RICHARDSON, TEXAS — Pavilion Properties, a holding company owned by Methodist Health System of Dallas, has acquired a 120,000-square-foot medical office building located at 3001 President George Bush Tollway in Richardson, a northeastern suburb of Dallas. Citadel Partners brokered the sale of the two-story building between Pavilion Properties and seller Pillar Commercial. The sales price was not disclosed.
TEMPLETON, CALIF. — Dougherty Mortgage has partnered with Community Health Care Centers of the Central Coast (CHCCC) to obtain $16.2 million in public and private financing for a new healthcare clinic and expanded community services in Templeton. CHCCC provides healthcare services to the Central Coast’s vulnerable and at-risk residents. Located at 1330 Las Tablas Road in Templeton, the clinic, which is open and welcoming new patients, will meet more of the needs in the community for primary care, dental and behavioral health services. The project was financed through two United States Department of Agriculture Rural Development programs. Half of the total investment was provided to CHCCC through the department’s Community Facilities Loan program, with the remaining $8.1 million invested as a loan guarantee to Dougherty Mortgage.
ORLANDO, FLA. — SVN Commercial Advisory Group has arranged the $12 million sale of the MetroWest Medical Office Building, located on a one-acre site at 1743 Park Center Drive in Orlando. Rumasa Corp. purchased the fully leased property from 1743 Park Center Holdings LLC. The recently refurbished building is located near Valencia College and MetroWest Golf Club. Tenants at the time of sale included Integrative Physical Medicine, Ameri Help LLC, West Orange Nephrology and Omega Research. Gail Bowden of SVN Commercial Advisory Group represented both the buyer and seller in the transaction.
LEBANON, IND. — Quantum Real Estate Advisors Inc. has negotiated the sale of a single-tenant medical office building in Lebanon, about 30 miles northwest of Indianapolis, for $7.7 million. Newly constructed this year, the property is located at 1310 Lebanon St. American Health Network leases the roughly 20,000-square-foot property. Daniel Waszak of Quantum represented the seller, a Midwest-based developer. A Midwest-based medical office REIT purchased the asset.
GRAND RAPIDS, MICH. — Harrison Street Social Infrastructure Fund, in partnership with Michigan State University (MSU), has unveiled plans to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park. The park is a research and clinical facility at the university’s health campus in Grand Rapids. The public-private development partnership also includes Murphy Development Group, Walsh Investors and Rockford Construction. Under the arrangement, MSU will retain long-term ownership of the land. The 205,659-square-foot building will be dedicated to research and healthcare innovation as well as the advancement of MSU’s artificial intelligence, bioinformatics and biostatistics departments. MSU, Spectrum Health and BAMF Health will occupy space. Completion is slated for fall 2021.
ROUND ROCK AND SAN ANTONIO, TEXAS — Capital Square 1031 has purchased two healthcare facilities totaling 35,000 square feet in Central Texas. The first property is a 15,000-square-foot building located in the northern Austin suburb of Round Rock, and the second building is a 20,000-square-foot asset in San Antonio. Both properties were purpose-built in 2018 for NeuroRestorative to use as a post-acute, neuro-rehabilitation facility for people with brain, spinal cord and medically complex injuries.
SHELBY TOWNSHIP, MICH. — Ramar Chiropractic and Rehab has leased a 1,700-square-foot space at 2061 25 Mile Road in Shelby Township. The chiropractor’s grand opening is slated for this month. Barry Landau of Dominion Real Estate Advisors represented both the tenant and the undisclosed landlord in the lease transaction.
LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.
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.
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.