Healthcare

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado June 4, 2020

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

June 4, 2020

Development Healthcare North Carolina Office Southeast

Healthcare Company Grail to Invest $100M in New Cancer Center in Durham

by Alex Tostado June 3, 2020

DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.

June 3, 2020

Healthcare Leasing Activity New York Northeast Office

HSS Opens 15,000 SF Medical Center at Hudson Yards in Manhattan

by Alex Patton June 2, 2020

NEW YORK CITY — Hospital for Special Surgery (HSS) has opened a new 15,000-square-foot outpatient medical center at the Hudson Yards mixed-use development in Manhattan. The space is located within 31 Hudson Yards, a 72-story building that also houses the Equinox Hotel and an Equinox fitness club. The facility will be staffed by physicians and surgeons specializing in hand and upper extremity, spine, joint replacement and pain management. Related Cos. is the developer and owner of Hudson Yards.

June 2, 2020

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers $9.7M Sale of Medical Office Building in Danville, Illinois

by Kristin Harlow June 2, 2020

DANVILLE, ILL. — Marcus & Millichap has brokered the $9.7 million sale of a 65,900-square-foot medical office building in Danville in eastern Illinois. The two-tenant property is located at 707 N. Logan Ave. Constructed in 1994, the four-story building is situated near other healthcare providers, retail and restaurants. One of the building tenants, OSF HealthCare, recently executed a new 10-year lease. Frank Roti and Brett Rodgers of Marcus & Millichap represented the private seller and procured the buyer, a private equity firm. Despite the challenges presented by the COVID-19 pandemic, Marcus & Millichap says it has completed a similar volume of multi-tenant medical office building sales from March 15 to May 15 of this year compared with the same time period in 2019. “Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” says Roti.

June 2, 2020

Acquisitions California Healthcare Office Western

IRA Capital Acquires 64,000 SF Medical Office Building in Los Angeles County

by Amy Works June 1, 2020

COVINA, CALIF. — Southern California-based IRA Capital has purchased a medical office building located in Covina for an undisclosed price. The name of the seller was not released. Magan Medical occupies the 64,000-square-foot property, which houses more than 50 physician providers across 20 specialties, including oncology, neurology, dermatology, radiology and cardiology. OptumCare, a wholly owned subsidiary of UnitedHealthcare, recently acquired the tenant. As part of the integration into the OptumCare/UnitedHealth network, the building underwent extensive renovation and capital improvements.

June 1, 2020

Company News Healthcare North Carolina South Carolina Southeast

CVS Adds 70 COVID-19 Testing Sites in Carolinas

by Alex Tostado May 29, 2020

WOONSOCKET, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately three days. In North Carolina, the 55 new sites are located in 29 cities, including seven sites in Charlotte, five in Raleigh, four in Cary, four in Durham, three in Fayetteville and three in Winston-Salem. In South Carolina, the locations are in Anderson, Charleston, Clemson, Columbia, Greenville, Mount Pleasant, Myrtle Beach, North Charleston, North Augusta, Spartanburg and West Columbia. With the 70 locations, Woonsocket-based CVS has now opened 986 testing sites in the country. Click here to see a full list of the locations.

May 29, 2020

Acquisitions California Development Healthcare Office Top Stories Western

City of Hope Acquires Development Site in California, Plans $1B Cancer Center Project

by Alex Patton May 28, 2020

IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …

May 28, 2020

Healthcare Leasing Activity New Jersey Northeast Office

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton May 21, 2020

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

May 21, 2020

Development Florida Healthcare Office Southeast

AJP Ventures, Mas Group to Develop 37,000 SF Medical Office Building in Miami

by Alex Tostado May 21, 2020

MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

May 21, 2020

Development Healthcare Texas

Texas Children’s to Open $450M Hospital in North Austin

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.

May 21, 2020

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