NEW YORK CITY — Eastdil Secured has arranged the recapitalization of Park Sixty, a 186,000-square-foot medical office building located at 110 E. 60th St. in Manhattan’s Plaza District. The property consists of 179,000 square feet of medical office space and 7,000 square feet of retail space and recently underwent a $20 million renovation that upgraded the building’s infrastructure, lobby and common areas. Eastdil acted on behalf of Connecticut-based investment management firm LoanCore Capital, which now owns and operates Park Sixty in partnership with real estate private equity firm Blue Arch Capital and Dallas-based Lincoln Property Co.
PANAMA CITY BEACH, FLA. — Birmingham, Ala.-based construction firm Robins & Morton has completed the Tallahassee Memorial HealthCare Medical Office Building in Panama City Beach. Robins & Morton served as the general contractor for the 80,000-square-foot project on behalf of The St. Joe Co. and Tallahassee Memorial HealthCare (TMH). Designed by HuntonBrady, the four-story facility will house TMH Physician Partners – Primary Care, TMH Urgent Care Center, Coastal Tides Surgical Center, TMH Physician Partners – Cardiology and additional space for pulmonary and orthopedic services. Robins & Morton will also break ground on a 100-bed hospital on the same campus, which is scheduled to be complete before the end of 2027.
BARTLETT, TENN. — The Boulder Group has negotiated the $2.7 million sale of a retail property in Bartlett leased to Fast Pace Health. The medical services provider operates more than 235 healthcare clinics in the Southeast and Midwest and has more than 14 years remaining on its lease for the Bartlett location. The 3,700-square-foot, freestanding clinic was built in late 2023 at 3082 Kirby Whitten Road, about 15 miles northeast of Memphis. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a private real estate investor, in the transaction. The undisclosed buyer purchased the property in a 1031 exchange.
MULLICA HILL, N.J. — Regional provider Inspira Health has broken ground on a $240 million medical center project in Mullica Hill, located outside of Philadelphia in Southern New Jersey. Designed by Array Architects, the five-story building will house 102 beds, boosting the hospital’s overall bed count by nearly 50 percent and increasing Inspira’s footprint to more than 600,000 square feet at the 100-acre Gloucester County campus. The development also includes a separate, one-story overbuild to house Inspira’s maternal health services practice. Other project partners include O’Donnell & Naccarato (structural engineer), Pure PM (project manager), TorconReisz (general contractor) and Highland Associates (MEP engineer). Completion is slated for early 2027.
MORENO VALLEY, CALIF. — Progressive Real Estate Partners has negotiated a medical/retail lease for Lifestream Blood Bank to occupy space at 24199 Hemlock Ave. in Moreno Valley. Paul Su of Progressive Real Estate Partners represented the tenant in the transaction. Lifestream Blood Bank signed a 10-year lease for 3,080 square feet of end-cap space within District at Moreno Valley shopping center. The blood bank is slated to open by summer 2025.
HINSDALE, ILL. — NAI Hiffman has negotiated a 2,330-square-foot medical office lease at 12 Salt Creek Lane within the Salt Creek Medical Campus in Hinsdale, a western suburb of Chicago. Brian Edgerton of NAI Hiffman represented ownership, Remedy Medical Properties, in the lease with Bloom Plastic Surgery. NAI Hiffman also proposed that the landlord complete a speculative build-out of the long-vacant office suite into clinical space. The space now occupied by Bloom Plastic Surgery had been vacant for more than 10 years. Remedy completed the build-out in September. The lease brings the 62,000-square-foot building to 86 percent occupancy. Joey Carr of Carr Realty Advisors represented the tenant.
LAKE OSWEGO, ORE. — A joint venture between Evergreen Medical Properties and Bain Capital’s real estate team has acquired 4004 Kruse Way Place, an office building in Lake Oswego, from San Francisco-based Shorenstein Properties for an undisclosed price. The joint venture plans to convert the three-story, 59,865-square-foot building, which is currently operating as traditional office space, into an outpatient healthcare facility. At the time of sale, asset was 74 percent occupied with Providence Health & Services as the anchor tenant. Evan Kovac of JLL Capital Markets National Medical Properties and Buzz Ellis of JLL Pacific Northwest Advisory represented the seller and procured the buyer in the transaction.
ALISO VIEJO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-story retail and medical building at 26711 Aliso Creek Road in Aliso Viejo. A San Francisco-based private investor sold the asset to an Irvine, Calif.-based private investor for $9.4 million. Both parties requested anonymity. Buffalo Wild Wings Grill & Bar, Active Med Supply, Cold Stone Creamery, F45 Training, Kidcreate Studio and three dental offices are tenants at the 24,986-square-foot building, which was built on two acres in 2004. The building is situated within Aliso Viejo Town Center, a 380,000-square-foot development. Sean Cox and Kevin Fryman of Hanley Investment Group represented the seller, while Alton Burgess of Voit Real Estate Services represented the buyer in the deal.
HIGHLAND PARK, ILL. — Colliers has arranged the $7.4 million sale of a 55,033-square-foot commercial building in the Chicago suburb of Highland Park. Located at 1770 1st St., the property features 17 apartment units on the upper three floors and 36,000 square feet of medical office space home to Robb Orthodontics, Highland Park Maxillofacial & Implant Surgery and Pediatric Dentistry of the North Shore. The apartment units are fully leased, and the medical office portion is 61 percent leased. Constructed in 1988, the building sits atop a 447-space public parking garage and is across the street from the Highland Park Metra stop. Alissa Adler, John Homsher, Tyler Hague and Lauren Stoliar of Colliers represented the seller, Fulton Design + Build. QMR Partners was the buyer.
NAPERVILLE, ILL. — A joint venture between Capital Healthcare Properties and HSG Medical has entered the permitting phase of a project to create a specialized cardiovascular center in the Chicago suburb of Naperville. The outpatient ambulatory surgery treatment center (ASTC) will be built for a Chicago-area healthcare system. The ASTC will transform a former 43,000-square-foot fitness facility at 1836 Freedom Drive. The joint venture has been coordinating with consultants, the health system and the city for over a year. The original design and use of the building as a fitness center, including 25-foot ceiling heights and minimal columns, promotes an efficient and flexible floor plan to maximize the space for a complex healthcare build-out, according to the development team. The building, constructed in 2008, sits on a five-acre lot and offers more than 200 parking spaces. Construction is set to commence this quarter, with the first patients expected to be seen in the new facility in 2026. The project team includes architects Antunovich Associates and HDR, civil engineer V3 Cos., mechanical, electrical and plumbing engineer IMEG, landscape architect Hitchcock Design Group and general contractor Boldt. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.5 million sale of the …