DENTON, TEXAS — Marcus & Millichap has brokered the sale of Denton Medical Office Building, a 12,892-square-foot office property located in Denton. The single-story, multi-tenant medical office building is located at 3331-3333 Colorado Blvd. Lab Corp. and Health Texas Provider Network fully occupy the space. Cody Payne and Wayne Bares of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed private investors.
TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …
FORT WORTH, TEXAS — Velocis has sold Magnolia Medical Tower, an 89,991-square-foot medical office building located in Fort Worth, to Ridgeline Magnolia MOB LP. Velocis acquired the property in 2012 and invested $1.5 million in property renovations, including substantial upgrades to all six floors of the building and the parking garage. The property is located adjacent to Baylor All Saints Medical Center at 1603 Mistletoe Blvd. Lee Asher, Chris Bodnar and Austin Barrettin of CBRE represented the seller in the transaction.
KATY, TEXAS — The first round of retailers will open Oct. 28 in the 89-acre Grand Morton Town Center, including a 125,531-square-foot Kroger Marketplace. The NewQuest Properties project, being developed in phases, ultimately will bring 600,459 square feet of retail, restaurants and medical offices to the neighborhood. Opening in tandem with Kroger Marketplace will be Ideal Dental, Supercuts, T-Mobile and Today’s Vision, totaling 7,700 square feet. Rebecca Le and Josh Friedlander of Houston-based NewQuest will handle leasing. Grand Morton Town Center includes more than three-quarters of a mile of frontage along Grand Parkway. About 60 percent of the project is pre-leased, leased or under negotiation for a lease. The project also includes 16 pad sites, four of which will be occupied by McDonald’s, Taco Bell, Chick-fil-A and Whataburger.
HOLLY SPRINGS, N.C. — Duke Realty has begun construction on a 45,000-square-foot expansion of the UNC REX Healthcare campus in Holly Springs. Located at 617 Avent Ferry Road, the new three-story structure will be attached to an existing 30,370-square-foot medical office building via a three-story glass atrium. Duke Realty will develop, finance, own and manage the new space, which will be fully leased to UNC REX, a Raleigh-based healthcare system. The design team includes architect BSA LifeStructures and general contractor Brasfield & Gorrie. Duke Realty plans to deliver the new medical office building in December 2017. UNC REX also plans to build a new 50-bed community hospital on the Holly Springs campus beginning next year.
ORANGE COUNTY, FLA. — Provision Healthcare and Hamlin Retail Partners, an affiliate of Boyd Development Corp. and Schrimsher Properties, have formed a joint venture to develop and operate a new proton therapy center as part of a medical campus in Hamlin, an 850-acre master-planned community in southwest Orange County. Situated at the interchange of State Road 429 and New Independence Parkway, the 25-acre medical campus will be part of Hamlin Town Center West, a 130-acre mixed-use development within Hamlin. The proton therapy center is projected to treat 800 to 900 cancer patients per year and create roughly 100 clinical and administrative jobs. The property will include three treatment rooms and use the proton systems technology of ProNova Solutions, an affiliate of Provision Healthcare. The Provision-Hamlin Retail joint venture will break ground on the center in the second quarter of 2017, and Provision will operate the property upon completion.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.
LITTLE ROCK, ARK. — Orion Capital Partners has begun construction on Cornerstone Clinic for Women, a 43,000-square-foot medical office building situated on the Baptist Health campus in west Little Rock. General contractor Bailey Construction and Consulting plans to deliver the asset in late summer 2017. Cornerstone Clinic will occupy the first floor of the building, and the second floor is still available for lease. Dr. Orman Simmons and Dr. Douglas Smith, founding partners of the clinic, were on-hand at the groundbreaking ceremony for the clinic, which represents the first new construction on the Baptist Health campus since 1999.
ROWLETT, TEXAS — Mycon General Contractors has completed construction of the First Choice Emergency Room (FCER), located at 3301 Lakeview Parkway on a 0.8-acre tract in the Dallas suburb of Rowlett. FCER is a network of independent freestanding emergency rooms, and is an Adeptus Health company. The 6,931-square-foot facility houses diagnostic and radiology suites, including CT scanners, ultrasound and digital X-rays, exam rooms, a nurse’s station and laboratory. The project team includes real estate developer PM Realty Group and architect GSR Andrade Architects. Metropolitan Capital Advisors arranged $5.1 million in construction financing through Happy State Bank. FCER in Rowlett officially opened last month.
LA GRANGE, TEXAS — Rainier Realty Investments LP has purchased the St. Mark’s Medical Office Building situated on 3.2 acres on St. Mark’s Medical Center campus in La Grange, located halfway between Austin and Houston. Built in 2006, the 31,200-square-foot, single-story medical office building sits is 100 percent leased. Rainier Realty Investments is an affiliate of The Rainier Cos. in Dallas.
