The buildings are used for the practice management support services for THR's 700-provider physicians group, Texas Health Physicians Group. Caddis Partners will continue to provide management services for the assets. Net Lease Capital Advisors is a specialized net lease investment and advisory firm based outside of Boston.
MARIETTA, GA. — Marcus Partners and Ackerman & Co. have acquired Marietta Medical Center in Marietta. The 98,534-square-foot property was purchased for an undisclosed amount in a joint venture between Boston-based Marcus Capital Partners Fund I, a $250 million commingled real estate fund, and Atlanta-based Ackerman & Co. The Class A property consists of a five-story medical office building and an attached parking garage. The property is currently 53 percent occupied.
IRVING — Houston-based PM Realty Group (PMRG), a national, full-service commercial real estate firm, has been awarded the leasing assignment for President's Medical Center, located at 380 W. LBJ Fwy. in Irving. The 54,000-square-foot Class A medical facility is adjacent to Baylor Irving Medical Center. Kyle Libby of PMRG will be the leasing manager for President's Medical Center.
NEW YORK CITY — International property and infrastructure group Lend Lease has acquired The DASCO Companies, one of the United States' leading developers and managers of health care real estate. The new company will be known as Lend Lease DASCO and will focus on the healthcare sector. It will operate as a separate unit within Lend Lease's Americas region. DASCO President and CEO Malcolm Sina will continue to lead the company as president and managing director.