CLEVELAND — Cleveland-based KeyBank Real Estate Capital has arranged $118.7 million in financing for a 20-property medical office portfolio located across 12 states. The borrower, Healthcare Trust Inc., will use the loan to refinance existing debt, facilitate new acquisitions and for general corporate purposes. Charlie Shoop and Joe DeRoy of KeyBank arranged the 10-year loan, which features a fixed interest rate of 4.5 percent. Details of the lender and the properties were not disclosed.
EAST HARTFORD, CONN. — O,R&L Commercial has negotiated the sale of a 30,544-square-foot, former medical building in East Hartford for $1.5 million. The buyer, Ash Street Holdings LLC doing business as KIA of East Hartford Inc., plans to completely renovate and expand the building, which is located at 99 Ash St. After renovations, Kia of East Hartford will move from its current location, 540 Connecticut Blvd. Jay L. Morris and Luke Massirio of O,R&L Commercial represented the seller in the transaction, Ash Realty Associates LLC. Colliers International represented the buyer. The vacant property was built in 1981 and is the former home of UCONN Health.
PRAIRIE DU SAC, WIS. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired the Sauk Prairie medical office building in Prairie du Sac near Madison for $19.5 million. Built in 2014, the 55,000-square-foot building is currently fully leased to multiple healthcare service providers. Sauk Prairie Healthcare occupies 59 percent of the property, which is connected to the 36-bed Sauk Prairie Hospital. Chris Bodnar and Lee Asher of CBRE represented the seller, Sauk Prairie MOB LLC. As of this acquisition, the REIT has purchased a portfolio of 43 medical office buildings, seniors housing facilities and skilled nursing facilities for an aggregate contract purchase price of approximately $508 million.
CHICAGO — The Boulder Group has arranged the sale of a single-tenant property, net leased to Fresenius Medical Care in Chicago, for $4.4 million. The 9,396-square-foot building is located at 9924 S. Vincennes Ave. Fresenius, which provides renal services via its dialysis facilities, has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A West Coast-based real estate investment firm was the buyer.
PEARLAND, TEXAS — Zeller Realty Group, a Chicago-based development and investment firm, has acquired a 276,770-square-foot biotechnology facility in Pearland, a southern suburb of Houston. Completed in 2017, the facility is located approximately eight miles south of The Texas Medical Center. The property was fully leased at the time of sale to Lonza America Inc., a Houston-based subsidiary of Swiss pharmaceutical company Lonza Group AG. Jeff Hollinden and Cameron Cureton of HFF represented the buyer and the seller, Pinchal & Co., in the sale and arranged acquisition financing through Bank of Texas.
HOUSTON — United General Hospital has signed a 44,569-square-foot medical office lease within the Texas Medical Center in Houston. The healthcare provider will operate out of 7501 Fannin, a 195,000-square-foot, Class A building that was completed in 2004. Zach Leger, Jacob Aldridge and Rani Jones of NAI Partners represented the landlord, Cambridge Properties, in the lease negotiations. David Greenberg of Greenberg & Co. represented United General Hospital.
PORTLAND, MAINE — Remic Properties has acquired the 34,000-square-foot Maine Eye Center at 15 Lowell St. in Portland for $8.2 million. Both Remic Properties and the seller, Maine Eye SPE LLC, were represented by Stan Johnson Company in the transaction. Maine Eye, an ophthalmology practice, is the sole tenant in the building. The acquisition was part of a 1031 exchange that Remic completed following the sale of a property in Peabody, Mass. Tom St. Jean and Mary Lambert of Brookline Bank served as the qualified intermediary in the transaction.
SAN ANTONIO — Seavest Healthcare Properties LLC has opened The Children’s Hospital of San Antonio Health Pavilion – Stone Oak, a 60,000-square-foot healthcare property in northern San Antonio. The three-story ambulatory care facility is part of the CHRISTUS Santa Rosa Health System. Services offered by the new facility include an emergency room, physicians’ offices and a diagnostic imaging services center, as well as a pediatric outpatient testing and treatment center. Trammell Crow Co. served as co-developer of the property.
MISSION HILLS, CALIF. — Commercial Asset Group has arranged the acquisition of a medical office building located at 11155-11166 Sepulveda Blvd. in Mission Hills. Porter Ranch, Calif.-based San Fernando Professional Building sold the property to a Burbank, Calif.-based family investment group for $13.7 million. Facey Medical Group, a division of Providence Hospitals, occupies the 33,438-square-foot building. David Aschkenasy of Commercial Asset Group represented the buyer, while Mark Oliver of Realty Executives Valencia represented the seller in the deal.
DULLES, VA. — Washington Property Co. (WPC) has started construction on Stone Ridge Medical Center, a 67,000-square-foot medical office building in Dulles, roughly 30 miles west of Washington, D.C. The three-story building is currently preleased to three tenants: Virginia Pediatric Group, which will occupy 4,500 square feet; Jackson Clinics, which will occupy 3,000 square feet; and Royal Care Pharmacy, which will occupy 1,500 square feet. Total project costs for the development, including land acquisition, are $21 million. Stone Ridge Medical Center will be located across the street from the recently opened HCA StoneSprings Medical Center hospital. The building is expected to open by the end of the year.