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.
BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.
SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.
BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.
NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million. Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction. The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month. “We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.” Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October. — David Cohen
LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.
NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland LLC.
RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ Hospital, a 340-bed community hospital operated by HCA Virginia.