Healthcare

NORMAN, OKLA. — Indianapolis-based developer Bremner Real Estate has broken ground on the Oklahoma University Health Stephenson Cancer Center at Norman Regional, 48,000-square-foot healthcare project that will be located just south of Oklahoma City. The facility, which will serve patients from Norman Regional Health System and OU Health, will feature an underground tunnel connection to the main hospital, 24 infusion bays, exam rooms and physician office spaces. Completion is slated for 2025.

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WARWICK, R.I. — A joint venture between Boston-based Sendero Capital and alternative asset manager Angelo Gordon has purchased a 30,000-square-foot medical office building in Warwick, located just south of Providence. Neurology practice NeuroHealth serves as the building’s anchor tenant, occupying about 40 percent of the space, with the remainder fully leased to three different tenants. Mindy Berman, Anthony Sardo and Landon Weaver of JLL represented the joint venture in the transaction.

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KINGSTON, PA. — Colliers has arranged the sale of a 25,545-square-foot retail and healthcare building in Kingston, about 20 miles southwest of Scranton. The building was fully leased at the time of sale, with Vive Health & Fitness serving as the anchor tenant. Other users include Dental Specialists of NEPA and Shine Salon. Jeff Algatt and John Susanin of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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SUGAR LAND, TEXAS — Edloe Ventures, a real estate affiliate of the Edloe Health network (formerly known as Elite Health Services), has completed a 16,100-square-foot medical office building in the southwestern Houston suburb of Sugar Land. Telfair Medical Court, which is also now home to Edloe Imaging, is located at 6927 Brisbane Court. JLL is marketing the remainder of the space for lease.

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IRVING, TEXAS — WellMed Medical Management has signed a 3,154-square-foot lease at 8403 Sterling St. in Irving. The medical office space is located within Commerce Office Park. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Erik Sheets of Medcore Partners represented the tenant.

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By Louis Suarez, Misty Bowe and Brian Bruggeman, Colliers The Twin Cities medical real estate market has experienced many different phases over the last few years, reflecting the region’s journey toward post-pandemic recovery. Currently, this sector is experiencing a notable shift that is fueled by rising vacancy rates for on-campus hospital properties contrasted with a low vacancy rate of 4.9 percent for off-campus medical buildings.  This shift is significantly influenced by the push to outpatient surgery centers, ongoing financial pressures and consolidation trends. Additionally, experts in this region are predicting a scarcity of new medical building supply in 2024, which is expected to exert ongoing pressure on rental rates for existing medical office space, despite the stabilization of interest rates that is anticipated to come later this year.  As of the fourth quarter of 2023, the current construction pipeline consists of a mere 84,000 square feet, all of which is spoken for with no additional supply projected to come to market in the next year, which is a nearly 80 percent decrease year-over-year. The dramatic increase in interest rates, rising construction costs and capital constraints have pushed asking rents for new proposed projects to well above $30 per square foot …

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YONKERS, N.Y. — SightMD has signed a 9,409-square-foot healthcare lease in Yonkers, a northern suburb of New York City. The provider of ophthalmology services will take space at One Executive Center, a four-story, 133,768-square-foot building. Scott Berfas and Glenn Walsh of Newmark represented the tenant in the lease negotiations. The locally based landlord, Simone Development, was self-represented.

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BIRMINGHAM, ALA. — Hoar Construction has topped out the University of Alabama at Birmingham (UAB) Medicine’s new $128 million Inpatient Rehabilitation Facility in downtown Birmingham. Located along 7th Avenue South, the building will total 346,000 square feet across 11 stories. In addition to 136 patient beds, the facility will comprise two levels of administration, conferencing and mechanical space and four floors of parking. Construction, which began in May 2022, is scheduled for completion in early 2025.

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ALLEN, TEXAS — Partners Real Estate has arranged the sale of a medical office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the building totals 5,883 square feet, was built in 2002 and renovated in 2023. Ryan McCullough and Bennett Greenbaum of Partners represented the seller, an entity doing business as 107 Suncreek LLC, in the transaction. The buyer and sales price were not disclosed.

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WOODBRIDGE, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $200 million facility in the Northern New Jersey community of Woodbridge. The project will be part of the larger development of the area surrounding Metropark Station, a major regional transit hub. The 60,000-square-foot facility will be home to an array of primary and specialty care providers, as well as a sports and spine care center. Other services and offerings will include advanced imaging, phlebotomy, rehabilitation services, a retail pharmacy, occupational health services and an urgent care clinic. Hackensack Meridian claims the project will create 1,000 jobs. Completion is slated for late 2025. Russo Development is leading the team behind the larger development, which will ultimately feature residential, office, retail and restaurant uses in addition to the new healthcare facility. Within the residential component, at least 20 percent of the units will be reserved for low-income renters, although specific income restrictions were not announced. The administration of New Jersey Gov. Phil Murphy awarded the development consortium $110 million in tax credit incentives as part of a larger initiative to “push to modernize transportation hubs throughout the state.” Information about additional financing sources was not disclosed. “New Jersey is pioneering …

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