Healthcare

CBRE Arranges Sale of 44,000 SF Medical Office Property in Schaumburg, Illinois

by Kristin Harlow October 18, 2017

SCHAUMBURG, ILL. — CBRE has arranged the sale of the American Academy of Dermatology (AAD) headquarters in Schaumburg for an undisclosed price. The 44,000-square-foot medical office property is located at 930 E. Woodfield Road. The association will remain in the property through a short-term leaseback, then relocate to a new 41,459-square-foot office at O’Hare Gateway Center in Rosemont next spring. The association has a membership base of 19,000 physicians worldwide. Peggy McTigue and Dan Bessey of CBRE represented AAD in the sale. Terry Mostrom and Jon Azuley of Savills represented the buyer, Emergency Nurses Association. The organization purchased the building with plans to relocate from Des Plaines in 2018. In addition, McTigue and Paul Diederich of CBRE represented AAD in its lease transaction at O’Hare Gateway. Dan Svachula and Jim Ward of Cushman & Wakefield represented the undisclosed landlord.

October 18, 2017

Healthcare Illinois Midwest

Avison Young Arranges Sale of 93,903 SF Medical Office Building in Lake Bluff, Illinois

by Kristin Harlow October 17, 2017

LAKE BLUFF, ILL. — Avison Young has arranged the sale of the Carriage Point Medical Complex in Lake Bluff, about 35 miles north of Chicago. The sales price was not disclosed. The 93,903-square-foot medical office building is located at 101 Waukegan Ave. Anchored by Fresenius Medical Care, the property is 100 percent leased to several regional healthcare providers. Erik Foster, Mike Wilson and Tim Henry of Avison Young represented the seller, Franklin Partners. J. Emil Anderson & Sons Co., a Chicago-based developer and owner, purchased the property.

October 17, 2017

Healthcare Loans Maryland Office Southeast

Capital One Provides $311M in Loans for 28-Building Medical Office Portfolio Across U.S.

by Camren Skelton October 16, 2017

BETHESDA, MD. — Capital One has provided $311 million in financing to recapitalize a 28-asset medical office building portfolio located across 11 states. The portfolio was 95 percent leased to 150 tenants at the time of sale, with eight of the buildings each occupied by a single tenant. The borrower was a joint venture between an institutional investor and another joint venture between Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare, which previously owned the 1.5 million-square-foot portfolio. Six of the 28 buildings are located on or adjacent to a health system campus. In addition to the principal loan, the financing included a loan for one property that required separate financing due to ground-lease restrictions.

October 16, 2017

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Right Choice Broker Sale of 80,000 SF Medical Office Portfolio in Connecticut

by Amy Works October 13, 2017

TRUMBULL AND STRATFORD, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Fairfield County Medical Office Building Portfolio, a two-building medical office portfolio in Trumbull and Stratford. A private healthcare REIT acquired the portfolio for an undisclosed price. Advanced Radiology anchors the 80,000-square-foot portfolio. Additional tenants include Yale New Haven Health and Ascension Health. At the time of sale, the portfolio was 94 percent occupied. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice represented the undisclosed sellers in the deal.

October 13, 2017

Healthcare Illinois Midwest

Krusinski Breaks Ground on 25,000 SF Rehab Center in Burr Ridge, Illinois

by Kristin Harlow October 12, 2017

BURR RIDGE, ILL. — Krusinski Construction Co. has broken ground on a new 25,000-square-foot rehabilitation center for the Shirley Ryan AbilityLab in Burr Ridge, a southwestern suburb of Chicago. Formerly known as the Rehabilitation Institute of Chicago, the center will treat individuals with complex disabilities through a model of integrated research, education and patient-centered care. MedProperties Group is the project developer. Other project team members include architect HDR, civil engineer Manhard Consulting and electrical engineer Gage Consulting Engineers. Completion is slated for March 2018.

