Healthcare

Marcus & Millichap Negotiates $8.7M Sale of Medical Office Building in Brockport, New York

by Amy Works July 18, 2017

BROCKPORT, N.Y. — Marcus & Millichap has arranged the sale of a medical office building located at 6668 Fourth Section Road in Brockport. A REIT acquired the asset from an undisclosed developer for $8.7 million. Unity Hospital of Rochester leases the entire 29,497-square-foot building on a long-term, triple-net basis. Ryan Moore and Christopher Mitchel of Marcus & Millichap represented the seller and secured the buyer in the deal. Additionally, John Krueger of Marcus & Millichap assisted in the closing.

July 18, 2017

California Healthcare Western

JV Completes Construction of Adventist Health Medical Center Tehachapi Valley Hospital

by Nellie Day July 17, 2017

TEHACHAPI, CALIF. — A joint venture between Bernards and Colombo Construction has completed construction of the new $90 million Adventist Health Medical Center Tehachapi Valley hospital, the only critical-access remote facility within a 50-mile radius to the rural Tehachapi and Mojave communities. The acute care facility replaces an outdated hospital that no longer met California safety standards. The hospital includes medical/surgical beds, intensive care beds and an obstetrical unit (labor and delivery/post and ante partum), as well as a complete emergency services department, anesthesia services, a radiology/imaging center, a clinical laboratory, diabetic services space, a pharmacy and nearly 16,000 square feet for administrative offices. Public spaces include indoor/outdoor seating that flows into a healing and wellness garden. SWA Architects designed the project.

July 17, 2017

Healthcare Texas

Colliers Arranges Sale of Two Healthcare Facilities in Metro Houston

by Taylor Williams July 13, 2017

LEAGUE CITY AND THE WOODLANDS, TEXAS — Colliers International has arranged the sale of two healthcare facilities in metro Houston. Beth Young of Colliers represented the seller in the disposition of South Shore Surgicenter, a 7,365-square-foot ambulatory surgical center and diagnostic clinic located at 2622 Marina Bay Drive in League City. Elena Bakina of Colliers represented Integra Plaza LLC in its sale of a 14,573-square-foot medical office and surgery center located at 3072 College Park Drive in The Woodlands. Sales prices were not disclosed for either transaction.

July 13, 2017

Healthcare Maryland Office Southeast

Avison Young Arranges $24M Sale of Medical Office Building in Metro D.C.

by Camren Skelton July 11, 2017

SILVER SPRING, MD. — Avison Young has negotiated the $24 million sale of Forest Glen, a 62,379-square-foot medical office building situated on the Holy Cross Hospital campus in Silver Spring, roughly six miles north of Washington, D.C. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the sale on behalf of the buyer, Healthcare Realty. The Nashville-based REIT purchased the asset from a joint venture between Washington, D.C.-based developer Foulger-Pratt and a global investment firm.

July 11, 2017

Healthcare Texas

Scott & Reid to Lead $10M Renovation of Texas Medical Center Tower in Houston

by Taylor Williams July 11, 2017

HOUSTON — Dallas-based Scott & Reid General Contractors plans to renovate Museum Medical Tower, a 177,476-square-foot medical office tower located at 1213 Hermann Drive on the north side of the Texas Medical Center in Houston. The $10 million renovation plan includes upgrading the building’s façade, main entrance, roof and landscaping. The overhaul will also deliver systems upgrades and three new suites ranging from 1,700 to 2,244 square feet in size.

