Healthcare

McShane Begins Construction of 50,000 SF Build-to-Suit for Option Care Health in Itasca, Illinois

by Kristin Harlow February 3, 2020

ITASCA, ILL. — McShane Construction Co. has broken ground on a 50,000-square-foot build-to-suit facility for Option Care Health Inc. in Itasca. Quadrangle Development Co. and Janko Group are the project developers. Approximately 55 percent of the single-story building will house office space, while the remaining portion will incorporate pharmacy ambulatory suites and support spaces. The building’s warehouse areas will feature two walk-in coolers and freezers, with two truck docks and two drive-in doors. Completion is slated for June. Wright Heerema Architects and Whitney Architects make up the project team. JLL represented the tenant. Option Care is an independent, national provider of home and alternate site infusion therapy services.

February 3, 2020

Acquisitions Healthcare Iowa Midwest

Stan Johnson Co. Brokers $4.1M Sale of Fresenius Kidney Care-Occupied Property in West Des Moines

by Kristin Harlow February 3, 2020

WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.

February 3, 2020

Acquisitions California Development Healthcare Office Western

Boston Properties, Alexandria Real Estate to Develop 1.7 MSF Life Science Campus in South San Francisco

by Amy Works January 30, 2020

SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco. Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete. Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.

January 30, 2020

Acquisitions California Healthcare Lee & Associates Western

Lee & Associates Arranges $4.2M Sale of Surgery Center in Ontario, California

by Amy Works January 30, 2020

ONTARIO, CALIF. — Lee & Associates Orange has arranged the sale of a commercial asset located at 4480 Ontario Mills Parkway/745 Franklin Ave. in Ontario. Almaz Investment & Management sold the building to a private individual for $4.2 million. Allen Buchanan, Joshua Harper of Lee & Associates’ Orange, Calif., office and David Mudge of Lee & Associates’ Riverside, Calif., office represented the seller, while Greg Martin of Lee & Associates’ Ontario, Calif., office represented the buyer in the deal. At the time of sale, the two-unit, 9,545-square-foot building was a fully built-out surgery center that had only one tenant.

January 30, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Connecticut Healthcare Leasing Activity Northeast

Hartford HealthCare to Open 40,700 SF Medical Facility in North Haven, Connecticut

by Alex Patton January 27, 2020

NORTH HAVEN, CONN. — Hartford HealthCare Corp. will open a new 40,700-square foot facility in the 273,452-square-foot North Haven Pavilion retail center in North Haven, a northern suburb of New Haven. Hartford HealthCare provides a range of medical services including air ambulance, behavioral health and rehabilitation, and skilled nursing and home health services. The facility will occupy space in the former Sports Authority building, joining tenants including Target and Michaels. National Realty & Development Corp. is the owner of the retail center. The facility is slated to open this summer.

January 27, 2020

Acquisitions Healthcare Midwest Minnesota

Upland Brokers Sale of 18,171 SF Healthcare Facility in Minnesota

by Kristin Harlow January 27, 2020

NORTH BRANCH, MINN. — Upland Real Estate Group Inc. has brokered the sale of an 18,171-square-foot healthcare facility net leased to Fairview Health Services in North Branch, about 45 miles north of Minneapolis. The sales price was undisclosed. The property features urgent care exam rooms, procedure rooms, a physical therapy gym, drive-through pharmacy and optical center. Fairview has more than eight years remaining on its lease. Buyer and seller information was not disclosed.

January 27, 2020

California Healthcare Loans Office Western

PSRS Secures $11M Loan for Medical Office Space in Chula Vista, California

by Amy Works January 23, 2020

CHULA VISTA, CALIF. — San Diego-based Pacific Southwest Realty Services (PSRS) has arranged $11 million in financing for a medical office facility located in Chula Vista. The borrower is San Ysidro Health (formerly San Ysidro Health Center). Located at 880 Third Ave., the 23,780-square-foot property was formerly a CVS/pharmacy that was converted to a modern medical office facility. San Ysidro Health is a nonprofit organization that provides healthcare services. Services at the new center will include senior services, adult and family medicine, pediatrics, women’s health and support services. Pasha Johnson of PSRS structured the loan for the borrower.

January 23, 2020

Healthcare Leasing Activity Texas

Healthcare Practice Signs 19,764 SF Lease Renewal, Expansion in Conroe, Texas

by Taylor Williams January 20, 2020

CONROE, TEXAS — Conroe WillIs Family Medicine has signed a 19,764-square-foot healthcare lease renewal and expansion at League Line Medical Office Building, a 59,222-square-foot property located about 40 miles north of Houston. The practice renewed its 15,055-square-foot lease and took on an additional 4,709 square feet. Sarah Carter of Transwestern represented the landlord, Diversified Healthcare Trust, in the lease negotiations.

January 20, 2020

Development Healthcare Indiana Midwest

WB Development, New Era Purchase Land for Development of Hospital Project in Carmel, Indiana

by Kristin Harlow January 20, 2020

CARMEL, IND. — WB Development Partners and New Era Cos. have purchased five acres at 1260 City Center Drive in Carmel and plan to develop a 46,395-square-foot inpatient rehabilitation hospital. Bruce Gordon of JLL brokered the land sale on behalf of the buyers. Known as the Indianapolis Rehabilitation Hospital, the property is expected to open in the fourth quarter of this year. Nobis Rehabilitation Partners will manage the hospital, which will offer services for patients with complex medical, nursing and rehabilitative needs.

January 20, 2020

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