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Healthcare

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AcquisitionsArizonaHealthcareOfficeWestern

CBRE Negotiates $20.5M Sale of Forum at Gilbert Ranch Office, Medical Campus in Arizona

by Amy Works

GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.

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AcquisitionsHealthcareTexas

Woodside Health Buys 83,000 SF Medical Office Complex in Metro Houston

by Taylor Williams

CYPRESS, TEXAS — Ohio-based healthcare investment firm Woodside Health has purchased Fairfield Plaza, an 83,000-square-foot medical office complex in Cypress, a northwestern suburb of Houston. Built on 9.4 acres in 2014, the property includes retail space and was 93 percent occupied at the time of sale. David Carter of Colliers International represented the seller, Radler LP, in the transaction. Beth Young, also with Colliers, represented Woodside Health.

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DevelopmentHealthcareIowaMidwest

R&R Realty to Build 13,867 SF Health Clinic for UnityPoint in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — R&R Realty Group (R&R) will develop a 13,867-square-foot, build-to-suit health clinic for UnityPoint Clinic in its Center Pointe business Park in Urbandale. Slated to open in fall 2020, the clinic will offer urgent care, a sports medicine and concussion center along with physical therapy services. Located at the junction of 100th Street and I-80/35 in Urbandale’s Urban Loop, Center Pointe Business Park will contain more than 1 million square feet of office and retail space once completed. UnityPoint is a West Des Moines-based health system.

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AcquisitionsHealthcareTexas

JLL Negotiates Sale of 48,192 SF Medical Office Building in Plano

by Taylor Williams

PLANO, TEXAS — JLL has negotiated the sale of Plano Medical Pavilion, a 48,192-square-foot medical office building located on the Baylor Scott & White Medical Center Plano campus on the northern outskirts of Dallas. Evan Kovac, Andrew Milne, Ben Appel, Brian Bacharach and Matt DiCesare of JLL represented the seller, a partnership between Heady Investments and Gulf Corp., in the transaction. Nashville-based Healthcare Realty Trust acquired the asset for an undisclosed price.

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AcquisitionsHealthcareMidwestMissouri

NKF Arranges $56.1M Sale-Leaseback of Missouri Medical Office Portfolio

by Kristin Harlow

JEFFERSON CITY, MO. — Newmark Knight Frank (NKF) has arranged the $56.1 million sale-leaseback of the Jefferson City Medical Group (JCMG) portfolio. The two medical office assets total 184,181 square feet and are located at 1241 and 1225 W. Stadium Blvd. in central Missouri. JCMG is one of Missouri’s largest multi-specialty groups and has been serving the Jefferson City area for more than 25 years. The portfolio included JCMG’s medical building and its adjacent orthopedic center. Todd Perman, Dana Hamric and Richard Gerakitis of NKF, along with Kevin McLaughlin of NGZ, represented the sellers, four different ownership entities. MB Real Estate Advisors was the buyer.

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AcquisitionsHealthcareKansasMidwest

Echo Development Group Acquires Class A Medical Office Building in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Echo Development Group Inc., in association with Quivet Neck HCRE LLC, has acquired a Class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health. The property spans approximately 27,000 square feet and is located at 601 SW. Corporate View. The fully occupied building is also home to a hearing, balance and physical therapy clinic as well as a pharmacy. An additional 1.5 acres adjacent to the building were included in the acquisition. Echo plans to build 20,000 square feet of complementary Class A medical space. Neither the seller nor the sales price were disclosed.

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AcquisitionsHealthcareMidwestOhioTop Stories

Welltower Expands Medical Office Holdings Through Five Transactions Totaling $1.7B, Including Hammes Acquisition

by John Nelson

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …

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DevelopmentHealthcareMichiganMidwest

New Healthcare Facility Opens at Eastern Michigan University

by Kristin Harlow

YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the site medical director for the primary care and gynecology team. The project represents a collaboration between St. Joseph Mercy Ann Arbor hospital and the university. EMU is also constructing an adjacent facility, the EMU Campus Wellness Center, that is set to open in January 2020. The total cost of the combined facilities is $14 million. EMU is the project owner. IHA is one of the largest multi-specialty groups in Michigan and is a wholly owned subsidiary of St. Joseph Mercy Health System.

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AcquisitionsHealthcareKansasMidwestNet Lease

Boulder Group Negotiates $8.1M Sale of Net-Leased Medical Office Property in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.

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HealthcareMidwestOhio

TriHealth to Operate Retail Health Clinics in Cincinnati-Area Walgreens Stores

by Kristin Harlow

CINCINNATI — Walgreens has unveiled plans to transition seven of its existing company-managed healthcare clinics in the Cincinnati area to TriHealth, a comprehensive not-for-profit health system. TriHealth will own and operate the clinics, which are housed within Walgreens stores. They are expected to open in the first quarter of 2020. TriHealth’s nurse practitioners will staff the clinics, which will operate daily. The affected properties are located in Cincinnati, Deer Park, Loveland, Norwood and Sharonville.

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