July 11, 2017

Healthcare Michigan Midwest

Marcus & Millichap Brokers $30M Sale of Three Medical Office Buildings in Michigan

by Kristin Harlow July 10, 2017

BATTLE CREEK, LAKE ORION AND WASHINGTON, MICH. — Marcus & Millichap has brokered the sale of three medical office buildings in Michigan for nearly $30 million. Brookside Medical Center, totaling 46,194 square feet, is located in Battle Creek, about 25 miles east of Kalamazoo. Brookside Surgery Center anchors the building. Bald Mountain Medical Complex, totaling 55,591 square feet, is located in Lake Orion, about 40 miles north of Detroit. St. Joseph Mercy Hospital, a wholly owned subsidiary of Trinity Health, anchors the building. The 37,425-square-foot Orchard View Medical Complex is located in Washington, about 35 miles north of Detroit. Henry Ford Health System, which offers urgent care, orthopedic/family medicine services, on-site pharmacy and oral surgery services, has anchored the building since construction was completed in 2008. Seth Haron and Ashish Vakhariya of Marcus & Millichap marketed the three properties for sale on behalf of the various sellers.

July 10, 2017

Healthcare Market Reports Texas Texas Market Reports

Healthcare Hits Speed Bumps in Houston as Demand Remains Strong

by Taylor Williams June 30, 2017

The Houston healthcare sector has gotten off to a slow start in 2017. Financial concerns are impacting several healthcare systems as they adapt to a changing marketplace. Industry challenges such as increasing technology costs, as well as changes in payer mixes and reimbursement rates, have impacted organizations’ operating models as a whole. While the majority of organizations have effectively adjusted or are adapting to the change, companies such as CHI St. Luke’s Health, Adeptus Health Inc. and Foundation Healthcare have not fared as well, resulting in a sluggish start to the year. In late March, CHI St. Luke’s announced another round of layoffs, stating that it would eliminate more than 459 jobs and an additional 161 vacant positions statewide. This is the fourth round of layoffs CHI has announced over the previous two years as the company continues to struggle with lower patient volumes, reduced reimbursement via Medicaid and Medicare, and increased technology-related operating costs. Adeptus Health, a freestanding emergency room operator with more than 29 Houston-area locations, appears to be headed for bankruptcy, having announced in March that it would be hiring a restructuring chief. Adeptus has grown rapidly over the past several years, initially opening facilities that lacked …

June 30, 2017

Healthcare Texas

AMD, Medical Center Developments Purchase 192,077 SF Hospital in Houston

by Taylor Williams June 27, 2017

HOUSTON — AMD Global LLC and partner Medical Center Developments have purchased St. Joseph Medical In The Heights, a six-story, 192,077-square-foot hospital situated on 3.9 acres at 1917 Ashland St. in Houston. AMD plans to renovate the property to include a neonatal unit, pediatric offices, a full orthopedics center and a wound care center.

June 27, 2017

Healthcare Texas

JLL Negotiates Sale-Leaseback of 18,313 SF Rehab Facility in Metro Austin

by Taylor Williams June 22, 2017

DRIPPING SPRINGS, TEXAS — JLL has negotiated the sale-leaseback of an 18,313-square-foot post-acute rehabilitation facility situated on 10.6 acres at 3035 W. Highway 290 in the Austin suburb of Dripping Springs. Arizona-based STORE Capital purchased the five-building property from Mentis Neuro Health, which will leaseback 100 percent of the space for 15 years. Rudy Hubbard, Kevin McConn and Rick Goings led the JLL team in the transaction.

June 22, 2017

Healthcare Maryland Southeast

Trammell Crow, Meadow Partners Break Ground on 93,100 SF Medical Office Facility in Metro D.C.

by John Nelson June 20, 2017

NATIONAL HARBOR, MD. — Trammell Crow Co. and its partner, Meadow Partners, have broken ground on the Medical Pavilion at National Harbor, a 93,100-square-foot, Class A medical office building located at 251 National Harbor Blvd., roughly 11 miles south of Washington, D.C. The five-story building will be home to medical and clinical specialties, including dermatology, wellness and functional fitness, orthopedics, primary care and an ambulatory surgery center. Located within the master-planned community developed by Peterson Cos., the Pavilion will be among amenities and attractions including the Gaylord National Resort and Convention Center, Tanger Outlets, The Capital Wheel and MGM National Harbor. The building was 62 percent preleased at groundbreaking. CBRE’s John Kerr and Daniel McGivney will handle the project’s leasing and marketing efforts.

June 20, 2017

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