Healthcare

Bull Realty Brokers $3.3M Sale of Medical Facility in Columbus, Ohio

by Kristin Harlow May 16, 2017

COLUMBUS, OHIO — Bull Realty has brokered the sale of a BIOMAT specialty medical facility in Columbus for $3.3 million. The 14,957-square-foot property is a plasma collection facility, one of over 200 collection facilities in 32 states owned by parent company Grifolis. The single-tenant, net-leased property is situated on 3.4 acres. BIOMAT has nine years remaining on the triple-net lease. Michael Bull and Nancy Miller of Atlanta-based Bull Realty represented the buyer, Apple Ridge/Cherry Ridge LLC, which purchased the property as part of a 1031 exchange. Brian Smith of Marcus & Millichap represented the seller, White Owl LLC.

May 16, 2017

Healthcare Illinois Midwest Office

Missner Group to Renovate, Expand Illinois Bone & Joint Institute in Chicago

by Jeff Shaw May 15, 2017

CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural services. The project is scheduled for completion in summer 2017.

May 15, 2017

Healthcare Office Texas

EDGE Brokers Sale of 21,246 SF Medical Office Asset in Plano

by Taylor Williams May 15, 2017

PLANO, TEXAS — EDGE Realty Capital Markets has brokered the sale of Plano Orthopedic, a 21,246-square-foot medical office asset located at 5228 W. Plano Parkway. Wilson Stafford, John Mungioli and Brandon Crow of EDGE represented the seller, Orthopedic Network Ltd., in the transaction. An affiliate of healthcare facilities developer Caddis purchased the property, which currently houses Plano Orthopedic & Sports Medicine Center Inc., for an undisclosed price.

May 15, 2017

Healthcare Northeast Office Pennsylvania

Good Shepherd Medical Center Opens at Weis Plaza in Kutztown, Pa.

by Haisten Willis May 11, 2017

KUTZTOWN, PA. — Good Shepherd Medical Center at Weis Plaza has opened in Kutztown. Weis Plaza is a retail center anchored by Weis Supermarket, with other tenants including Dollar General and National Auto Stores. The center is located one mile from the University of Kutztown. Good Shepherd is an Allentown, Pa.-based rehabilitation center offering care for people with medical needs, physical disabilities, cognitive disabilities and injuries. Nassimi Realty, a privately held development and investment company specializing in the redevelopment of existing properties, is the owner of Weis Plaza.

May 11, 2017

Healthcare Michigan Midwest

MedCraft Completes $13.5M Outpatient Facility for Ascension Health in Howell, Michigan

by Kristin Harlow May 10, 2017

HOWELL, MICH. — MedCraft Healthcare Real Estate LLC has completed development of the Ascension Medical Center in Howell, approximately 30 miles north of Ann Arbor. The $13.5 million, 60,000-square-foot outpatient facility is located at the Latson Road exit on I-96. The new center will offer primary care services of family practice, internal medicine, obstetrics/gynecology and pediatrics. Specialties include cardiology, pulmonology and audiology. Other services include diagnostic imaging (with 3-D mammography), lab, physical therapy and occupational health. The center is also home to an urgent care that will be open seven days a week for 10 hours per day. Diekema Hamann provided architectural and engineering services, while the CSM Group provided construction services.

May 10, 2017

Healthcare Iowa Midwest

Opus Begins Construction of Science Building at Northwestern College in Orange City, Iowa

by Kristin Harlow May 10, 2017

ORANGE CITY, IOWA — The Opus Group has begun construction of a new 61,750-square-foot Health and Natural Sciences building at Northwestern College in Orange City. The building will be the new home of the school’s biology, chemistry and nursing departments. The project will include lab spaces, featuring simulation suites that replicate hospital and clinical settings for nursing students. Additional classrooms will include moveable tables and exam rooms to allow for hands-on training. The building will also feature energy-efficient mechanical and electrical systems, including a specialized cooling system that makes ice overnight when utility rates are lower and uses the ice to cool the facility throughout the day. The building is slated for completion in summer 2018. Opus Design Build LLC is the construction manager for the project, HGA is the design architect and Cannon Moss Brygger Architects is the architect of record.

