TULSA, OKLA. — HFF has arranged the refinancing of a 130,959-square-foot healthcare property in Oklahoma that is fully leased to Tulsa Spine & Specialty Hospital. The property was built in 2002 on 11.5 acres. Zack Holderman, Jason Bond and Elliott Throne of HFF arranged the fixed-rate financing through a national bank on behalf of an undisclosed borrower. The loan was executed in conjunction with the refinancing of a 60,800-square-foot medical office building in Wauwatosa, Wis.
BASTROP, TEXAS — The Beck Group, an architecture and construction firm with offices around the country, has topped off Ascension Seton Bastrop Hospital, a 40,000-square-foot medical center in Bastrop, about 35 miles east of Austin. Situated on 32 acres adjacent to Highway 71, the property will offer a full emergency center with inpatient beds on the first floor and medical office space on the second floor. Completion is slated for June.
BRIDGEPORT, CONN. — Angel Commercial has negotiated the $2.1 million sale of the former Astoria Park Nursing Home in Bridgeport. Located at 725 Park Ave., the 61,344-square-foot building was acquired by the Bridgeport Rescue Mission, which will use the property for a new community care center. Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor of Coastal Fairfield County. Jon Angel of Angel Commercial represented the seller, Laureate Astoria LLC, in the transaction.
It’s a highly competitive environment when it comes to healthcare real estate out West, so say InterFace Conference Group’s Healthcare Real Estate West panelists. One of the central themes of the day-long conference, which was held March 6 at the Omni Los Angeles and attracted 219 attendees, was the pent-up property demand from investors. However, most panelists agree the opportunities are somewhat limited due to a lack of new product and the long-term holding pattern many healthcare investors have adopted. “You have all this demand, yet transaction volume is staying flat,” said Darryl Freling, managing principal at MedProperties Realty Advisors and moderator of the 2019 Outlook panel. “Where’s the bottleneck? So much is held by healthcare systems and they’re not letting go because clearly there’s just so much demand.” Shane Seitz, fellow panelist and senior vice president at CBRE, doesn’t see this level of trading picking up, at least not with the current healthcare supply. “REITs don’t get incentivized to turn over their product,” he noted. “They buy and hold. They treat it just like the nonprofit health system does. They want to have it forever. We also have foreign and domestic groups coming in. They historically invest in funds, …
NEW YORK CITY — JLL has brokered the $52.2 million sale of a 79,900-square-foot commercial property in Brooklyn’s Dumbo neighborhood. Located at 42-50 Jay St., the property is currently operated by Phoenix House as an inpatient rehabilitation facility. The property consists of two interconnected buildings. Bob Knakal, Stephen Palmese and Michael Mazzara of JLL represented the seller, Phoenix House, in the transaction. The buyer was Alloy Development.
HARTFORD, CONN. — Colliers International has negotiated the $2 million sale of a 9,000-square-foot medical office building in Hartford. Located at 147 Westbrook Road, the property is anchored by Middlesex Hospital Primary Care. Phil Gagnon of Colliers represented the buyer, a private investor, in the transaction. The seller was undisclosed.
WESTLAND, MICH. — Athletico Physical Therapy has signed a 3,964-square-foot lease to open a location in Westland, a western suburb of Detroit. The company will open in the space formerly occupied by Anytime Fitness at Bayview Plaza. Larry Siedell, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord. Luke Paterson of Swearingen Realty Group represented Athletico.
HUMBLE, TEXAS — JLL has brokered the sale of Kindred Humble, a 55,646-square-foot rehabilitation facility located near the Memorial Hermann Northeast Hospital campus in Humble, located about 20 miles north of downtown Houston. The freestanding property offers 46 beds for inpatient care. Steve Leathers, Mindy Berman, Brian Bacharach and Anthony Sardo of JLL represented the seller in the transaction. Other terms of sale were not released.
WINCHESTER, KY. — NexCore Group has broken ground on the 24,693-square-foot Catholic Health Initiatives Saint Joseph Health Winchester Medical Office Building in Winchester. The Denver-based developer expects the building to be delivered in February 2020. The facility will offer a full complement of healthcare services including primary care, cardiology, orthopedics, imaging, lab, specialist timeshare space, family practice, radiology, CT, ultrasound, blood draw, a physical therapy gym and nuclear medicine, a branch of medical imaging that uses small amounts of radioactive material to diagnose and determine the severity of or treat a variety of diseases. The facility is located about 25 miles east of Lexington.
NEW YORK CITY — NorthMarq has arranged a $4.5 million loan to refinance a 20,000-square-foot medical office property in the Bronx. Located at 3316 Rochambeau Ave., the property is currently occupied by Montefiore Medical Center. The tenant has occupied the site for more than 25 years. Charles Cotsala of NorthMarq secured the fixed-rate loan, which includes a 10-year term on behalf of the undisclosed borrower through lender 40|86 Capital.