October 12, 2017

Features Healthcare Top Stories

InterFace Panel: Healthcare Operators Eye Retail Properties

by Taylor Williams October 12, 2017

DALLAS — Fueled by a growing population, a healthy flow of capital from a variety of investment sources and an emerging emphasis on quickness of delivery of services, the American healthcare real estate market is poised for expansion. The heightened demand for both new and old healthcare properties is forcing operators in the sector to consider alternative locations. Healthcare operators are thus finding new real estate opportunities from emerging trends in other property classes, like the spates of store closures in the retail market and the rising popularity of the mixed-use development. For their part, owners and developers of retail and mixed-use assets are embracing the growth of the healthcare sector, whether that means repurposing a strip center to be anchored by a healthcare tenant or integrating a wellness component into blueprints for a new mixed-use project. A quintet of healthcare real estate professionals who represent the provider side of the market came together at the InterFace Healthcare Real Estate conference on Sept. 14 to assess this practice and its future implications on the market. Held at the Westin Galleria hotel in Dallas, the daylong event drew about 240 attendees. Panelist Sid Sanders, senior vice president of real estate management …

October 12, 2017

Healthcare Midwest Ohio

Hammes, MetroHealth to Complete $1B Healthcare Campus Expansion in Cleveland

by Kristin Harlow October 11, 2017

CLEVELAND, OHIO — The MetroHealth System has selected Hammes Co. to collaborate on a $1 billion healthcare campus expansion in Cleveland. The cornerstone of the project will be a new 12-story hospital tower with 270 private rooms. The tower will also house an extensive range of departments. Other project plans include the construction of a connector building to the existing critical care pavilion, a parking garage, new loading dock, central utility plant and helipads. The project is expected to take six years to complete. Hammes is a healthcare project management firm that provides strategic planning, implementation and development services for capital construction projects.

October 11, 2017

Healthcare Illinois Midwest

Advocate Health Care Leases Former Sports Authority Space in Lakeview, Illinois

by Kristin Harlow October 11, 2017

LAKEVIEW, ILL. — Advocate Health Care has leased a former Sports Authority property in Lakeview. The healthcare company plans to convert the space, located at 3154 N. Clark St., into a new medical office center. Advocate has leased the entire property, which includes 40,400 square feet of ground-floor space, 10,100 square feet of basement space and a two-story parking facility for 115 vehicles. The new location will house clinical and ancillary operations including internal medicine, cardiology, cardiac testing, obstetrics, endocrinology, neurology, X-ray and laboratory services. Demolition and construction is underway, with completion slated for early 2018. Next Realty LLC is the property landlord. Amy Levin of Next represented the real estate investment firm in the lease transaction. Gary Fazzio and Sharon Kahan of CBRE represented Advocate.

October 11, 2017

Healthcare Texas

Daymark Living Begins Work on 144,853 SF Supportive Housing Project in Metro Dallas

by Taylor Williams October 3, 2017

WAXAHACHIE, TEXAS — Daymark Living, a developer of supportive housing communities, has begun work on a 144,853-square-foot project in the Dallas metro of Waxahachie for adults with learning differences and intellectual delays. Scheduled to be complete in August 2018, the property will feature 28 cottages capable of housing 200 residents and amenities such as resort-style pools, sport courts, computer labs and community grills. Dallas-based Merriman Anderson/Architects is designing the community.

October 3, 2017

Healthcare Texas

Global Medical REIT Acquires 59,000 SF Hospital in Austin for $40.6M

by Taylor Williams September 29, 2017

AUSTIN, TEXAS — Maryland-based Global Medical REIT Inc. has acquired Central Texas Rehabilitation Hospital, a 59,000-square-foot healthcare property located at 700 W. 45th St. in Austin, for roughly $40.6 million. The inpatient hospital features 50 beds and is leased to a joint venture between subsidies of healthcare providers Kindred Healthcare and Seton Healthcare.

September 29, 2017

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