COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a medical office building located at 1699 Medical Center Point in Colorado Springs. A private investor, 601 El Camino Real LLC, acquired the property for $2.9 million. The building features 9,585 square feet of medical office space. Kay Folan of Quantum Residential Group and Mary Frances Cowan of Quantum Commercial Group represented the seller, 1699 Medical Center Point LLC. Steve Ghirardo and Nick Ghirardo of Ghirardo Real Estate Group represented the buyer in the deal.
GLENDALE, ARIZ. — Sun Commercial Real Estate’s Investment Services Group has arranged the sale of a medical office building located at 20325 N. 51st Ave. in Glendale. A California-based buyer acquired the property for $4.5 million, or approximately $375 per square foot. DaVita Dialysis occupies the 12,148-square-foot property on an absolute net-leased basis, with at least 10 years remaining on its lease. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate handled the transaction. The name of the seller was not released.
Baylor Scott & White, Dallas Cowboys to Open 300,000 SF Sports Research Center at The Star in Frisco
FRISCO, TEXAS — Baylor Scott & White and the Dallas Cowboys will open their new 300,000-square-foot sports research facility at The Star in Frisco this Wednesday. Services that will be offered at the Baylor Scott & White Sports Therapy & Research at The Star include sports performance testing, a concussion center, imaging center, surgery suites, urgent care center, research space, outpatient rehabilitation and a pharmacy. Dallas-based Baylor Scott & White and the Cowboys are holding an official opening at the complex’s turf outdoor football field with the Frisco Independent School District, which is a partner in the new sports research and treatment complex.The facility was designed by the Dallas office of global architecture and design firm Perkins+Will. The Star is a 91-acre sports and entertainment district and serves as the world headquarters of the Cowboys.
NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.
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Healthcare Systems, Physicians are ‘More Sophisticated’ When it Comes to Real Estate, Says InterFace Healthcare Panel
CHARLOTTE, N.C. — Healthcare systems and physicians groups once viewed their real estate operations as a line item on a ledger and not as high a priority as staffing, education or equipment. In the years since reimbursements from Medicare began tightening as it went from a fee-for-service model to an outcome-based one, healthcare systems and physicians are getting more savvy when it comes to their real estate strategies. “With respect to real estate, healthcare systems used to be naïve,” said Mark Curtis, director of Greenville Health System, a not-for-profit system serving the Upstate South Carolina area. “Now they’re far more sophisticated than they were five years ago.” Curtis was one of five healthcare real estate experts on stage at a panel entitled “What Do Hospitals & Systems See Coming in 2018?” Rex Noble, senior vice president of asset management at Flagship Healthcare Properties, moderated the discussion. The panel was the closing act at the eighth annual InterFace Healthcare Real Estate Carolinas show, which took place on May 31 at the Hilton City Center hotel in Uptown Charlotte. The event drew 160 attendees in the healthcare real estate space from across North and South Carolina. Operations are Under the Microscope Spurred …
ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.
PALOS VERDES PENINSULA, CALIF. — NKF Capital Markets has facilitated the sale of a medical office building located at 501 Deep Valley Drive in Palos Verdes Peninsula, a city within the South Bay submarket of Los Angeles County. Deep Valley Drive LLC sold the property to Beverly Hills, Calif.-based Dayani Partners for $12.7 million. UCLA Health occupies 77 percent of the four-story, 33,770-square-foot building. Sean Fulp, Ken White, Michael Moore and Kevin Shannon of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.
CARROLLTON, TEXAS — Carter Validus Mission Critical REIT II Inc., a Tampa-based healthcare investment corporation, has purchased Carrollton Healthcare Facility in metro Dallas. The sale price was approximately $8.5 million. The property totals 21,990 square feet and is 100 percent leased to two tenants: family medicine practice USMD PPM LLC and dermatology practice PDP of Texas PLLC.
LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the new campus.
SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions represented the seller, Universal Properties FPMC LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, a revolving line of credit with Bank of America NA and Keybank NA, and through the assumption of an existing mortgage loan.