PERRYSBURG, OHIO — Reichle Klein Group has brokered the sale of a medical office building in Perrysburg, 11 miles south of Toledo, for $3.9 million. The 27,672-square-foot building is located at 1103 Village Square Drive. Marty Gallagher of Reichle Klein Group represented the seller, Walbridge Investors LLC. Silvana Graff of Sperry Van Ness represented the buyer, CHCT Ohio LLC.
NEW CANAAN, CONN. — CH Vitti Street Associates and Collins Enterprises will develop a mixed-use medical and residential property at 23 Vitti St. in New Canaan. Known as New Canaan Medical Arts Center, construction will begin in May and will be completed in spring 2018. Do H. Chung & Partners is the project architect and Avison Young will serve as leasing agent. The two-story, 9,000-square-foot medical center will be constructed along the parcel’s 121 feet of frontage, with a public courtyard along Vitti Street. The commercial portion of the project includes 2,000 square feet of medical space on the first floor and 7,000 square feet on the second floor, which can be subdivided. Building features will include automated doors and a medical grade HVAC system with HEPA filtration. The project also includes eight apartments to be developed as a separate building on the site. Each use will have its own entrance and will be separated by a landscaped parking area and residential pathways. The site is located in downtown New Canaan within walking distance of restaurants, services and transportation.
SUN CITY, ARIZ. — Montecito Medical Real Estate has purchased a 35,420-square-foot medical office building in Sun City for an undisclosed sum. The Class A building is situated within a 12-acre plaza originally that was built as a retail center in 1974. The space was renovated in 2012. The building is fully leased to specialty practices, including neurology, urology, dermatology, opthalmology, internal medicine, digestive health and an ambulatory surgery center for endoscopy.
CHICAGO — Care Capital Properties Inc. (NYSE: CCP) has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Arizona and Illinois. The hospitals primarily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Signature Healthcare Services LLC, one of the largest privately owned behavioral healthcare providers in the United States, currently owns the properties. As part of the transaction, CCP has agreed to fund up to $50 million in expansion and improvements within the portfolio. CCP will also have an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount that is expected to be approximately $20 million. Acquired properties include Aurora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Arizona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Aurora Chicago Lakeshore Hospital in Chicago. Upon completion of the transaction, which is slated for the second quarter of 2017, CCP will lease the properties to affiliates of …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.
GRAND PRAIRIE, TEXAS — Mycon General Contractors has completed construction of a new, 6,997-square-foot First Choice Emergency Room in the Dallas-Fort Worth metro of Grand Prairie. Situated on 0.9 acres at 901 W. Jefferson St., the $3.5 million, freestanding medical clinic features on-site labs and digital imaging suites. A service station and convenience store previously occupied the site, construction on which began in August 2016.
STRATFORD, CONN. — Cushman & Wakefield has brokered a 10-year lease extension totaling 100,968 square feet for Yale New Haven Health (YNHH) and North East Medical Group (NEMG) at 99 Hawley Lane in Stratford. Jay Hruska of Cushman & Wakefield led the leasing efforts on behalf of the tenants, while Joseph Codi internally represented building owner Mountain Development. YNHH and NEMG will house multiple office and support functions at the location. 99 Hawley Lane, also known as Merritt 8 Corporate Park, is a Class A office building with recently renovated common areas. Amenities include a cafeteria, corporate conference center, fitness center, lobby concierge and structured parking.
SCOTTSBURG, IND. — Strawberry Fields REIT LLC has received a $4.4 million HUD guaranteed loan for the refinancing of The Waters of Scottsburg, a skilled nursing facility in southern Indiana. The 99-bed facility is currently 69 percent occupied. Strawberry Fields, which owns 57 facilities largely located in the Midwest, acquired the building in 2014. The fixed-rate loan features a 35-year term.
NORTH HILLS, NEW YORK — Cushman & Wakefield has arranged the $14.7 million sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills. Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta handled the transaction. The property traded at a 6 percent cap rate. The building spans 24,600 square feet and is 100 percent occupied by three medical tenants. Integrated Medical Professionals occupies the front of the building and leases 13,800 square feet. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 square feet. The property features 115 parking spaces and sits on 1.8 acres between Hollow Lane and Dakota Drive.
CHERRY HILL, N.J. — CBRE’s capital markets debt and structured finance team has secured a $41 million acquisition loan for a 155,000-square-foot medical office building located at 1865 Marlton Pike E. in Cherry Hill. The property, which is leased on a long-term basis to University of Pennsylvania Health System, serves as a primary care center and clinical offices for medical practices including cardiology and radiology. CBRE’s Nick Harris, Steve Roth and Steven Doherty procured financing for the borrower.
