Healthcare

HFF Negotiates Sale of Two-Property Medical Office Portfolio Near Hartford, Connecticut

by David Cohen March 7, 2019

VERNON, CONN. — HFF has negotiated the sale of a two-property medical office portfolio in the Hartford-area community of Vernon. The sales price was undisclosed. The properties are 460 Hartford, a 36,000-square-foot outpatient facility, and 8 Keynote, a 22,500-square-foot home health service facility. Both properties are fully leased to Eastern Connecticut Health Network, a subsidiary of Prospect Medical Holdings. Ben Appel, Evan Kovac, Andrew Milne, Bryan Rosenberg. Dana Brome and Ron Ott of HFF represented the seller, Bellevue Street Capital LLC, in the transaction. Global Medical REIT Inc. purchased the portfolio.

March 7, 2019

Healthcare Kansas Leasing Activity Midwest

Eye Specialist Retina Associates Expands Practice, Leases 8,580 SF in Overland Park, Kansas

by Taylor Williams March 1, 2019

OVERLAND PARK, KAN. — Retina Associates, which provides eye care services to the greater Kansas City community, is expanding its practice locally. Beginning in June, the retina specialist will occupy 8,580 square feet on the second floor of 6201 College Boulevard, a seven-story, multi-tenant office building located in Overland Park. Ryan Biery, senior vice president of brokerage at Copaken Brooks, represented 6201 College in the deal, while Mike Sonnenberg from NAI Heartland represented Overland Park-based Retina Associates. One of the major tenants at 6201 College Boulevard is the Polsinelli law firm. Built in 1990 as the headquarters for the National Collegiate Athletic Association (NCAA), the building includes 154,700 square feet of rentable building area. The NCAA moved its headquarters to Indianapolis in 1998, at which point the building was converted to multi-tenant office space.

March 1, 2019

Acquisitions California Healthcare Office Western

HFF Negotiates Sale of 75,000 SF Medical Office Building in North County San Diego

by Amy Works February 28, 2019

SAN DIEGO — HFF has arranged the sale of Palomar Health Outpatient Center Phase I, a medical office building in North County San Diego. Harrison Street Real Estate Capital acquired the 75,000-square-foot property from JRMC Real Estate for an undisclosed price. The three-story, built-to-suit, Class A facility is fully leased to Palomar Health, which plans to offer high-acuity services, including radiation, oncology, express care/outpatient clinical services and a Palomar-Rady Children’s Hospital. The first phase was delivered in April 2018. Palomar Health Outpatient Center Phase I is located on the 56-acre Palomar Medical Center Escondido campus, a 288-bed hospital with the only trauma center within 20 miles. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller and procured the buyer in the deal. Tim Wright and Zack Holderman of HFF’s debt advisory team were also involved in the transaction.

February 28, 2019

Acquisitions Healthcare New York Northeast Office

Jacobson Properties Brokers $45M Sale of Medical Office Portfolio in New York

by David Cohen February 26, 2019

NEW YORK STATE — Jacobson Properties has brokered the $45 million sale of the New York State Medical Office Portfolio, five properties located in the Capital Region and Hudson Valley of New York State. The 209,382-square-foot portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the undisclosed seller in the transaction. The buyer was a national private equity healthcare investor.

February 26, 2019

Development Florida Healthcare Southeast

AJP Ventures, Mas Group Set to Break Ground on $40M Healthcare Facility Near Baptist Hospital in Miami

by Alex Tostado February 26, 2019

MIAMI — AJP Ventures and Mas Group will break ground on MedSquare Health, a 116,000-square-foot, three-story medical facility in the Baptist Hospital of Miami submarket in Miami. The $40 million building will be situated at 9408 S.W. 87th Ave., about two miles from Baptist Hospital of Miami. Amenities will feature valet parking, an adjoined two-story parking garage, conference room space and an on-site café. MedSquare Health will be the first Class A, off-campus facility to be built in the submarket in 20 years. Modis Architects designed the building and Iberia Bank provided funding for the project. Cushman & Wakefield will handle leasing efforts.

February 26, 2019

Acquisitions Healthcare Kentucky Southeast

Strawberry Fields REIT Acquires Three Skilled Nursing Facilities in Kentucky for $21M

by Alex Tostado February 25, 2019

BARDSTOWN, MANCHESTER AND ELKHORN CITY, KY. — Strawberry Fields REIT has acquired three skilled nursing facilities in Kentucky for $21 million. Landmark Group will operate the properties, which total 312 beds. Average occupancy in the portfolio is 73 percent, of which 21 percent are Medicare residents, 60 percent are Medicaid and 19 percent are private-pay and insurance. The acquired communities include Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds); Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds); and Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds). Oxford Finance LLC provided financing for the acquisition. The seller was not disclosed.

February 25, 2019

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TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey February 23, 2019

It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

February 23, 2019

Acquisitions Alabama Healthcare Southeast

Stage Equity Partners Acquires 21,019 SF Medical Plaza in Birmingham

by Alex Tostado February 22, 2019

BIRMINGHAM, ALA. — Stage Equity has acquired Inverness Dental & Medical Plaza, a two-story, 21,019-square-foot medical building in Birmingham. The asset, which was delivered in 2001 and sits on 1.5 acres, was fully leased at the time of the sale. The property is located about nine miles from the University of Alabama at Birmingham (UAB). Brian Higdon of Marcus & Millichap represented the buyer in the transaction. Alex Perez and Brett Chetek of Chetek Group represented the seller, Inverness Dental Associates LLC. The sales price was not disclosed.

February 22, 2019

Acquisitions Healthcare Illinois Midwest

Next Realty Acquires Medical Office Property in Arlington Heights, Illinois

by Kristin Harlow February 20, 2019

ARLINGTON HEIGHTS, ILL. — Next Realty Fund IX LP has acquired Arlington Executive Plaza, a medical office complex consisting of six single-story buildings in Arlington Heights. The purchase price was not disclosed. The buildings total approximately 62,500 square feet and are situated on more than 6.2 acres of land. The property is 90 percent leased by tenants such as Autism Home Support Services Inc., Cooperative Computer Services, Dawe’s Laboratories, BACT Process Systems Inc., Arlington Counseling Associates Ltd. and Dr. Kordas Pediatric Health. Tony Lombardo of Property Services Inc. represented the seller. Wintrust Bank provided acquisition financing.

February 20, 2019

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Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

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