Wednesday, January 1, 2025
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65-Walnut-St.-Wellesley-Massachusetts
AcquisitionsHealthcareMassachusettsNortheast

Newmark Brokers $24.3M Sale of Medical Office Building in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the $24.3 million sale of a 67,264-square-foot medical office building located at 65 Walnut St. in Wellesley, a western suburb of Boston. Two locally based healthcare systems, Mass General Brigham and Tufts Medicine, serve as the anchor providers. At the time of sale, the property was fully leased to 22 tenants in fields such as dermatology, plastic surgery, urology, ophthalmology, internal medicine and pediatrics, as well as physical and occupational therapy. An affiliate of Haynes Management sold the property to a joint venture between Sendero Capital and TPG Angelo Gordon. Robert Griffin, Michael Greeley, Joseph Alvarado and Casey Valente of Newmark represented both parties in the deal.

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DevelopmentHealthcareLeasing ActivityNortheastPennsylvania

MCB Real Estate Breaks Ground on 60,000 SF Medical Office Building in Metro Philadelphia

by Taylor Williams

DREXEL HILL, PA. — MCB Real Estate, a Baltimore-based development and investment firm, has broken ground on a 60,000-square-foot medical office building in Drexel Hill, a western suburb of Philadelphia. The three-story structure will be known as Drexeline Medical Office Building and is fully preleased to Delaware County Human Services (45,000 square feet) and Children’s Hospital of Philadelphia (15,000 square feet). Delivery is slated for the second quarter of 2025. Scott Williams of JLL represented MCB in both deals.

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DevelopmentHealthcareHospitalityLoansMidwestOhio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

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HealthcareLeasing ActivityMidwestMinnesota

Life Link III Signs 12,827 SF Medical Office Lease at Shoreview Business Campus in Suburban Minneapolis

by Kristin Harlow

SHOREVIEW, MINN. — Life Link III has signed a 12,827-square-foot medical office lease at Shoreview Business Campus, a flex property in the northeast Minneapolis suburb of Shoreview. The nonprofit medical air transportation company has begun occupying the new space. The property is 91 percent leased with three additional medical office tenants, including Allina Medical Clinic, Allina Health Urgent Care and Courage Kenny Sports & Physical Therapy. The RMR Group is the property manager, and Diversified Healthcare Trust is the building owner. John Ryden, Jerry Driessen and Maxx Schindel of CBRE represented ownership in the lease.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $7.6M Renovation Project for Prairie Lakes Healthcare in South Dakota

by Kristin Harlow

WATERTOWN, S.D. — Kraus-Anderson has completed a $7.6 million critical care unit (CCU) and kidney dialysis unit renovations for Prairie Lakes Healthcare at 401 9th Ave. NW in Watertown, a city in eastern South Dakota. Designed by BWBR Architects, the 15,000-square-foot project was constructed in two phases. The first phase included the second-floor CCU, featuring eight new patient rooms and a dedicated air handler. The second phase featured the new kidney dialysis unit with 10 new infusion bays, including two isolation rooms.

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655-S-Dobson-Rd-Chandler-AZ
AcquisitionsArizonaHealthcareOfficeWestern

NAI Horizon Negotiates Sale of 22,591 SF Chandler Medical Center in Arizona

by Amy Works

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of Chandler Medical Center, a multi-tenant medical office building at 655 S. Dobson Road in Chandler. New York City-based Chandler Medical Property Company LLC (Tolis Advisors) sold the asset to Cleveland-based Provider Real Estate Partners Fund I LP for $7.3 million, or $323.14 per square foot. Lane Neville, Cole Neville, Brandon Hall, Whitney Heritage and Matt Westra of NAI Horizon represented the seller, while the buyer was self-represented in the transaction. The 22,591-square-foot Chandler Medical Center is located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center.

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DevelopmentHealthcareMidwestMissouri

McCarthy Tops Out Construction of 16-Story Tower at Barnes-Jewish Hospital in St. Louis

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has topped out construction of a new 16-story patient care tower at Barnes-Jewish Hospital in St. Louis. The work is part of BJC HealthCare’s Campus Renewal Project, a long-term initiative to replace and renovate outdated patient care facilities on the Washington University Medical Campus. The new building, known as the Plaza West Tower, will open to patients in fall 2025. The 660,000-square-foot facility will include seven floors of private acute inpatient rooms for heart and vascular patients (224 beds), two floors of intensive care units (56 beds), more than two floors of modern surgical prep and recovery, more than two floors of state-of-the-art medical imaging and interventional radiology, as well as two rooftop gardens, a family lounge with business center, kitchenette, quiet rooms and laundry facility. The project will also feature a kitchen and dietary center for patient meals and a public cafeteria with outdoor dining. The project team includes architect CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS.

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Wellness-Village-Mead-Valley-CA.jpg
CaliforniaDevelopmentHealthcareWestern

PMB, Riverside University Health System Break Ground on $580M Behavioral Health Campus in Mead Valley, California

by Amy Works

MEAD VALLEY, CALIF. — PMB and Riverside University Health System (RUHS) have broken ground on The Wellness Village, a $580 million behavioral health campus in Mead Valley, located in the Inland Empire region. The 18-acre campus will be located at the intersection of Harvill and Placentia avenues. Slated for completion in 2026, the 445,000-square-foot Wellness Village will include a Youth and Family Care Center; Wellness and Education Center; Recovery Center; and The Residences and Restorative Care adult residential facility and mental health rehabilitation center. The center will also offer green spaces and gardens for relaxation and meditation; sports courts and an activity lawn for physical activity and recreation; public market and café for community gatherings; community meeting space for local events and activities; and boarding for pets while their owners receive treatment. The project team includes PMB as developer, Boulder Associates as architect, Snyder Langston as design-builder and PMB Real Estate Services as property manager.

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AcquisitionsHealthcareMidwestMissouri

SVN Chicago Commercial Arranges $3.8M Sale of Medical Office Building in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — SVN Chicago Commercial has arranged the $3.8 million sale of the Mercy Health medical office building in St. Peters, a northwest suburb of St. Louis. The 17,296-square-foot property is located at 107 Piper Hill Drive. Mercy Health occupies the building on a net-lease basis and recently executed a lease extension with substantial improvements to the site. Tim Franz of SVN represented the undisclosed seller. The asset sold to a West Coast-based REIT.

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AcquisitionsHealthcareMultifamilyNevadaSeniors HousingWestern

ESI Brokers $8.5M Sale of Post-Acute Rehab Facility in Las Vegas

by Amy Works

LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of a 45-bed post-acute rehab community in Las Vegas.  The seller was a regional owner-operator. A national owner-operator with a presence in Nevada acquired the asset for $8.5 million, or $188,888 per bed. The community, exclusively licensed to accept Medicare only, has provided skilled nursing care since its inception in 2015. At the time of marketing, the facility was 73 percent occupied and had struggled to maintain healthy occupancy levels in previous months. Despite these challenges, ESI noted the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year. The previous owner-operator made the strategic decision to divest this asset to better concentrate on its regional portfolio. This was the seller’s only asset outside of the state of Michigan.

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