Healthcare

Howard Hughes Sells Metro Houston Healthcare Building Leased to MD Anderson for $115M

by Taylor Williams March 18, 2020

THE WOODLANDS, TEXAS — The Howard Hughes Corp. has sold a 208,000-square-foot healthcare building leased to cancer treatment and research group MD Anderson in The Woodlands, a northern suburb of Houston. The sales price was $115 million. Howard Hughes began development of the build-to-suit property, which is located at 100 Fellowship Drive, in 2017. MD Anderson, which operates seven facilities throughout the Houston area and collaborates with other hospitals and healthcare providers nationwide, will remain in place as building ownership transitions. The buyer was not disclosed.

March 18, 2020

Development Healthcare Massachusetts Northeast Office

DWS Group Completes 20,000 SF Expansion of Medical Office Building in Boston

by Alex Patton March 13, 2020

BOSTON — DWS Group has completed a 20,000-square-foot expansion of 50 and 60 Staniford Street, two adjacent medical office buildings totaling 193,230 square feet in the West End neighborhood of Boston. The project involved construction of additional lobby space between the two buildings, effectively enlarging and connecting the first floors. Margulies Perruzzi served as the project architect, and Lee Kennedy Co. was the general contractor.

March 13, 2020

Acquisitions Healthcare Texas

New Era Partners Acquires 48-Bed Oceans Behavioral Hospital in Waco

by Taylor Williams March 9, 2020

WACO, TEXAS — New Era Partners, a division of Texas-based development and investment firm New Era Cos., has acquired the 48-bed Oceans Behavioral Hospital in Waco. The newly built facility provides both inpatient and outpatient mental health treatments. New Era acquired the asset as part of a portfolio of healthcare properties that includes three behavioral hospitals that are operated by Oceans Healthcare. The Plano-based provider has about 25 behavioral health facilities in Texas, Louisiana and Mississippi. The seller was not disclosed.

March 9, 2020

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $17M Expansion of Cuyuna Regional Medical Center in Minnesota

by Kristin Harlow March 9, 2020

CROSBY, MINN. — Kraus-Anderson Construction has completed a $17 million expansion of Cuyuna Regional Medical Center in Crosby in central Minnesota. The facility serves approximately 30,000 people in the Brainerd Lakes area. Designed by HDR Architects, the 52,376-square-foot project features a new outpatient Orthopaedics, Spine & Interventional Pain Clinic as well as a rehabilitation department. To make room for the new clinic, Kraus-Anderson consolidated underutilized areas of the care center and relocated the cancer care center. In addition, Kraus-Anderson added a new dining room, patio and activities center. Nurse stations, resident rooms and offices were remodeled.

March 9, 2020

Acquisitions Healthcare Illinois Midwest

Avison Young Arranges Sale-Leaseback of 60,231 SF Medical Office Building in Bloomington, Illinois

by Kristin Harlow March 5, 2020

BLOOMINGTON, ILL. — Avison Young has arranged the sale of a 60,231-square-foot medical office building in Bloomington for an undisclosed price. The seller, McLean County Orthopedics, will lease back the building on a long-term basis. The facility, located at 1111 Trinity Lane, was constructed as a build-to-suit for McLean in 2016. The property is attached to Advocate Healthcare’s wellness center. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller. Hammes Partners purchased the asset.

March 5, 2020

Acquisitions Healthcare Midwest Wisconsin

SRS Arranges $2.1M Sale of Fresenius-Occupied Property in Monroe, Wisconsin

by Kristin Harlow March 3, 2020

MONROE, WIS. — SRS Real Estate Partners has arranged the $2.1 million sale of a 6,804-square-foot property occupied by Fresenius Kidney Care in Monroe in southern Wisconsin. The facility is located at 120 W. 7th St. Fresenius is a national provider of dialysis treatment and resources. Frank Rogers and Michael Carter of SRS represented the seller, a Midwest-based developer. The team also represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.

