Healthcare

VALPARAISO, IND. — McColly Bennett Commercial Advantage has negotiated the $15 million sale of a 43,500-square-foot medical office building in Valparaiso. The seller, Viking Medical Center, acquired and envisioned the future of the unfinished building two years ago. Construction on the building launched in 2018 when it was envisioned as a dialysis center. However, due to financial issues, the original tenant never took occupancy and the building sat incomplete and vacant until Viking Medical Center acquired the property and hired Hasse Construction to complete the build-out of the Class A medical facility. The two-story building features three elevators, a covered patient drop-off canopy, dedicated covered physician and staff parking and visitor parking for 182 vehicles. Adriana Gomez and Jeff Bennett of McColly Bennett marketed the property.

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HOUSTON — Marcus & Millichap has brokered the sale of a 124,000-square-foot healthcare property in the Spring Branch area of Houston. Originally constructed on a 4.3-acre site at 1615 Hillendahl Blvd. in 1965, the property formerly served as a 198-unit skilled nursing facility. Rod Llanos of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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SUGAR LAND, TEXAS — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $22.7 million loan for the refinancing of Sugar Land Medical Plaza, a 120,000-square-foot healthcare property located on the southwestern outskirts of Houston. Colliers arranged the loan on behalf of the sponsor, a partnership between Harrison Street and Pinecroft Realty. Tremont funded the loan, which was structured with a three-year initial term and two one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN).

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CINCINNATI — Marcus & Millichap has brokered the $9.9 million sale of a 26,107-square-foot medical office building in Cincinnati. Constructed in 2008, the property at 8099 Cornell Road is fully leased to Ortho Alliance MSO LLC/Beacon Orthopedics & Sports Medicine Ltd. under a double-net lease with approximately five years remaining. Recent capital improvements include a new roof, HVAC and elevator upgrades, an MRI suite and a physical therapy facility. Frank Roti, Thomas Heitzman and Brett Rodgers of Marcus & Millichap, in association with Michael Glass, the firm’s Ohio broker of record, represented the seller, a private group of investors. The team also procured the buyer, a national REIT.

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CHADDS FORD, PA. — Berkadia has arranged the sale of Restore Orthopaedic Surgical Institute, an 18,630-square-foot ambulatory surgery center in Chadds Ford, a western suburb of Philadelphia. The facility was built in 2022 and features two operating rooms in addition to spaces for pre- and post-operative consultations, physical therapy and related orthopedic support services. Eric Lee, Sabrina Solomiany, Chris Lashmet and Vasili Davos of Berkadia represented the seller, Tennessee-based Montecito Medical Real Estate, in the transaction. The buyer was Delaware-based Wasatch Capital.

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GLENDALE, ARIZ. — Cleveland-based Woodside Health has completed the disposition of Arrowhead Executive Center, a healthcare and office campus in Glendale. Terms of the transaction were not released. Built in 1999, the eight-building campus offers 101,000 square feet of medical office and traditional office space.

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LIVERPOOL, N.Y. — Locally based brokerage firm Jacobson Properties has arranged the $13 million sale of a 38,913-square-foot medical office building located at 8324 Oswego Road in Liverpool, part of the Syracuse metro area. Lisa Menin of Jacobson Properties represented the undisclosed seller in the transaction and simultaneously secured long-term extensions with two tenants. The buyer was an institutional healthcare real estate investment firm that similarly requested anonymity. The building was fully leased at the time of sale.

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BISMARCK, N.D. — Berkadia has arranged the equity placement and financing for the development of Vibra Hospital of the Central Dakotas, a 50-bed inpatient rehabilitation facility and long-term acute care hospital (LTACH) in Bismarck. The build-to-suit facility will be fully leased to Vibra Hospital of the Central Dakotas and will serve as a centrally located replacement hospital for the existing 41-bed Vibra LTACH. Sabrina Solomiany, Vasili Davos, Chris Lashmet, Eric Lee, Gordon Reynolds, Conner Adkins and Brian Myers of Berkadia led the equity placement on behalf of Birmingham, Ala.-based Development Solutions. Mike Rogers of Berkadia secured the development financing through First Horizon Bank on behalf of Development Solutions.

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FLORENCE, ALA. — JLL has arranged the sale of Singing River Cancer Center, a 45,904-square-foot outpatient medical facility located at 180 Cox Creek Parkway S in Florence, a city in North Alabama’s Tennessee Valley region. Purpose-built on a 6.6-acre site in 2020, Singing River is a single-story cancer center operated by OneOncology affiliates. Evan Kovac, Andrew Milne, John Chun, Matt DiCesare and Timothy Joyce of JLL’s Medical Properties Group represented the seller, Cypress West Partners, in the transaction. The buyer, a joint venture between Remedy Medical Properties and Kayne Anderson Real Estate, purchased Singing River for an undisclosed price.

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AUSTIN, TEXAS — Alabama-based general contractor Hoar Construction has broken ground on Colony Park Health & Wellness Center, a 32,000-square-foot medical office building in East Austin. Designed by HKS Architects, the four-story building will house the utilities and mechanical equipment on the first floor, a pharmacy, lab and kitchen on the second floor, patient care rooms on the third floor and a dental office on the fourth floor. Central Health is the owner. Construction is slated for a summer 2027 completion.  

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