May 10, 2017

Healthcare Office Texas

Moody Rambin Negotiates 15,856 SF Medical Office Lease Renewal in Houston

by Taylor Williams May 9, 2017

HOUSTON — Moody Rambin has negotiated a 15,856-square-foot lease renewal at Woodlake Office Park, a medical/office complex located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the landlord, Woodlake Properties Ltd., in the lease negotiations. Tim Relyea of Cushman & Wakefield represented the tenant, Texas ENT Specialists.

May 9, 2017

Healthcare Top Stories

Sabra Health Care, Care Capital Properties Agree to Merge, Create $7.4B Healthcare REIT

by Taylor Williams May 8, 2017

IRVINE, CALIF. AND CHICAGO — Sabra Health Care REIT (NASDAQ: SBRA) and Care Capital Properties Inc. (NYSE: CCP) are joining forces to create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is expected to close during the third quarter of 2017. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. During a conference call on Monday morning, Sabra CEO and Chairman Rick Matros stated that the merger enables Sabra to achieve its goal of upgrading its credit rating. “With this structure to the stock deal, the transaction is credit-enhancing for both parties,” Matros said during the call. “Our leverage will be modest, we’ll have greater scale and diversification and greater opportunities for shareholder-friendly growth than either company had on a standalone basis.” Matros also noted during the call that the merger allows Sabra to meet one of its diversification goals: adding more skilled nursing facilities. However, that focus won’t change the …

May 8, 2017

Healthcare Midwest Missouri

McCarthy Completes $40M Outpatient Building at Hospital in Chesterfield, Missouri

by Kristin Harlow May 5, 2017

CHESTERFIELD, MO. — McCarthy Building Cos. Inc. has completed construction of a new 106,000-square-foot outpatient services building on the west campus of St. Luke’s Hospital in Chesterfield. The $40 million St. Luke’s Outpatient Center Building B adjoins the hospital’s Mr. and Mrs. Theodore P. Desloge Jr. Outpatient Center. The five-story structure provides additional space for new physician offices as well as the expansion of St. Luke’s physical therapy and cardiac rehabilitation services. Other St. Luke’s services that have relocated to the building include EEG/EMG; the nutrition wellness and diabetes center; the anticoagulation clinic; and wound care and hyperbaric medicine. BSA LifeStructures Inc. designed the building.

May 5, 2017

Healthcare Northeast Pennsylvania Top Stories

PennFIRST Designs $1.5B Hospital Pavilion for University of Pennsylvania

by Kristin Harlow May 5, 2017

PHILADELPHIA — PennFIRST is completing the planning and design process for the University of Pennsylvania’s new $1.5 billion hospital. The “Pavilion” will be situated on Penn Medicine’s West Philadelphia campus where it will create a new public square and a focal point for all surrounding buildings to anchor the health system. An official groundbreaking took place on Wednesday, May 3. The Pavilion will house inpatient care for the Abramson Cancer Center, heart and vascular medicine and surgery, neurology and neurosurgery, and a new emergency department. The project is slated for completion in 2021. Located on the former site of Penn Tower, the Pavilion will be home to about 500 new private patient rooms and 47 operating/interventional rooms in a 1.5 million-square-foot, 16-story facility. The Pavilion will be linked to the Hospital of the University of Pennsylvania and the adjacent Perelman Center for Advanced Medicine as well as the train station via a network of public bridges and walkways. Long-term flexibility was incorporated into the design so that patient rooms can be adapted and changed over time with minimal impact to the building fabric. The patient rooms will be equipped with in-room technologies to strengthen communication between patients, families and care …

May 5, 2017

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