FRISCO, TEXAS — Magellan Health, a Fortune 500 healthcare provider based in Phoenix, has signed an 8,000-square-foot lease at The Offices Two at Frisco Station on the northern outskirts of Dallas. VanTrust Real Estate developed the 210,000-square-foot speculative property, which now has more than a third of its space leased to healthcare providers. The building is 75 percent leased overall. VanTrust has begun preleasing The Offices Three at Frisco Station and expects to complete that project in early 2021.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $3.5 million refinancing loan for a 10,302-square-foot medical office building in The Bronx. Located a 3440-3448 Boston Road, the single-tenant building is leased to a provider of dialysis services. An undisclosed lender provided the nonrecourse loan, which carries a 3.9 percent fixed interest rate for seven years and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes arranged the loan for the undisclosed borrower.
WEST ORANGE, N.J. — The Kislak Cos. Inc. has brokered the sale of a 48,000-square-foot, Class B medical office building in West Orange, a western suburb of New York City. Located at 622 Eagle Rock Ave., the three-story building was constructed in 1988. JAG One Physical Therapy and Garden State Community Bank are the anchor tenants of the building. The property offers convenient access to State Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike. Matt Wilheimer of Kislak represented the seller, New York Community Bank, in the transaction. The buyer was 622 Eagle Rock Avenue Realty.
MARYLAND HEIGHTS, MO. — Marcus & Millichap has negotiated the $1.1 million sale of an urgent care facility net leased to Our Urgent Care in Maryland Heights, a northwest suburb of St. Louis. The 3,488-square-foot property is located at 2070 McKelvey Road. Benjamin Bach and Dominic Sulo of Marcus & Millichap’s Oak Brook office in suburban Chicago marketed the building on behalf of the seller, a limited liability company. Bradley Barham assisted in closing the transaction as the broker of record in Missouri.
ILLINOIS AND WISCONSIN — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has sold a four-building medical office portfolio to Irvine, Calif.-based IRA Capital. The buildings, spanning a total of 107,828 square feet, are located in Illinois and Wisconsin. HSA PrimeCare will continue to manage the assets on behalf of IRA. Mike Wilson and Erik Foster of Avison Young represented HSA PrimeCare in the transaction. The properties include: Advocate Good Samaritan South in Downers Grove, Ill.; Hawthorn Surgery Center in Vernon Hills, Ill.; Advocate Aurora Health Beverly Clinic in Chicago; and Advocate Aurora Health Muskego Clinic in Muskego, Wis. IRA Capital is a private equity firm that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices and individuals. IRA primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare sector.
FARMERS BRANCH, TEXAS — Marcus & Millichap has brokered the sale of the Baylor Scott & White Institute For Rehabilitation, a 5,000-square-foot medical clinic located in the northern Dallas suburb of Farmers Branch. The property was built in 2018 and was fully leased at the time of sale. Philip Levy and Vincent Knipp of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
ELLICOTT CITY, MD. — KLNB has arranged the $9.4 million sale of North Ridge Professional Center, a 38,894-square-foot medical office building in Ellicott City. The building was 97 percent leased at the time of sale to anchor Ellicott City Ambulatory Surgery Center, Howard County Government, Seton Medical Group (a division of St. Agnes Healthcare) and Infectious Disease Associates. The property is situated at 2850 N. Ridge Road, 15 miles west of downtown Baltimore. Don Schline, Craig Morrell and Brad Berzins of KLNB represented the seller, Foulger-Pratt, in the transaction. The buyer was not disclosed.
DETROIT — Henry Ford Health System reported a net loss of $234.5 million in the first quarter due to the widespread COVID-19 pandemic. The Detroit-based company says it will furlough 2,800 employees across its six hospitals. In explaining the losses, the health system cited temporary closures, an increased need for caring for COVID-19 patients, and the postponement or cancellation of services and procedures. Additionally, the company expects losses in April and May to surpass the March total. The furloughed employees are those not directly involved in patient care and those from areas where workloads have been drastically reduced or operations have been temporarily closed. Henry Ford Health System employs more than 30,000 people. Executives at Henry Ford Health System will donate between 10 and 25 percent of their salaries to two funds meant to help furloughed employees. The two funds are the newly created COVID-19 Emergency Needs Fund and the Bob and Sandy Riney Helping Hands Fund, which was created in 2012 to help support employees experiencing unexpected hardships. The health system lost $43 million in net operating income (NOI) in March, and net operating loss for the first three months of 2020 was $36.2 million. The company had a …
SAVANNAH, GA. — Medical suppliers are using the Port of Savannah to ship equipment to hospitals across the state and the Southeast. The Georgia Ports Authority (GPA) is collaborating with companies such as Drive Medical, which is a major supplier of beds, IV poles and other goods, to supply items needed at COVID-19 pop-up hospitals around the country. GPA is providing information such as vessel status, estimated time of arrival and container availability, as well as expedited container processing for cargo destined for COVID-19 hotspots such as New York, Detroit and New Orleans. With help from shipping lines and cargo owners, GPA can also identify containers, locate them on the vessel via U.S. Customs manifests and speed vessel discharge for specific containers. Most of the supplies are moving through the Garden City Terminal.
SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.