NORWOOD, MASS. — NKF Capital Markets has brokered the $23.5 million sale of Norwood Medical Center in Norwood. Located at 825 Washington St., the 92,400-square-foot facility is anchored by Steward Health Care. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF Capital Markets represented the seller, Grander Capital Partners, in the transaction. The buyer was an affiliate of Thor Equities.
WILLMAR, MINN. — Montecito Medical has purchased a Class A medical office building totaling 31,775 square feet in Willmar, a city in southwestern Minnesota. The purchase price was not disclosed. The building was constructed in 2005 as a build-to-suit for Fischer Laser Eye Center and Janning ENT. The facility includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Newmark Knight Frank brokered the sale. The seller was not disclosed.
FRISCO, TEXAS — Scottish Rite Hospital for Children is nearing completion of its North Campus, a 345,000-square-foot healthcare campus in Frisco. The property is situated on 40 acres at the corner of Lebanon Road and the Dallas North Tollway. The center will offer ambulatory care services, physical and occupational therapy services and outdoor amenities such as walking and running trails and a playground.
TAMPA, FLA. — ESJ Capital Partners LLC has sold University Park Business Center, a 99,154-square-foot medical office building in Tampa, for $18 million. The building is located at 4001 E. Fowler Ave., directly across from the University of South Florida (USF) campus and within one mile of four major hospitals. The property is home to tenants including Quest Diagnostics, Moffit Cancer Center and USF. The name of the buyer was not disclosed.
NORWOOD, MASS. — Thor Equities has acquired the Norwood Medical Center, a three-story, 92,000-square-foot medical office building in Norwood for $23.5 million. The seller was undisclosed but was reported by various media outlets as Grander Capital Partners. Located at 825 Washington St., the 4.7-acre property is currently 95 percent occupied by a tenant roster that includes Steward Health Care and Quest Diagnostics. The facility serves as the primary medical office and outpatient services complex for Steward Norwood Hospital located directly across the street.
MIDLOTHIAN, TEXAS — Methodist Health System has acquired 67 acres in Midlothian, a southwestern suburb of Dallas, for the development of a 190,000-square-foot acute care hospital and a 45,000-square-foot medical office building. The project is expected to employ about 300 healthcare professionals. Kyle Libby and Michael Collins of MedCore Partners represented Methodist in the land sale. Joe Rust of Joe Rust Co. represented the sellers in that deal. Construction of the new medical development is expected to begin later this year and wrap up in 2020.
EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.
CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.
By John Pollock CEO, Meridian It is hard to refute that demographic changes occurring in the United States are having a positive impact on healthcare real estate. Based on the latest U.S. Census data, the number of people age 65 and over is on a steep increase and on track to nearly double between 2010 and 2030. The utilization rate of healthcare facilities by people in this age cohort is dramatically more than the younger cohort. According to a report released by Transwestern in September, an aging demographic and higher utilization rates will increase the demand for practitioners and physical space. Transwestern says there is an estimated 110 million square feet of available medical office space among existing buildings and those under construction in the United States as of the second quarter. If all of the required practitioners needed to meet the increased consumer demand were to locate within the traditional medical office space, there would be a shortfall of more than 40 million square feet. The answer to the question of whether today’s boom market for healthcare is built to last is most assuredly yes. That being said, the healthcare sector is attracting attention from more and more investors. …
LOGANVILLE, GA. — Bull Realty has brokered the $7.3 million sale of Piedmont Medical Health Center, a 15,000-square-foot medical office building in Loganville, located roughly 35 miles east of Atlanta. Paul Zeman of Bull Realty arranged the transaction. Other terms of the deal were not disclosed. Atlanta-based Piedmont Healthcare operates a women’s healthcare clinic and a gastroenterology clinic at the facility, which also includes an endoscopy/surgery center.
