Healthcare

Vantage Completes Build-Out of 12,800 SF Medical Office Near Boston

by David Cohen May 22, 2018

ROWLEY, MASS. — Waltham-based general contracting and construction firm Vantage Builders Inc. has completed the build-out of North Shore Physicians Group’s Rowley office. Rowley is approximately 30 miles north of Boston. The 12,800-square-foot office, which is located at 414 Haverhill St., is North Shore Physicians Group’s 22nd location on the North Shore. The office offers primary and specialty care, as well as X-ray, mammography and bone density testing, for patients in Rowley and the surrounding communities of Ipswich, Boxford and Georgetown.

May 22, 2018

Sunset-Professional-Building-San-Antonio

Development Healthcare Texas

Casey Development Underway on 58,000 SF Medical Office Building in San Antonio

by Taylor Williams May 22, 2018

SAN ANTONIO — Casey Development Ltd. is underway on construction of Sunset Professional Building, a 58,000-square-foot medical office project in north central San Antonio. Construction began in April and two tenants, BHS Physicians Network Inc. and WellMed, have already preleased space. Baxter Contracting LLC, a division of Casey Development, is serving as general contractor and GRG Architecture designed the building, which is scheduled to come on line in March 2019.

May 22, 2018

Acquisitions California Healthcare Mixed-Use Office Restaurant Retail Western

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

Acquisitions Alabama Healthcare Southeast

Fairfield Arranges $15.8M Sale of New Medical Office Building Near Birmingham

by Camren Skelton May 17, 2018

PELL CITY, ALA. — Fairfield Asset Advisors has arranged the $15.8 million sale of a 50,400-square-foot medical office building located at 74 Plaza Drive in Pell City, roughly 24 miles east of Birmingham. Northside Medical — a Birmingham-based specialty practice — anchors the building, which was constructed in 2017. An undisclosed borrower acquired the asset from the developers, a physician group.

May 17, 2018

Acquisitions Healthcare Midwest Ohio

Colliers Brokers Sale of 46,500 SF Medical Office Building in Dublin, Ohio for $2.3M

by Kristin Harlow May 17, 2018

DUBLIN, OHIO — Colliers International has brokered the sale of Stoneridge Medical Center in Dublin for $2.3 million. The 46,500-square-foot medical office building is located at 4015-4059 W. Dublin Granville Road. Current tenants include OSU Obstetrics and Gynecology and OSU Radiology. Jaimine Johnson, Christopher Potts, George Stecz and John Underman of Colliers represented the seller, LNR Partners. A Columbus, Ohio-based real estate investor was the buyer.

May 17, 2018

Acquisitions Healthcare Massachusetts Northeast

NKF Capital Markets Coordinates $11.5M Sale of Blue Hills Medical Center in Suburban Boston

by David Cohen May 16, 2018

BRAINTREE, MASS. — NKF Capital Markets has orchestrated the sale of Blue Hills Medical Center in Braintree for $11.5 million. Braintree is 13 miles south of Boston. Located at 340 Wood Road, the 48,617-square-foot Blue Hills Medical Center is 100 percent leased to 14 tenants. The tenant roster includes Milton Pediatrics, MassGeneral Hospital for Children and South Shore Hospital. NKF represented the seller, Jumbo Capital Management, in the transaction. The buyer was Novaya Real Estate Ventures.

May 16, 2018

Healthcare-Associates-of-Texas-Southlake

Acquisitions Healthcare Texas

Marcus & Millichap Negotiates Sale of 10,750 SF Healthcare Asset in Metro Fort Worth

by Taylor Williams May 14, 2018

SOUTHLAKE, TEXAS — Marcus & Millichap has negotiated the sale of a 10,750-square-foot healthcare asset located in Southlake, a northern suburb of Fort Worth. The property is net-leased to Healthcare Associates of Texas. Zach Ryan and Ron Hebert of Marcus & Millichap represented the seller, a Southlake-based private investor, in the transaction. Mark Allen of Marcus & Millichap procured the buyer, also a Southlake-based investor. Both parties requested anonymity.

May 14, 2018

Healthcare Loans Michigan Midwest Seniors Housing

Capital One Provides $13.2M HUD Refinancing for Skilled Nursing Facility in Michigan

by Jeff Shaw May 14, 2018

HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”

May 14, 2018

Acquisitions Healthcare Illinois Midwest Multifamily Self-Storage Seniors Housing Student Housing Top Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Texas-Health-Harris-Methodist-Fort-Worth

Development Healthcare Texas

Texas Health Resources to Undertake $300M Expansion Project at Fort Worth Hospital

by Taylor Williams May 11, 2018

FORT WORTH, TEXAS — Arlington-based healthcare provider Texas Health Resources will undertake a $300 million expansion project at Texas Health Harris Methodist Hospital Fort Worth. The project will include a nine-story tower that will feature 144 patient beds, 15 surgical suites and pre- and post-operative service areas. The tower will also include space for support services and two floors will be used as shell space for future expansion. Additional parking space will also be added to the hospital, which opened in 1930 and currently features 720 beds. Construction is slated to begin later this year and wrap up in late 2021.

May 11, 2018

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