REBusinessOnline

Cullinan Properties to Develop 144,000 SF Veteran’s Mental Health Clinic in Metro Tampa

TEMPLE TERRACE, FLA. — Cullinan Properties Ltd. plans to develop the new VA Mental Health Clinic and Domiciliary in Temple Terrace, about 10.4 miles north of Tampa. The Department of Veterans Affairs (VA) with the General Services Administration (GSA) awarded Cullinan Properties the lease for the clinic. The project team includes architecture and design firm Leo A. Daly, general contractor Hoar Construction, civil engineer Prosser and property management firm Lincoln Harris.The VA Mental …

MedCraft Investment Partners Buys Medical Office Building in St. Paul for $8.6M

ST. PAUL, MINN. — MedCraft Investment Partners, which focuses exclusively on healthcare real estate, has acquired a 22,721-square-foot medical office building in St. Paul for $8.6 million. MHealth Fairview’s Midway Clinic, which offers primary and specialty care services, fully occupies the property, which is located at 1390 University Ave. A bookstore formerly occupied the building before it was converted into healthcare use. The seller was not

SRS Brokers $2.9M Sale of Single-Tenant Medical Office Property in West Palm Beach

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor.Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office …

Montecito Medical Acquisition Co. Buys 68,000 SF Akos Medical Campus in Avondale, Arizona

AVONDALE, ARIZ. — Montecito Medical Acquisition Co. has purchased Akos Medical Campus, a newly completed medical office building in Avondale. Akos MOB I LLC sold the asset for an undisclosed price in an off-market transaction.The three-story, 68,000-square-foot Akos Medical Campus features a state-of-the-art imaging suite, multi-specialty ambulatory surgery center (ASC) and a cardiovascular ASC, as well as an urgent care, pharmacy and clinical office space. At the time of sale, the …

Fantini & Gorga Arranges $9.2M Permanent Loan for Metro Boston Healthcare Property

WOBURN, MASS. — Locally based mortgage banking firm Fantini & Gorga has arranged a $9.2 million permanent loan for Woburn Rehabilitation & Nursing Center, a 140-bed healthcare facility in the northern Boston suburb of Woburn. The loan was placed with correspondent Eastern Mortgage Capital, which structured the transaction through the FHA’s 232/223(a)7 program. The borrower was not

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side.Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. …

La Maestra Family Clinic Buys Vacant Retail Center in El Cajon for Community Health Center Conversion

EL CAJON, CALIF. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center.Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the

Cushman & Wakefield Brokers $18M Sale of Tustin Rehabilitation Hospital in Orange County

TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million.The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the …

CA Health and Science Trust Acquires 95,000 SF Medical Office Building in Elgin, Illinois

ELGIN, ILL. — CA Health and Science Trust Inc. (CAHST) has acquired a 95,000-square-foot medical office building in Elgin for an undisclosed price. A publicly traded REIT was the seller. The four-story property is home to tenants such as Derick Dermatology, Suburban Orthopedics and Northwestern Medicine. The building is located at 1600 Randall Road near I-90 and is adjacent to Advocate Sherman Hospital. The latest investment from CAHST is part of an equity commitment of up to $245 million …

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