GRAND RAPIDS, MICH. — Grand Valley Medical Specialists (GVMS) has signed a 14,180-square-foot lease to open a medical practice in Grand Rapids. The property, which will accommodate more physicians and patients than the former 10,363-square-foot location on Wealthy Street, is located at 1000 E. Paris Avenue Southeast. GVMS currently employs 15 doctors and five advanced practice providers. GVMS provides primary patient care to the whole family, from infants to adults, through its pediatric, family and internal medicine practices. Although GVMS began seeing patients at the East Paris location on July 18, renovations to the interior of the building are underway, including upgrades to the common areas and restrooms, as well as a remodeling of the lobby. MB Real Estate-health care, the lessor, is managing the renovation project. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan negotiated the lease transaction.
Healthcare
CONROE, TEXAS — The Woodlands-based Pisula Development Co. has acquired Brightpointe at Rivershire, a 62,000-square-foot healthcare facility situated on three acres at 601 S. Conroe Medical Drive in Conroe. Completed in 2016 and financed by Woodforest National Bank, the facility offers 150 beds for patients requiring medical and physical rehabilitation after being hospitalized.
LAS VEGAS — SR Construction has completed construction of two of the Las Vegas Valley’s first neighborhood hospitals, North Las Vegas Campus and Blue Diamond Campus. The projects are a joint venture between Dignity Health and Emerus. The North Las Vegas Campus Neighborhood Hospital is located at 1550 W. Craig Road in North Las Vegas and was the first to be built in the state. The three-story building houses a licensed hospital on the first floor with 16 patient rooms. The hospital also has a diagnostic imaging suite, lab, inpatient waiting room, and space for primary care and specialty physicians, in addition to a wellness center. The Blue Diamond Campus Neighborhood Hospital is located at 4855 Blue Diamond Road. It was the second of four facilities to open. The 27,000-square-foot, two-story building mirrors a similar layout housing a licensed hospital on the first floor. It also has a diagnostic imaging suite, lab, inpatient waiting room and space for primary care and specialty physicians, in addition to a wellness center located on the second floor.
SAN ANTONIO — NAI Partners has arranged the sale of a 41,616-square-foot medical office building located at 8307 Gault Lane in San Antonio. Joshua Swank of NAI represented the seller, a private partnership, in the transaction and procured the buyer, a group of private investors. Other terms of sale were not released.
LAKEWAY, TEXAS — Equity LLC will develop a 42,000-square-foot medical office property on 2.8 acres within the Baylor Scott and White-Lakeway Regional Medical Center campus in the Austin metro of Lakeway. Premier Family Physicians will serve as the anchor tenant of the new development. The project will include 190 surface-level parking spaces. Leasing of the property is expected to commence in January 2019.
FORT WORTH AND AUSTIN, TEXAS — Irvine, Calif.-based investment firm IRA Capital LLC has sold a portfolio of fully leased medical office properties totaling 137,686 square feet in Fort Worth and Austin. The portfolio includes The Center for Cancer & Blood Disorders and Baylor Health Center at Magnolia Greens, both in Fort Worth, and Cedar Park Medical Center in Austin. HFF represented IRA Capital in the transaction and procured the buyer, a publicly traded healthcare REIT.
ANN ARBOR, MICH. — Granger Construction will build a 25,000-square-foot expansion for the cancer center at St. Joseph Mercy Ann Arbor in Southeast Michigan. Granger will break ground on the $24 million project in September, with completion slated for November 2018. A redesigned entrance will feature a two-story glass atrium. The main floor of the new cancer center will feature an expanded infusion suite with 22 private bays and a serenity garden. Patient care will take place on the second floor. A lower level will become a dedicated space for St. Joe’s National Cancer Institute Oncology Research Program and conference rooms. Upon completion, the property will consist of 66,000 square feet and 40 exam rooms. Harley Ellis Devereaux is providing architectural services. In addition to $24 million in Trinity Health capital funds, St. Joe’s Ann Arbor development team, joined by community members and physicians, is conducting a $10 million campaign to support capital, operations and endowment needs for the cancer center.
BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.
ATLANTA — Cushman & Wakefield has secured a 58,558-square-foot lease renewal and 18,339-square-foot lease expansion with Resurgens Orthopaedics at Doctors Center I-III located on the Emory Saint Joseph’s Hospital campus in Atlanta. George Olmstead of Cushman & Wakefield represented the landlord, Lillibridge Heathcare Services, a wholly owned subsidiary of Ventas Inc., in the lease transaction. Michael Lipton and Andrew Walker of Colliers International represented Resurgens Orthopaedics. In addition to the lease expansion and renewal, Cushman & Wakefield arranged a 17,068-square-foot lease with an affiliated surgery center entity at Doctors Center. In conjunction with the transactions, Lillibridge has plans for a multimillion-dollar renovation of the healthcare property that will begin in the second half of the year. The landlord expects to complete the renovation by early 2019.
NEW YORK CITY — Case Real Estate Capital has funded a $16 million first mortgage loan secured by a commercial redevelopment site in the Flushing neighborhood of Queens. The borrower is Regent Medical Properties. The loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the 20,803-square-foot site. The land parcel is slated for a 12-story medical office building with an ambulatory surgery center and street-level commercial space.