Healthcare

Healthcare Realty Trust to Buy Medical Office Portfolio in Atlanta for $612.5M

by John Nelson August 10, 2017

ATLANTA — Healthcare Realty Trust Inc. (NYSE: HR), a healthcare REIT based in Nashville, has agreed to purchase 15 medical office buildings located in the metro Atlanta area from Meadows & Ohly for $612.5 million. More than 85 percent of the portfolio is located on hospital campuses, and all of the assets are associated with three leading health systems in Atlanta. The portfolio spans 1.3 million square feet and was 96.2 percent leased at the time of the deal announcement. The assets have an average building age of 9.7 years. The portfolio is expected to produce net operating income of $29.9 million in 2018. The portfolio includes nine properties totaling 772,400 square feet associated with WellStar Health System, including a 165,400-square-foot, off-campus facility currently under construction. Set to open in September, the asset is fully preleased to WellStar. The other eight facilities are situated on three hospital campuses and are nearly 60 percent leased to WellStar, which operates 11 hospitals and has a 21 percent market share, making it the leading health system in the Atlanta MSA. Three medical office buildings totaling 276,700 square feet are affiliated with Piedmont Healthcare, the third-largest healthcare system in the Atlanta market with 14.5 …

August 10, 2017

Healthcare Midwest Minnesota

HSA PrimeCare, USAA Real Estate Acquire 45,722 SF Medical Office Building in Plymouth, Minnesota

by Kristin Harlow August 8, 2017

PLYMOUTH, MINN. — A joint venture between HSA PrimeCare and USAA Real Estate has acquired a 45,722-square-foot medical office building in Plymouth, a western suburb of Minneapolis. The purchase price was not disclosed. North Clinic anchors the building, which was built in 2014 and is located within Plymouth’s City Center. HSA PrimeCare and USAA Real Estate announced the formation of its joint-venture equity fund in 2016, which is positioned to acquire and develop healthcare facilities across the Midwest. HSA PrimeCare and Minneapolis-based Frauenshuh Commercial Real Estate will manage the building. Brian Bruggeman and Louis Suarez of Colliers International will lease the property. David Berglund of Colliers International represented the undisclosed seller in the sale transaction.

August 8, 2017

Healthcare Texas

Partnership Acquires 423,411 SF Medical Office Portfolio in San Antonio

by Taylor Williams August 7, 2017

SAN ANTONIO — A partnership between Artemis Real Estate Partners, Ackerman & Co. and MLL Capital has purchased a four-building portfolio of medical office properties totaling 423,411 square feet in San Antonio. The 128,578-square-foot Santa Rosa Professional Pavilion and the 123,324-square-foot Rosa Verde Tower are located in the city’s CBD and Northwest Towers I and II, which total 171,509 square feet, are located within the South Texas Medical Center. Lee Asher, Chris Bodnar and Scott Herbold of CBRE represented the undisclosed seller in the transaction. Ed Cross and Brent Smith of Cushman & Wakefield represented the buyer. The new ownership will invest $27 million in renovations to the portfolio.

August 7, 2017

Healthcare Texas

TierOne Breaks Ground on 38,600 SF Medical Office Building in Metro Houston

by Taylor Williams August 7, 2017

SUGAR LAND, TEXAS — TierOne Development has broken ground on a 38,600-square-foot medical office property at 7619 Branford Place in the Houston metro of Sugar Land. Slated for a second-quarter 2018 completion, the Class A building is being developed on a speculative basis. Tim Gregory and Ashley Cassel of Transwestern’s Healthcare Advisory Services team will handle leasing of the property.

August 7, 2017

Florida Healthcare Loans Southeast

Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach

by Camren Skelton August 4, 2017

JUPITER, FLA. — Berkadia has arranged a $31 million bridge loan for Jupiter Medical & Technology Park, a 186,000-square-foot medical office building and research facility located at 1701 Military Trail in Jupiter, roughly 20 miles north of West Palm Beach. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan on behalf of the borrower, Biscayne Atlantic, through Silverpeak Argentic. Constructed in 1990, Jupiter Medical & Technology Park houses tenants including Florida Turbine Technologies and Jupiter Medical Center.

