Healthcare

Newmark Knight Frank Directs $39.2M Acquisition of Medical Office Property in Burlingame, California

by Amy Works December 21, 2018

BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.

December 21, 2018

Acquisitions Colorado Healthcare Office Western

Northstar Sells 113,568 SF Commercial Property in Aurora, Colorado

by Amy Works December 20, 2018

AURORA, COLO. — Northstar Commercial Partners has completed the sale of 860 Potomac St., a commercial building in Aurora. An undisclosed buyer acquired the property for $34.7 million. Situated on 5.2 acres, the property features 113,568 square feet of commercial space. Children’s Hospital of Colorado currently leasing the property on a long-term basis, with lease commencement on June 1, 2019. Construction and build-out of the tenant’s space is occurring now. Due to its proximity to the Fitzsimons Medical Campus, the property is ideal for ancillary medical offices. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis of CBRE Denver Investment Properties to advise the seller in the deal. Northstar originally purchased the property vacant in March 2017.

December 20, 2018

Acquisitions Healthcare Northeast Pennsylvania

HFF Negotiates $12.3M Sale of Medical Center in Suburban Philadelphia

by David Cohen December 17, 2018

EAST NORRITON, PA. — HFF has negotiated the $12.3 million sale of Norriton Medical Center, a 74,212-square-foot medical center in the Philadelphia suburb of East Norriton. Located at 160-190 W. Germantown Pike, the four-building complex is currently 92 percent leased and is anchored by Einstein Orthopedics and Moss Rehab. Ben Appel, Jim Cadranell, Doug Rodio and Brett Segal of HFF represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corp., in the transaction. The buyer was undisclosed.

December 17, 2018

Texas-Health-Harris-Methodist-Hospital-Dallas

Development Healthcare Texas

MedCore Partners to Develop 65,000 SF Medical Office Asset in Dallas

by Taylor Williams December 13, 2018

DALLAS — MedCore Partners, a Dallas-based developer specializing in healthcare and seniors housing properties, will develop a 65,000-square-foot medical office building in Dallas. The Class A property will be located on the Texas Health Harris Methodist Hospital Alliance campus and will house an ambulatory spine surgery center operated by Spine Team Texas. The building is expected to be ready for occupancy during the first quarter of 2020.

December 13, 2018

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Negotiates $3.7M Sale of Property Occupied by DaVita Dialysis in Northern Illinois

by Kristin Harlow December 10, 2018

SOUTH HOLLAND, ILL. — Marcus & Millichap has negotiated the $3.7 million sale of a 9,703-square-foot property occupied by DaVita Dialysis in South Holland, about 20 miles south of Chicago. The facility, located at 16110 LaSalle St., opened in 2016. DaVita operates under a 15-year, double net lease. Valerie Cook, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the asset.

December 10, 2018

Acquisitions California Healthcare Office Western

Welltower Acquires Two Medical Office Buildings Near Los Angeles for $29.9M

by Amy Works December 10, 2018

WESTLAKE VILLAGE, CALIF. — Welltower has purchased two medical office buildings located in Westlake Village, approximately 40 miles from Los Angeles. Nadler Cypress Holdings2 LLC and La Venta LLC sold the assets for $29.9 million in an off-market transaction. Located at 1220 and 1250 La Venta Drive, the buildings offer a total of 50,000 square feet of medical office space. UCLA Health and Providence St. Joseph Health are anchor tenants at the fully occupied properties. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller in the transaction. Anchor Health Properties will provide property management services for the buildings.

December 10, 2018

Healthcare Loans Massachusetts Northeast Office

Money360 Provides $4.2M Bridge Loan for Medical Office Building in Massachusetts

by David Cohen December 5, 2018

EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.

December 5, 2018

Development Healthcare Texas

Adolfson & Peterson to Build $32M Sports Medicine Facility in Waco

by Taylor Williams December 3, 2018

WACO, TEXAS — Adolfson & Peterson Construction will build a $32 million, 106,000-square-foot sports medicine facility in Waco. Designed by HKS Architects, the property will be situated on the Baylor Scott & White Hillcrest campus, adjacent to the interchange of Interstate 35 and State Highway 6, about 6.5 miles from Baylor University. Services will include an orthopedic and sports medicine clinic, outpatient surgery center and a diagnostic imaging center. Construction began in November. The facility is expected to be operational by 2020.

December 3, 2018

Development Healthcare Illinois Midwest

Ankura, Medicus Capital Break Ground on 50,000 SF Outpatient Care Center in Kildeer, Illinois

by Kristin Harlow December 3, 2018

KILDEER, ILL. — Ankura Healthcare Real Estate Solutions and Medicus Capital have broken ground on a 50,000-square-foot outpatient care center in Kildeer. The new facility will be located on a five-acre site at the corner of Rand and Cuba roads. Northwest Community Healthcare will occupy the facility. Slated for completion in late 2019, the building will be home to primary care, physical therapy and cardiac rehab and include an immediate care center, advanced imaging center and lab. Leopardo Cos. Inc. is the contractor and Jensen & Halstead Ltd. is the architect. Lake Forest Real Estate Capital LLC arranged $19.1 million in development financing through Wintrust Financial.

December 3, 2018

Acquisitions Healthcare New York Northeast

Jacobson Properties, Crisafulli Associates Broker $10M Sale of Medical Office Building in New York

by David Cohen November 30, 2018

NISKAYUNA, N.Y. — Jacobson Properties and Crisafulli Associates have brokered the $10 million sale of Albany Med at Niskayuna, a 37,821-square-foot medical office building in Niskayuna. The property is fully leased by Albany Medical College, which houses Albany Med EmUrgentCare, Albany Med’s Gastroenterology and Community Services medical group, laboratory services and an ambulatory surgical center. Lisa Menin of Jacobson Properties and Michael Crisafulli of Crisafulli Associates represented the undisclosed seller in the transaction. The buyer was a privately held healthcare real estate investment firm.

November 30, 2018

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