Healthcare

UTHealth-Behavorial-Science-Houston

HOUSTON — The University of Texas Health Science Center at Houston (UTHealth) will open a $125 million, 240-bed mental health hospital within Texas Medical Center in Houston. Designed by Chicago-based Perkins+Will, the facility will be the largest behavioral health academic center in the nation and the first mental health hospital built in Houston in more than three decades. Completion is slated for late 2021.

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MILWAUKEE — Hammes Partners has sold a 23-property medical office portfolio across nine states for $400 million. The Class A properties, totaling 979,000 square feet, are located in Virginia, Washington, North Carolina, Illinois, New York, New Jersey, Pennsylvania, Alabama and Texas. Mindy Berman and Steve Leathers of JLL Healthcare Capital Markets brokered the sale on behalf of Milwaukee-based Hammes. Giant healthcare REIT Welltower Inc. (NYSE: WELL) was the buyer, according to media reports. “Selling points included the portfolio’s alignment with major health systems, durable income and locations in strong metro markets,” says Berman. Hammes Partners is a private equity platform that invests on behalf of institutional investors, with a focus on the U.S. healthcare real estate market. Toledo, Ohio-based Welltower is a real estate investment trust that mostly invests in healthcare and seniors housing properties. — Kristin Hiller

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1917-Ashland-St.-Houston

HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.

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SYRACUSE, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Co. have negotiated the $18.9 million sale of Hill Medical Center, an 81,859 square foot medical office building located on the downtown campus of SUNY Upstate University Hospital in Syracuse. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the seller, Business Venture Associates Limited Partnership, in the transaction. The buyer was a national private equity healthcare investor. Hill Medical Center is 98 percent leased and is anchored by SUNY Upstate University Gastroenterology, Upstate Cancer Center Hematology/Oncology at the Hill, Upstate Cancer Center at Hill Radiation Oncology and St. Joseph’s Hospital Cardiology.

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OAK CREEK, WIS. — MBH Investment Real Estate LLC has arranged the sale of the Howell Avenue Professional Building in Oak Creek, about 12 miles south of Milwaukee. The sales price was not disclosed. The 21,024-square-foot building, located at 8375 S. Howell Ave., was originally constructed in 2007 and underwent an addition in 2017. The two-story building is 91.3 percent occupied. Children’s Hospital of Wisconsin-Oak Creek Pediatrics serves as the anchor tenant. Other tenants include Progressive Pediatric Dentists and Wasserman & Shuff Certified Public Accountants. Matson Holbrook of MBH brokered the transaction on behalf of the seller, RW Howell LLC. SEP Oak Creek MOB LLC, an affiliate of Stage Equity Partners, purchased the asset.

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ST. LOUIS — Guardian Pharmacy Services, a long-term care pharmacy company, has opened a new location in St. Louis. The opening enables Guardian Pharmacy of Missouri to expand its footprint to serve assisted living, skilled nursing, memory care and independent living communities across eastern Missouri. The 6,500-square-foot facility will house technology/automation and an education center to provide in-service and nursing instruction courses for pharmacy employees as well as community staff members. With the new St. Louis location and the existing Springfield location, the company has been able to sign 12 new communities serving approximately 1,000 residents.

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ARLINGTON, TEXAS — HFF has brokered the sale of a 6,400-square-foot medical clinic in Arlington that is net-leased to Dallas-based primary care provider QuestCare Partners. Marc Mandel, Steve Schrenk and Michael George of HFF represented the seller, Todd Interests, and procured the buyer, California-based Moss Group, in the transaction.

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CLEVELAND, TENN. — MedProperties Realty Advisors LLC and Aurum Property Partners LLC have created a joint venture to acquire Bradley Professional Building, a four-story, 81,382-square-foot medical office building in Cleveland. The property is situated on the Tennova Healthcare — Cleveland campus, about 30 miles northeast of Chattanooga. The value-add site can accommodate another building up to 40,000 square feet. Bradley Professional Building was 95 percent leased at the time of the transaction. The sales price and seller were not disclosed.

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PLANO, TEXAS — Healthcare Associates of Texas, a full-service primary care provider, will relocate its corporate headquarters from Irving to a 20,258-square-foot space within International Business Park (IBP) in Plano, a northeastern suburb of Dallas. Matt Heidelbaugh and Cribb Altman of Cushman & Wakefield represented Healthcare Associates of Texas in its site selection and lease negotiations. Trevor Franke and Gini Rounsaville of Peloton Commercial Real Estate represented the landlord, IBP 7 LP. More than 100 employees will move into the new space, which is expected to be available for occupancy by March. . IBP is a 300-acre master-planned office park that features 24/7 security, onsite property management and maintenance, a fitness center, café and deli, basketball court, weekly food courts, event space and Booster Fuels, a fuel-delivery service.

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Pearland-Central-Medical-Plaza

PEARLAND, TEXAS — Dallas-based investment firm Ridgeline Capital Partners has purchased Pearland Central Medical Plaza, a 41,763-square-foot medical office building in Pearland, a southwestern suburb of Houston. Built in 2003, the Class A property was 83 percent occupied at the time of sale by tenants offering services in imaging, orthopedics, physical therapy, primary care and dentistry. The seller was not disclosed.

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