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.
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.
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.
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.
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.
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 …
SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.
TAMPA, FLA. — Tampa General Hospital and Kindred Healthcare have formed a joint venture to develop and operate a $35 million, 59-bed hospital in Tampa. The building will be located on West Kennedy Boulevard between Oregon and Willow avenues, two miles west of downtown Tampa and one mile west of the University of Tampa. The joint venture plans to break ground this summer with an expected completion date in fall 2021. Kindred will operate the day-to-day operations of the hospital. The developers expect to employ more than 140 people. The new inpatient rehabilitation hospital will care for adults recovering from conditions such as stroke, neurological disease, injury to the brain or spinal cord and other debilitating illnesses or injuries. The new facility will feature all private rooms and will also have a secured brain injury unit with private dining and a therapy gym.
DALLAS — Dallas-based Ridgeline Capital Partners has acquired 10 medical office buildings totaling 99,072 square feet throughout the Dallas-Fort Worth (DFW) metroplex. The seller and sales price were not disclosed, but Ridgeline raised $5.3 million in equity for the deal from sources on Oregon-based investment platform CrowdStreet. All buildings were fully leased at the time of sale, with dialysis provider U.S. Renal Care being the sole or primary tenant at each property. CIT Group Inc. arranged $21 million in acquisition financing on behalf of Ridgeline.
TYLER, TEXAS — Alabama-based Johnson Development will build a VA Outpatient Clinic in Tyler, a city located about 100 miles east of Dallas. BL Harbert is the general contractor for the project, which is expected to carry a construction timeline of 16 to 22 months. Gabriel Silverstein and Louis D’Lando of SVN | Angelic structured and placed construction financing for the project, which will be developed as part of a quintet of VA Outpatient Clinics in Texas, Florida, Michigan and Missouri that will collectively span more than 303,000 square feet.