ELGIN, ILL. — MLL Capital has purchased a 95,043-square-foot medical office building located at 1435 N. Randall Road in Elgin. The purchase price and seller were undisclosed. The five-story property is located near I-90 on the campus of the Advocate Sherman Hospital. Both the building and connected hospital were constructed in 2009. Jonathan Swindle and Kyle Arnold of Waveland Property Group have been named leasing agents for the property. Boston-based MLL Capital was founded in 2016 and focuses its investments on medical office, laboratory and life sciences properties.
SHILOH, ILL. — IMPACT Strategies has completed construction of the new Siteman Cancer Center at Memorial Hospital East’s Shiloh campus. The building adds 70,000 square feet of treatment facilities and office space to the campus, which is situated about 20 miles east of St. Louis. Siteman Cancer Center is the only National Cancer Institute-designated comprehensive cancer care center in the region. The facility houses labs, a pharmacy, medical oncology infusion clinics and radiation oncology clinics. Archimages Architecture, David Mason & Associates Structural Engineering and IMEG Corp. Engineering made up the project team.
ITASCA, ILL. — McShane Construction Co. has broken ground on a 50,000-square-foot build-to-suit facility for Option Care Health Inc. in Itasca. Quadrangle Development Co. and Janko Group are the project developers. Approximately 55 percent of the single-story building will house office space, while the remaining portion will incorporate pharmacy ambulatory suites and support spaces. The building’s warehouse areas will feature two walk-in coolers and freezers, with two truck docks and two drive-in doors. Completion is slated for June. Wright Heerema Architects and Whitney Architects make up the project team. JLL represented the tenant. Option Care is an independent, national provider of home and alternate site infusion therapy services.
WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.
SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco. Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete. Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.
ONTARIO, CALIF. — Lee & Associates Orange has arranged the sale of a commercial asset located at 4480 Ontario Mills Parkway/745 Franklin Ave. in Ontario. Almaz Investment & Management sold the building to a private individual for $4.2 million. Allen Buchanan, Joshua Harper of Lee & Associates’ Orange, Calif., office and David Mudge of Lee & Associates’ Riverside, Calif., office represented the seller, while Greg Martin of Lee & Associates’ Ontario, Calif., office represented the buyer in the deal. At the time of sale, the two-unit, 9,545-square-foot building was a fully built-out surgery center that had only one tenant.
WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.
NORTH HAVEN, CONN. — Hartford HealthCare Corp. will open a new 40,700-square foot facility in the 273,452-square-foot North Haven Pavilion retail center in North Haven, a northern suburb of New Haven. Hartford HealthCare provides a range of medical services including air ambulance, behavioral health and rehabilitation, and skilled nursing and home health services. The facility will occupy space in the former Sports Authority building, joining tenants including Target and Michaels. National Realty & Development Corp. is the owner of the retail center. The facility is slated to open this summer.
NORTH BRANCH, MINN. — Upland Real Estate Group Inc. has brokered the sale of an 18,171-square-foot healthcare facility net leased to Fairview Health Services in North Branch, about 45 miles north of Minneapolis. The sales price was undisclosed. The property features urgent care exam rooms, procedure rooms, a physical therapy gym, drive-through pharmacy and optical center. Fairview has more than eight years remaining on its lease. Buyer and seller information was not disclosed.
CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.