Healthcare

Thorofare Capital Funds $23.8M Acquisition Loan for Mixed-Use Portfolio in Beverly Hills

by Amy Works March 26, 2020

BEVERLY HILLS, CALIF. — Thorofare Capital has provided a $23.8 million loan for the acquisition of a mixed-use portfolio in Beverly Hills. Marc Schillinger and Eric Boucher of JLL advised the undisclosed borrower in the financing transaction. The acquisition includes two properties. The first is 415 North Camden Drive, a 17,936-square-foot building offering retail, medical and office space in the Beverly Hills Golden Triangle district. The second is a 10,884-square-foot medical office building located at 152-160 S. Lasky Drive.

March 26, 2020

Healthcare Leasing Activity Northeast Pennsylvania

Broad Street Healthcare Offers to Lease Shuttered Medical Center to City of Philadelphia to Treat Covid-19 patients

by Alex Patton March 25, 2020

PHILADELPHIA — Broad Street Healthcare Properties, owner of the shuttered Hahnemann University Hospital, has offered to lease the medical facility to the City of Philadelphia below market cost in the event that a surge of coronavirus cases occurs. The 496-bed former acute care hospital is located in the Logan Square neighborhood, a central district of the city. Broad Street offered the facility at a daily rental price of approximately $27 per bed plus operating costs. As of March 25, The Wall Street Journal tracked 946 cases in Pennsylvania and 8 confirmed deaths.

March 25, 2020

Acquisitions Healthcare Nevada Office Western

Capovilla Management Sells McFarlane Medical Center in Las Vegas for $10.4M

by Amy Works March 20, 2020

LAS VEGAS — Capovilla Management has completed the sale of McFarlane Medical Center in Las Vegas. An undisclosed buyer acquired the property for $10.4 million. Located at 8352 W. Warm Springs Road, the property features 39,279 square feet of medical office and office space. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate represented the seller in the deal.

March 20, 2020

Acquisitions Healthcare Texas

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

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