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Healthcare

Mill-Creek-Medical-Pavilion-Mill-Creek-WA
AcquisitionsHealthcareOfficeWashingtonWestern

Coast Equity Partners Sells 26,126 SF Mill Creek Medical Pavilion in Metro Seattle

by Amy Works

MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.

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AcquisitionsHealthcareIllinoisMidwest

SVN Brokers $3.5M Sale of Six-Acre Development Site in Kildeer, Illinois

by Kristin Harlow

KILDEER, ILL. — SVN | Chicago Commercial has brokered the sale of a six-acre development site at 21481 N. Rand Road in Kildeer for $3.5 million. The purchaser plans to develop a 50,000-square-foot medical office building on the site located about 37 miles northwest of Chicago. Al Lindeman of SVN represented the undisclosed seller, while Avison Young represented the buyer.

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Medical-Office-Highland-Heights-KY
DevelopmentHealthcareKentuckyOfficeSoutheast

Fairmount Properties, Northern Kentucky University Break Ground on Medical Office Building

by Amy Works

HIGHLAND HEIGHTS, KY. — Fairmount Properties has broken ground on St. Elizabeth Medical Office building at the main entrance to Northern Kentucky University in Highland Heights. Fairmount is developing the property in partnership with Northern Kentucky University, St. Elizabeth Healthcare, OrthoCincy, the City of Highland Heights and Campbell County. The project team includes Bialosky, Casler Design Group, Danis, The Kleinger Group, KLH Engineers, Realm Collaborative and THP Limited. Located on Nunn Drive, the 65,000-square-foot facility will offer urgent care, primary care and specialty physicians space, as well as OrthoCincy’s on-site orthopaedical office, physical therapy and other orthopaedical services. The facility is slated to open in early 2020. The medical office is the first phase of a more than $100 million NKU Gateway mixed-use development. Upon complete build-out, the property will include restaurants, retail space, market-rate apartments, a hotel, parking and new public gathering spaces.

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Yale-Wilshire-Medical-Building-Santa-Monica-CA
AcquisitionsCaliforniaHealthcareOfficeRetailWestern

California Realty Group Brokers Sale of 45,881 SF Yale-Wilshire Medical Building in Santa Monica, California

by Amy Works

SANTA MONICA, CALIF. — California Realty Group has arranged the sale of the Yale-Wilshire Medical Building, a mixed-use property located in Santa Monica. Yale Wilshire LTD sold the property to an affiliate of Golden West Properties for an undisclosed price. The 45,881-square-foot medical office building also features 6,700 square feet ground-floor retail space. Mark Esses of California Realty Group represented the seller in the deal.

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New-Caney-Medical-Office
DevelopmentHealthcareTexas

Arch-Con Breaks Ground on 11,000 SF Medical Office Building in Metro Houston

by Taylor Williams

NEW CANEY, TEXAS — Arch-Con Construction, a general contractor with offices in Dallas and Houston, has broken ground on an 11,000-square-foot medical office building in New Caney, a northern suburb of Houston. The property will be situated within Grand Texas, a mixed-use development by GT Operating Co. that includes a theme park, a water park, hotels and restaurants. Browne McGregor Architects is the architect of the project, which will deliver primary care offices and an urgent care clinic. Completion is scheduled for early 2019.

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HealthcareLoansNew JerseyNortheastOffice

Progress Capital Arranges $4.4M Refinancing for Medical Office Complex in New Jersey

by David Cohen

IRVINGTON, N.J. — Progress Capital has arranged a $4.4 million refinancing for the Irvington Medical Office in Irvington. Located at 40 and 50 Union Ave., the property consists of two buildings. 40 Union Ave. is a four-story, 19,982-square-foot medical office building built in 1962. The adjacent building, 50 Union Ave., is an eight-story, 50,638-square-foot building built in 1969. The property is currently subject to a ground lease. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower, who will use $1.5 million of the proceeds to acquire the land at 50 Union Ave. The five-year, fixed-rate loan includes a 4.5 percent interest rate and a 10-year term with a 25-year amortization. The lender was undisclosed.

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AcquisitionsHealthcareNorth CarolinaOfficeSoutheast

Woodside Health Sells Jetton Medical Park in Metro Charlotte

by Amy Works

CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.

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Northpoint-III-Dallas
AcquisitionsHealthcareTexas

NKF Capital Markets Arranges Sale of 34,794 SF Medical Office Property in Dallas

by Taylor Williams

DALLAS — NKF Capital Markets has arranged the sale of Northpoint III, a 34,794-square-foot medical office building in Dallas. The two-story property is fully leased to Texas Health Resources. Sean Fulp, Garth Hogan, Ryan Plummer and Mark Schuessler of NKF Capital Markets represented the seller, a California-based private investor. The buyer, Rich Uncles NNN REIT, was self-represented.

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AcquisitionsHealthcareNortheastPennsylvania

HFF Negotiates Sale of 68,737 SF Medical Office Building Near Philadelphia

by David Cohen

HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health Properties.

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Conference CoverageFeaturesHealthcare

InterFace Panel Ponders How Mergers, Consolidations Will Impact Healthcare Real Estate

by Taylor Williams

DALLAS — The past 12 to 18 months have seen a strong uptick in the number of mergers and consolidations among healthcare providers in the United States, and industry experts are still trying to figure out how this activity will impact cash flows, pricing and cap rates for healthcare properties. A recent report from the Health Research Institute at PricewaterhouseCoopers (PwC) identified 255 healthcare merger and acquisition deals in the second quarter of 2018 alone. That figure actually represented a 7.3 percent decline in this kind of deal volume from the first quarter of 2018. The PwC report noted that healthcare providers are facing declining revenues driven in part by lower reimbursement rates for both public and private payors, forcing them to cut costs to stop the bleeding. Mergers, partnerships and strategic alliances provide conduits for this kind of cost cutting. Larger deals proposed or closed this year include the $69 billion merger between Aetna and CVS, as well as Cigna’s $67 billion acquisition of pharmacy benefit manager Express Scripts. Rite Aid also cast merger bids with Walgreens and Albertsons, though both failed to reach completion. And on Oct. 2, two Texas-based healthcare providers, Baylor Scott & White and Memorial …

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