CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.
MUFREESBORO, TENN. — Montecito Medical Real Estate has acquired Murfreesboro Medical Partners LLC, a Murfreesboro-based medical office building (MOB) owner. The acquisition includes a three-story, 221,000-square-foot MOB that was fully leased to Murfreesboro Medical Clinic (MMC) at the time of sale. MMC houses more than 80 physicians and 600 employees and offers more than 20 specialties, including an ambulatory surgery center and radiology department. The terms of the acquisition were not disclosed. MMC is situated adjacent to St. Thomas Rutherford Hospital, which operates 305 beds and is the largest healthcare facility in the Murfreesboro market. Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International Healthcare Investment Services advised both the seller and the buyer in the transaction.
LAWRENCE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of a nearly one-acre development site in Lawrence. The property is located at 5100 Congressional Circle. The buyer, Sanders LP, plans to begin construction this summer on a 9,000-square-foot building. A local dental practice will anchor the development, leaving 4,000 square feet of additional space for lease. Completion is slated for the first quarter of 2020. Shawn Stuckey of Block represented the buyer in the sale. The seller was not disclosed.
OVERLAND PARK, KAN. — Pediatric Associates has signed a lease to open a 7,430-square-foot practice at AdventHealth South Overland Park. The practice, which provides comprehensive pediatric care for all childhood health issues, will be located on the third floor. Construction within the space is expected to start later this month with completion slated for the fall. Mark McConahay of Block & Co. Inc. represented Pediatric Associates in the lease transaction. Molly Crawford Munninghoff represented the landlord, AdventHealth South Overland Park.
Digital connectivity and rising costs are rapidly transforming industries across the country, and healthcare is certainly no exception. Digital health solutions and the material realities of the economy, along with a changing regulatory landscape, are reshaping the way providers deliver care. For example, the increased uses of telehealth, artificial intelligence (AI) and more community-based facilities (such as urgent care centers) are changing the spaces providers need. This activity is in turn altering the real estate, construction and project management strategies for healthcare providers. Healthcare real estate professionals, from in-house capital project leaders to general contractors and project managers, should be aware of two trends particularly driving this sea of change in healthcare real estate: evolving technology and an industry-wide transition to value-based care. These trends are fueling the creation of larger, centralized healthcare systems with more expansive networks of agile, strategic facilities. Specifically, the industry is moving away from inpatient hospital settings and toward ambulatory care and community-based facilities as part of a larger healthcare system. In turn, built-environment professionals are being commissioned for more agile, specialized and technologically enabled capital projects over more geographically dispersed areas. With this activity comes change to how real estate professionals deliver projects for …
CHARLOTTE, N.C. — Flagship Healthcare Properties has acquired a 121,741-square-foot portfolio featuring six medical office buildings (MOBs) in metro Charlotte. Three of the MOBs are located in Concord, with the remaining three in Kannapolis, China Grove and Locust. The portfolio was 91 percent leased at the time of sale. Cabarrus Family Medicine, part of Atrium Health, occupies 75 percent of the portfolio’s total square footage. Flagship will provide property and asset management services, as well as accounting and lease administration for the buildings. Cliff Berryman internally represented the buyer. CFM Medical Properties LLC sold the portfolio. First National Bank provided financing for the transaction. The sales price was not disclosed.
FORT WORTH, TEXAS — A partnership between Ridgeline Capital Partners and Harrison Street has acquired Fort Behavioral Health, a 124,990-square-foot healthcare property in Fort Worth. The Class A facility was renovated in 2018, includes 125 beds and offers services such as addiction treatment programs and residential programs for adolescents with autism spectrum disorder. Vizion Health is the operator of the property, the seller of which was not disclosed.
DALLAS — RLI, the investment division of NAI Robert Lynn, has purchased a 22,654-square-foot medical office building located at 9500 N. Central Expressway in Dallas. The building currently houses DaVita Central Dallas Dialysis, and RLI has a new long-term agreement with a national surgical company to anchor the building. RLI expects the new space to be operational in the first quarter of 2020. Nick Lee and Justin Utah of NAI Robert Lynn sourced the off-market building purchase and handled lease negotiations with the new tenant.
HIAWATHA, IOWA — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the acquisition of an 80,000-square-foot medical facility in Hiawatha. Mercy Medical Hospital has a 20-year lease at the property while Wolf Eye Clinic has a 14-year lease. The five-year loan features a 30-year amortization schedule, a 70 percent loan-to-value ratio and a fixed rate of 4.58 percent. Borrower information was not disclosed.
DALLAS AND ARLINGTON, TEXAS — Perimeter Healthcare, a behavioral healthcare company backed by Ridgemont Equity Partners, has acquired two 116-bed inpatient psychiatric hospitals located in the Dallas-Fort Worth (DFW) metroplex. The facilities will reopen in 2019 as Perimeter Behavioral Hospital of Dallas and Perimeter Behavioral Hospital of Arlington. This transaction marks Perimeter’s third acquisition in the past seven months. The seller was not disclosed.