August 4, 2017

Healthcare Texas

Signorelli to Develop 186-Acre Medical District Within Valley Ranch in Metro Houston

by Taylor Williams August 3, 2017

THE WOODLANDS, TEXAS — Signorelli Co. will develop Vivacity, a 186-acre medical district located within the 1,400-acre, master-planned community of Valley Ranch in northeast Houston. Vivacity will total more than 2.5 million square feet of health, wellness and life science facilities upon completion, a timetable for which has not yet been established. Houston-based healthcare provider CHI St. Luke’s Health was recently announced as the first tenant of the development.

August 3, 2017

Healthcare Maine Northeast Office

LincolnHealth Breaks Ground for $13.7M Medical Office Building in Damariscotta, Maine

by Amy Works August 2, 2017

DAMARISCOTTA, MAINE — LincolnHealth has broken ground for the construction of a $13.7 million medical office building at the Damariscotta campus. Designed by E4H Environments, an architecture firm focused on the healthcare industry, the 39,800-square-foot facility will house primary, specialty and behavioral care services that are current spread across four buildings. The building will feature two practice floors and universal exam rooms for primary and specialty care; a community room for large group activities; and the psychiatry practice for Maine Behavioral Healthcare; as well as pediatric, internal medicine, OBGYN, surgery, orthopedics, ENT and urology practices. Lewiston, Maine-based Hebert Construction Corp. is serving as construction manager for the project, which is slated for completion in June 2018.

August 2, 2017

Healthcare Texas

Inland Acquires Two Medical Office Properties in Houston

by Taylor Williams August 2, 2017

HOUSTON — Inland Real Estate Acquisitions has acquired two medical office buildings in Houston, both of which are leased to U.S. Pain & Spine Institute. The Houston Hospital for Specialized Surgery, located at 5445 La Branch St., measures 34,600 square feet and offers surgical beds and three operating rooms. The USPS Surgical Institute, located at 8111 Southwest Freeway, measures 37,000 square feet and serves as an ambulatory surgery center. Inland Real Estate Acquisitions, which serves as the purchasing arm of The Inland Real Estate Group of Cos. Inc., also brokered the sale.

August 2, 2017

Healthcare Midwest Wisconsin

Orthopedic Institute of Wisconsin Signs 9,573 SF Medical Office Lease in Wauwatosa, Wisconsin

by Kristin Harlow July 26, 2017

WAUWATOSA, WIS. — The Orthopedic Institute of Wisconsin has signed a 9,573-square-foot lease at a three-story office building to be redeveloped in Wauwatosa. HSA Commercial Real Estate owns the building, located at 3077 Mayfair Road. The Orthopedic Institute will open a 7,125-square-foot flagship clinic in the western portion of the building’s ground level with a patient drop-off area and parking. The institute, which will also utilize space on the building’s third level for administrative operations, is scheduled to open the new facility in April 2018 after relocating from an existing office nearby. HSA Commercial purchased the property in 2015 in partnership with Innovative Capital Advisors. Construction is scheduled to start in August for interior improvements. Chris Thomas of Evanston, Ill.-based TOA Architecture and Urban Design is responsible for the project design, and Itasca, Ill.-based Premier Design + Build will serve as the general contractor. Jim Cavanaugh of CBRE represented the Orthopedic Institute in the lease transaction.

July 26, 2017

California Healthcare Office Western

Anchor Health Properties Purchases Fletcher Parkway Medical Center Near San Diego

by Nellie Day July 25, 2017

LA MESA, CALIF. — Anchor Health Properties has purchased Fletcher Parkway Medical Center, an 82,024-square-foot medical office building in the San Diego suburb of La Mesa, for an undisclosed sum. The building is situated adjacent to Sharp Grossmont Hospital, just north of the Interstate 8/California 125 interchange. Sharp HealthCare anchors the center. The asset features services like Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice. HFF’s Evan Kovac, Andrew Milne and Trent Jemmett represented the seller, The Abbey Company, in this transaction.

July 25, 2017

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