March 3, 2020

Healthcare Market Reports Northeast Northeast Market Reports Pennsylvania

Healthcare Developers Adapt to Changing Landscape

by Alex Patton March 3, 2020

Anyone who has kept an eye on the healthcare real estate sector over the past several years is aware of the property type’s reliability amidst increasing economic uncertainty, which has resulted in growing interest among investors. However, for what has become one of the hottest investment sectors in recent years, transformations underway within the healthcare industry will bring changes to the asset class over the next decade. Bob Atkins, Managing Partner, Atkins Cos. The market fundamentals are easy to understand. According to a recent report from Real Capital Analytics, United States-based healthcare real estate assets account for over $1 trillion in market value. Physician visits by baby boomers are expected to nearly double in the next decade; it is also projected that by 2060, one in four people will be over 65 years old. These factors make it clear that this already large market is positioned for continued growth. However, in crowded regional healthcare markets like Philadelphia, which features several large competing healthcare systems and a variety of growing specialty networks, that growth will not just be more of the same. Changes in Delivery Traditionally, the American healthcare delivery model centered on hospitals, which meant that medical office buildings tended …

March 3, 2020

Development Healthcare Mixed-Use Texas Top Stories

Texas A&M Plans $546M Expansion at Texas Medical Center in Houston

by Alex Patton February 21, 2020

HOUSTON — Texas A&M University has unveiled plans for a $546 million expansion project at Texas Medical Center in Houston. The project will include the $145 million acquisition and renovation of the 18-story Texas A&M Engineering Medicine (EnMed) building at 1020 Holcombe Blvd., as well as $401 million construction of two new towers adjacent to the EnMed structure. The first new building is a 30-story medical tower slated for completion in June 2023. The property will include 72,000 square feet of retail space and 8,700 square feet of green space. The tower will expand the EnMed building’s engineering medicine programs, which include a combination of medical and engineering degrees. The second new building is a 19-story residential tower slated for completion in June 2022. The project will include 704 beds of student housing and a 3,444-space parking garage. Texas A&M College of Medicine students and Prairie View A&M University College of Nursing students will have first priority to occupy the housing, but students from other institutions can also apply. The expansion will be part of Texas Medical Center’s planned 1.5 million-square-foot TMC3 translational research campus. With construction scheduled to begin this year for completion in 2022, TMC3 will include 112,000 …

February 21, 2020

Development Healthcare Multifamily Washington Western

Compass Health Breaks Ground on Broadway Healthcare Campus Redevelopment in Everett, Washington

by Amy Works February 18, 2020

EVERETT, WASH. — Compass Health has broken ground for the first phase of its Broadway campus redevelopment project in downtown Everett. The regional center is designed to bring together a continuum of behavioral healthcare, primary healthcare and permanent supportive housing services. Slated to open in 2021, the five-story, 47,000-square-foot building will include 82 units of permanent supportive housing for people with chronic behavioral health challenges, including units available to military veterans and individuals transitioning into the community from Western State Hospital. The property will feature four floors of residential space over ground-floor common area amenity space. The project will double Compass Health’s housing capacity in Snohomish County. Funding for the $26 million first phase comes from a combination of public, private and philanthropic sources, including Snohomish County Housing and Community Services, Housing Authority of Snohomish County, Washington State Housing Trust Fund, Washington State Housing Finance Commission, National Equity Fund, Federal Home Loan Bank of Des Moines, Coastal Community Bank, Impact Capital, Premera Social Impact, KeyBank N.A. and the Washington Community Reinvestment Association. The development team includes Lotus Development Partners as development manager, Environmental Works as architect and BNBuilders as general contractor. Additional consultants include Harmsen as civil engineer, Swensen Say …

February 18, 2020

Healthcare Loans Texas Walker & Dunlop

Walker & Dunlop Provides $13M HUD Loan for Refinancing of Skilled Nursing Facility in Lubbock

by Taylor Williams February 14, 2020

LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.

February 14, 2020

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