AKRON, OHIO — Echo Development Group Inc. has acquired a 5,645-square-foot medical building in Akron for an undisclosed price. Echo acquired the property in partnership with BrightView, an outpatient addiction practice based in Cincinnati. The partnership plans to convert the building into a behavioral health clinic, which is set to open this summer. Currently, BrightView operates eight clinics in various locations throughout Ohio.
DALLAS — California-based CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility located in Dallas. Next Gen P LLC is the operator of the property, which was acquired for roughly $10 million. Initial annual cash rent will be approximately $900,000. The seller was not disclosed.
AMARILLO, TEXAS — The Richland Cos., a privately held full-service real estate firm, has purchased Lone Star Heart Center, a 4,830-square-foot medical office building located in the West Texas city of Amarillo. The property, which was 100 percent leased at the time of sale to a single tenant, offers access to Interstate 40 as well as multiple medical facilities and a large selection of lodging options. The seller was not disclosed.
ATLANTA — Cushman & Wakefield has arranged a 16,000-square-foot lease for Piedmont Internal Medicine P.C., a private healthcare practice based in Atlanta, to join Northwest Medical Center in Atlanta’s Buckhead district. Harrison Street and HealthAmerica Realty Group began renovations on Northwest Medical Center, which is situated at 3280 Howell Mill Road, in 2015. Piedmont Internal Medicine is expected to move into the space this September. The first-floor space will include access to wheelchair ramps, patient drop-off and covered pathways from the parking garage. George Olmstead and Brandon Wallace of Cushman & Wakefield represented the tenant in the lease negotiations. Tommy Tift III, James McClintock and Wheeler Briggs of HealthAmerica Realty represented the landlord internally.
PEORIA, ARIZ. — JLL Healthcare Capital Markets Group has brokered the sale of Thunderbird Wellness Centre in Peoria. A joint venture between developer/owner MedProperties Group and Virtus Real Estate Capital sold the property to Chicago-based MBRE Healthcare for an undisclosed price. A USPI-affiliated ambulatory surgery center anchors the four-building, 56,190-square-foot, Class A medical office and specialty retail asset. At the time of sale, the property was fully occupied. Daniel Turley of JLL Healthcare Capital Markets Group advised the seller in the deal.
BURLINGTON, MASS. — The Gutierrez Co., a development and management firm that is active in the Boston area, will convert Burlington BioCenter, located about 15 miles northwest of Boston, into a 109,500-square-foot lab facility. The repositioning project is expected to be complete by 2019. The new facility will offer four stories of lab space, interconnecting stairways, abundant parking and an open design aesthetic. JLL is handling leasing and marketing of the new space.
BEDFORD, TEXAS — Dallas-based Henry S. Miller Cos. has arranged the sale of a 15,000-square-foot medical office building in Bedford, located northeast of Fort Worth near DFW International Airport. The property was built in 2001 and was triple-net-leased to Texas Health Family Care at the time of sale. Darrell Hurmis and Lily Chang of Henry S. Miller represented the seller and buyer, respectively, in the transaction. The sale included a 19,800-square-foot adjacent tract that will be used to provide additional parking.
SUSSEX, WIS. — Ascension Medical Group of Southeast Wisconsin has signed a 5,586-square-foot office lease in Sussex, about 19 miles northwest of Milwaukee. The property is situated on Main Street. Jenna Maguire and Hakan Hare of Founders 3 Real Estate Services represented the landlord, Sawall Office Building LLC. Ascension is a faith-based healthcare organization.
BEDFORD, N.H. — Montecito Medical Real Estate, a healthcare investment and development firm with four offices around the country, has acquired a 30,500-square-foot medical office building in Bedford. The property, which is located just south of Manchester and about 50 miles north of Boston, was fully leased to New Hampshire NeuroSpine Institute at the time of sale. The facility was built in 2004 and features an ambulatory surgery center with two operating rooms, four prep and recovery rooms and an MRI imaging suite. The second floor is primarily devoted to clinical office space and a physical therapy rehab center. The seller and sales price were not disclosed.
SPRINGFIELD, MASS. — CIT Group Inc. has arranged a $24.7 million acquisition loan for a medical office complex located in the western Massachusetts city of Springfield. The borrower was a joint venture between Los Angeles-based Kayne Anderson Real Estate Advisors and Chicago-based MBRE Healthcare. The property consists of multiple buildings that house a mix of service providers, including ambulatory surgery, women’s health, ophthalmology, urology, podiatry and sleep medicine. The seller was not disclosed.