Healthcare

The Laguna medical office building, Orange County, California

Is Today’s Boom Market for Healthcare, Medical Office Real Estate Built to Last?

by Jeff Shaw September 19, 2018

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. …

September 19, 2018

Acquisitions Georgia Healthcare Southeast

Bull Realty Negotiates $7.3M Sale of Medical Office Building Near Atlanta

by Camren Skelton September 17, 2018

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.

September 17, 2018

Acquisitions Arizona Healthcare Office Western

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

by Amy Works September 10, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.

September 10, 2018

Arizona Development Healthcare Western

Mayo Clinic to Double Size of Phoenix Campus with $648M Project

by Amy Works September 7, 2018

PHOENIX — Mayo Clinic has announced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor addition to the existing four-story Mayo Clinic Building; three-story building to house an expanded Emergency Department, Laboratory Medicine, Radiology and Pharmacy departments; 1,000-space underground patient parking garage; 1,600-space multi-level staff parking garage; and new infrastructure space. New patient areas are projected to open as early as June 2020, with the final phase opening in April 2023. The expansion plan increases the number of inpatient beds from 280 to 374 by 2023 and creates close to 2,000 new jobs, including nearly 200 physicians by 2029.

September 7, 2018

Acquisitions Healthcare Texas

HCA Houston Healthcare Buys 139-Bed Acute Care Facility in Cypress, Texas

by Taylor Williams September 4, 2018

CYPRESS, TEXAS — HCA Houston Healthcare has purchased North Cypress Medical Center, a 139-bed acute care facility located in Cypress, a northwestern suburb of Houston. Specialty services offered at the property include cancer services, chemotherapy, pediatrics, sports medicine, robotic surgery and medical nutrition therapy. The seller was not disclosed.

September 4, 2018

Healthcare Loans Mixed-Use Office Retail Washington Western

Newmark Arranges $42M in Financing for 107,000 SF Mixed-Use Property in Sammamish, Washington

by Amy Works August 23, 2018

SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.

August 23, 2018

Acquisitions Healthcare Illinois Midwest

Jameson Arranges $5.3M Sale of Medical Office Building in Evanston, Illinois

by Kristin Harlow August 17, 2018

EVANSTON, ILL. — Jameson Commercial has arranged the sale of a 12,050-square-foot medical office building in Evanston for $5.3 million. Access Community Health Network occupies the property. John Scuras of Jameson brokered the transaction. Neither the buyer nor the seller was disclosed.

August 17, 2018

Acquisitions Healthcare Pennsylvania

CBRE Brokers $8.1M Sale of Medical Office Building Near Philadelphia

by David Cohen August 16, 2018

PHOENIXVILLE, PA. — CBRE has brokered the $8.1 million sale of Phoenixville Medical Office Building I, a 62,175-square-foot medical office building in Phoenixville. Located at 824 N. Main St., the three-story property was built in 1991 and is currently 90 percent leased. The tenant roster includes Phoenixville Hospital, Clinical Care Associates and Tri-County Urologic. Phoenixville is approximately 27 miles northeast of Philadelphia. Peter Stevens of CBRE represented the seller, Phoenixville Medical Building Associates, in the transaction. The property was sold subject to a ground lease.

August 16, 2018

Acquisitions Healthcare New Jersey Northeast Office

Marcus & Millichap Negotiates $3.2M Sale of Medical Office Building in New Jersey

by David Cohen August 14, 2018

FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.

August 14, 2018

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

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