Healthcare

Echo Development Group Acquires Class A Medical Office Building in Topeka, Kansas

by Kristin Harlow November 12, 2019

TOPEKA, KAN. — Echo Development Group Inc., in association with Quivet Neck HCRE LLC, has acquired a Class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health. The property spans approximately 27,000 square feet and is located at 601 SW. Corporate View. The fully occupied building is also home to a hearing, balance and physical therapy clinic as well as a pharmacy. An additional 1.5 acres adjacent to the building were included in the acquisition. Echo plans to build 20,000 square feet of complementary Class A medical space. Neither the seller nor the sales price were disclosed.

November 12, 2019

Acquisitions Healthcare Midwest Ohio Top Stories

Welltower Expands Medical Office Holdings Through Five Transactions Totaling $1.7B, Including Hammes Acquisition

by John Nelson November 12, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …

November 12, 2019

Development Healthcare Michigan Midwest

New Healthcare Facility Opens at Eastern Michigan University

by Kristin Harlow November 5, 2019

YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the site medical director for the primary care and gynecology team. The project represents a collaboration between St. Joseph Mercy Ann Arbor hospital and the university. EMU is also constructing an adjacent facility, the EMU Campus Wellness Center, that is set to open in January 2020. The total cost of the combined facilities is $14 million. EMU is the project owner. IHA is one of the largest multi-specialty groups in Michigan and is a wholly owned subsidiary of St. Joseph Mercy Health System.

November 5, 2019

Acquisitions Healthcare Kansas Midwest Net Lease

Boulder Group Negotiates $8.1M Sale of Net-Leased Medical Office Property in Wichita, Kansas

by Kristin Harlow November 1, 2019

WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.

November 1, 2019

Healthcare Midwest Ohio

TriHealth to Operate Retail Health Clinics in Cincinnati-Area Walgreens Stores

by Kristin Harlow October 30, 2019

CINCINNATI — Walgreens has unveiled plans to transition seven of its existing company-managed healthcare clinics in the Cincinnati area to TriHealth, a comprehensive not-for-profit health system. TriHealth will own and operate the clinics, which are housed within Walgreens stores. They are expected to open in the first quarter of 2020. TriHealth’s nurse practitioners will staff the clinics, which will operate daily. The affected properties are located in Cincinnati, Deer Park, Loveland, Norwood and Sharonville.

October 30, 2019

Georgia Healthcare Leasing Activity Southeast

Emory Healthcare Signs 224,000 SF Lease at Northlake Mall Redevelopment in Metro Atlanta

by Alex Tostado October 24, 2019

TUCKER, GA. — Emory Healthcare has signed a 224,000-square-foot lease at ATR Corinth Partners’ redevelopment of the former Northlake Mall in Tucker. Emory Healthcare will occupy the former Sears building and an additional portion of the 1 million-square-foot mall with an option for more space in the future. Dallas-based ATR Corinth purchased Northlake Mall in January 2016 from former real estate trust company WP Glimcher, now Washington Prime Group. At full buildout, the property will offer office space, new retail and a mix of sit-down, fast-casual and quick-service restaurant concepts. Construction of the retail portion of the project is slated to begin in early 2020. JC Penney and Macy’s will remain as anchor tenants and will be open during construction. Deming Fish of Colliers International’s Atlanta office will handle office leasing efforts and Amy Kennedy of TCSG will market the retail portion. Wakefield Beasley & Associates Architects Inc. is providing design and architectural services for the renovation and redevelopment.

October 24, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Alabama Development Healthcare Southeast

Zarzour to Construct $17M Medical Office Building in Saraland, Alabama

by Alex Tostado October 17, 2019

SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17 million.

October 17, 2019

Development Healthcare Midwest Minnesota Retail

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.

October 11, 2019

Development Georgia Healthcare Southeast

Emory Healthcare Breaks Ground on 180,000 SF Musculoskeletal Institute in Metro Atlanta

by Alex Tostado October 8, 2019

BROOKHAVEN, GA. — Emory Healthcare has broken ground on its 180,000-square-foot Musculoskeletal Institute within Emory’s Executive Park innovation district in Brookhaven, a first-ring suburb of Atlanta. Hammes Co. will manage the project, which will offer orthopaedics and spine ambulatory care, physical therapy, imaging and ambulatory surgery, with additional space for clinical and discovery research. Emory expects to complete the LEED-certified facility in the first half of 2021.

October 8, 2019

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