CLIVE, IOWA — Carter Validus Mission Critical REIT II Inc. has purchased the Clive Healthcare Facility for $23.5 million. The 58,156-square-foot property is situated on one acre in Clive, about 10 miles east of Des Moines. Constructed in 2008, the facility is fully leased and anchored by an ambulatory surgery center. The seller was not disclosed.
MCLEAN, VA. — Virginia-based Capital One has provided $329.6 million in loans for the refinancing of two medical office portfolios totaling 56 properties in various markets around the country. The borrower in both deals was a joint venture between Kayne Anderson Real Estate and MB Real Estate Healthcare. In the first transaction, Capital One provided a $107 million adjustable-rate loan for the refinancing of a medical office portfolio comprising 20 properties totaling 789,000 square feet. The portfolio consists of eight on-campus facilities, 11 off-campus facilities, and one adjacent to a hospital campus. In the second transaction, Capital One provided a $222.6 million adjustable-rate loan for the refinancing of a 36-property medical office portfolio. Specific property types and names within this portfolio were not disclosed. Since 2012, Capital One has executed more than 40 transactions for the Kayne Anderson/MBRE Healthcare joint venture. “This deal is an extension of a long line of transactions we’ve closed for Kayne Anderson and MBRE Healthcare,” says Erik Tellefson, managing director of Capital One Healthcare Real Estate. “Our relationship and understanding of their goals were critical in developing a financing solution that aligns with the strategic plans for the portfolio.” Kayne Anderson Real Estate invests in …
NEW YORK CITY — Ariel Property Advisors has arranged a $41 million loan to refinance a 23-property medical office portfolio across 15 states. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors’ capital services division in New York City secured the financing on behalf of the undisclosed borrower. The non-recourse, fixed-rate loan included a 10-year term with four years of interest-only payments. A national lender provided the financing.
SAYVILLE, N.Y. — NAI Long Island has brokered the $1.6 million sale of a 7,300-square-foot medical office building in Sayville. Located at 160 Middle Road, the property is occupied by the Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John Zimmerly, in the transaction. The buyer was 1449 Holdings LLC.
RADNOR, PA. — IMC Construction has broken ground on Penn Medicine Radnor, a four-story, 250,000-square-foot medical center in Radnor. Located at 145 King of Prussia Road, the center will house a heart and vascular center, cancer care, women’s health, orthopedic and rehabilitation medicine, neurosciences and other medical subspecialties. An outpatient surgery suite will include six surgical and four endoscopy rooms, along with radiology and laboratory services. Brandywine Realty Trust will purchase and serve as the designated developer and manager of the site, and develop an adjacent office space and a hotel on property. The outpatient center is expected to be complete in Spring 2020.
KATY, TEXAS — Next Level Urgent Care has opened a 3,008-square-foot clinic at Y Shops Katy Fort Bend, a shopping center on the western outskirts of Houston in Katy. Ryan Dierker and Tuan Nguyen of Newcor Commercial Real Estate represented Next Level Urgent Care in the lease negotiations. David Wise with Streetwise Advisors represented the landlord, Colonial Entrepreneurs LLC.
SAYVILLE, N.Y. — NAI Long Island has negotiated the $1.6 million sale of a medical office building in Sayville. Located at 160 Middle Road, the 7,300-square-foot property is currently occupied by Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John A. Zimmerly, M.D., in the transaction. The buyer was 1449 Holdings LLC.
When it comes to location identification for development, you have to think creatively. In a highly competitive market like Milwaukee, mixed-use projects offer a great opportunity to showcase creativity, take advantage of complementary uses and drive tremendous value for clients and investors. The success of a mixed-use project lies in location. A high-profile location will help attract businesses, which then helps build traffic. Ideally, you want to think outside the box to generate repeat visits with businesses that will help sustain that traffic. An innovative mix of retail, restaurant, hospitality, office and even healthcare can greatly enhance a development. Mixed-use retail developments create new opportunities for healthcare projects. Health systems and physician practices are choosing to prioritize locations they may not have previously considered. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. The trend of developing specialty outpatient facilities, ambulatory surgery centers and micro-hospitals continues to gain momentum and allows for expansion to remain competitive while maintaining efficiency. An outpatient facility brings traffic. Finding a high-visibility location where customers are already engaging increases the convenience factor. Built-in traffic drivers like restaurants and retail help with trip assurance. For example, after wrapping up a clinic …
GILBERT, ARIZ. — Chicago-based MedProperties Group has broken ground on Mercy Medical Commons II, a medical office building located on Mercy Road adjacent to the main entrance of Dignity Mercy Gilbert Medical Center in Gilbert. Designed by Ware Malcomb, the three-story, 56,000-square-foot building will feature a 55-foot high-curved fin wall with integrated steel shade canopies, while the western curved façade will open to parking and a porte-cochere arrival area. The CORE Institute will occupy 20,000 square feet of the property, which is slated for completion in third-quarter 2019. Balfour Beatty US is serving as general contractor for the property. Philip Wurth of Colliers International in Greater Phoenix is serving as the leasing agent for the development, which is MedProperties’ first ground-up development in the East Valley area.
DENVER — Fidelis Healthcare Partners has finalized an agreement to develop Saint Joseph Medical Office Pavilion, a five-story medical office property on the Uptown Denver campus of Saint Joseph Hospital. Situated at the intersection of Park Avenue, Odgen Street and 18th Avenue, the 100,000-square-foot property will have three floors dedicated to Class A medical office space, ground-floor retail and restaurant space, with wellness, fitness and entertainment space on the rooftop. Additionally, the project includes ground-level, covered parking for physicians and an adjacent parking lot for patients, visitors and tenant employees. The new facility is slated for completion in the second quarter of 2020.