Healthcare

Marcus & Millichap Brokers $9.7M Sale of Medical Office Building in Danville, Illinois

by Kristin Harlow June 2, 2020

DANVILLE, ILL. — Marcus & Millichap has brokered the $9.7 million sale of a 65,900-square-foot medical office building in Danville in eastern Illinois. The two-tenant property is located at 707 N. Logan Ave. Constructed in 1994, the four-story building is situated near other healthcare providers, retail and restaurants. One of the building tenants, OSF HealthCare, recently executed a new 10-year lease. Frank Roti and Brett Rodgers of Marcus & Millichap represented the private seller and procured the buyer, a private equity firm. Despite the challenges presented by the COVID-19 pandemic, Marcus & Millichap says it has completed a similar volume of multi-tenant medical office building sales from March 15 to May 15 of this year compared with the same time period in 2019. “Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” says Roti.

June 2, 2020

Acquisitions California Healthcare Office Western

IRA Capital Acquires 64,000 SF Medical Office Building in Los Angeles County

by Amy Works June 1, 2020

COVINA, CALIF. — Southern California-based IRA Capital has purchased a medical office building located in Covina for an undisclosed price. The name of the seller was not released. Magan Medical occupies the 64,000-square-foot property, which houses more than 50 physician providers across 20 specialties, including oncology, neurology, dermatology, radiology and cardiology. OptumCare, a wholly owned subsidiary of UnitedHealthcare, recently acquired the tenant. As part of the integration into the OptumCare/UnitedHealth network, the building underwent extensive renovation and capital improvements.

June 1, 2020

Company News Healthcare North Carolina South Carolina Southeast

CVS Adds 70 COVID-19 Testing Sites in Carolinas

by Alex Tostado May 29, 2020

WOONSOCKET, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately three days. In North Carolina, the 55 new sites are located in 29 cities, including seven sites in Charlotte, five in Raleigh, four in Cary, four in Durham, three in Fayetteville and three in Winston-Salem. In South Carolina, the locations are in Anderson, Charleston, Clemson, Columbia, Greenville, Mount Pleasant, Myrtle Beach, North Charleston, North Augusta, Spartanburg and West Columbia. With the 70 locations, Woonsocket-based CVS has now opened 986 testing sites in the country. Click here to see a full list of the locations.

May 29, 2020

Acquisitions California Development Healthcare Office Top Stories Western

City of Hope Acquires Development Site in California, Plans $1B Cancer Center Project

by Alex Patton May 28, 2020

IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …

May 28, 2020

Healthcare Leasing Activity New Jersey Northeast Office

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton May 21, 2020

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

May 21, 2020

Development Florida Healthcare Office Southeast

AJP Ventures, Mas Group to Develop 37,000 SF Medical Office Building in Miami

by Alex Tostado May 21, 2020

MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

May 21, 2020

Development Healthcare Texas

Texas Children’s to Open $450M Hospital in North Austin

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.

May 21, 2020

Acquisitions Florida Healthcare Office Southeast

Onicx Sells Medical Office Building in Gainesville for $18.2M

by Alex Tostado May 20, 2020

GAINESVILLE, FLA. — Onicx has sold a 46,483-square-foot medical office building in Gainesville for $18.2 million. The building is situated at 6500 W. Newberry Road on the North Florida Regional Medical Center’s campus. Onicx developed the property in 2016 and sold it to an investor group of physicians from Florida Cancer Specialists. Dhvanit Patel and Arjun Choudhary internally represented Onicx in the transaction. Tampa, Fla.-based Onicx specializes in medical and commercial real estate development.

May 20, 2020

Acquisitions Georgia Healthcare Office Southeast

Anchor Health Properties Acquires Medical Office Building in Metro Atlanta’s Gwinnett County for $5.3M

by Alex Tostado May 19, 2020

LAWRENCEVILLE, GA. — Anchor Health Properties has acquired Walther Professional Center, an 18,471-square-foot medical office building in Lawrenceville, for $5.3 million. Two tenants, Northeast Atlanta Ear, Nose & Throat and Eastside Heart and Vascular, fully occupy the single-story building. The property is located at 766 Walther Road NW, a mile from Northside Hospital-Gwinnett and 30 miles northeast of downtown Atlanta. Charlottesville, Va.-based Anchor Health manages more than 5 million square feet of medical office space nationwide. Steve Hall and Kevin Markwordt of Transwestern represented the seller, ENTOB LLC, in the transaction.

May 19, 2020

Civic Development Healthcare Multifamily Student Housing Texas

Medistar, Texas A&M Release Name, Updated Plans for $401M Houston Campus

by Taylor Williams May 19, 2020

HOUSTON — A public-private partnership between Houston-based developer Medistar Corp. and Texas A&M University has branded its new, $401 million medical and engineering campus in Houston and released updated plans for the ensuing phases of construction. The new campus, which is situated on five acres at the intersection of Holcombe Boulevard and Main Street near the Texas Medical Center, will be known as the Texas A&M Innovation Plaza at the Texas Medical Center. New construction plans include the development of Life Tower, a 714-bed student housing building, and Horizon Tower, a 485,000-square-foot medical and academic building. The 17-story Horizon Tower will be constructed atop a 2,700-space parking structure, will include most of the campus’s 15,000 square feet of retail space and is expected to be delivered by or before the first quarter of 2024. Life Tower, along with the parking garage, grade-level retail space and the central “open-air” plaza, is scheduled to be delivered in June 2022. The groundbreaking of this phase of the project is scheduled for late 2020. Development of the campus began earlier this year with the acquisition and renovation of Discovery Tower, an 18-story office building that now houses the university’s EnMed program, which provides students …

May 19, 2020

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