Healthcare

Ryan Cos. Clearing Site for 11-Acre Office Complex in Metro Chicago

by Haisten Willis September 27, 2016

OAK BROOK, ILL. — Ryan Cos. has begun demolition work on an 11-acre parcel in the eastern portion of Oak Brook to make way for a multi-building office/medical campus. Construction will begin in 2017. In February 2016, Ryan acquired the parcel adjacent to I-88/I-294 with frontage along the western side of York Road. Site demolition will be completed in two phases. In the first phase, the existing 203,000-square-foot industrial building will be demolished. Ryan will resume demolition of the foundations and parking lots in spring 2017 as part of new building construction. The company is also providing development, design-build and real estate management services. NAI Hiffman is the broker and marketing representative for the project, and Wright Heerema Architects is providing architectural services.

September 27, 2016

Alabama Healthcare Southeast Top Stories

Medical Properties Trust to Acquire Nine Acute Care Hospitals in Massachusetts for $1.25B

by Katie Sloan September 27, 2016

BIRMINGHAM, ALA. — Birmingham-based Medical Properties Trust Inc. (NYSE: MPW) has agreed to invest $1.25 billion in Steward Health Care System LLC through the sale-leaseback of nine acute care hospitals operated by Steward, and through the acquisition of a limited equity stake in the company. The transaction includes $1.2 billion for the hospital real estate and a $50 million equity investment in Steward. Properties in the sale-leaseback include Saint Anne’s Hospital in Fall River, Mass.; Holy Family Hospital at Methuen in Methuen, Mass.; Holy Family Hospital at Haverhill in Haverhill, Mass.; Carney Hospital in Dorchester, Mass.; Norwood Hospital in Norwood, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; and Morton Hospital in Taunton, Mass., according to reports by CoStar Group. The portfolio totals nearly 1,800 beds. An affiliate of Cerberus Capital Management — owner of Steward Health Care — agreed to invest $150 million in MPW’s common stock in a private placement transaction concurrent with closing. Medical Properties Trust Inc. is a self-advised real estate investment trust focused on acquiring and developing net-leased healthcare facilities. The company’s stock closed at $14.99 per share on Monday, Sept. …

September 27, 2016

Healthcare Southeast Tennessee

Marcus & Millichap Arranges $12.4M Sale of Medical Office Building in Metro Nashville

by John Nelson September 19, 2016

MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.

September 19, 2016

Healthcare Illinois Midwest

University of Chicago Medicine Breaks Ground on $43M Emergency Department

by John Nelson September 16, 2016

CHICAGO — The University of Chicago Medicine has broken ground on a $43 million emergency department on Chicago’s South Side. Expected to open in early 2018, the new department will house four trauma bays, according to the Chicago Tribune. The Illinois Health Facilities and Services Review Board unanimously approved UChicago Medicine’s plans for the project in May. The new emergency department is part of a $269 million program to provide the South Side with access to emergency, adult trauma and specialty care. The expansion will add 188 inpatient beds and create more than 1,000 permanent jobs.

September 16, 2016

Connecticut Healthcare Northeast Office

Seavest Sells Two Connecticut Medical Office Buildings to Healthcare Trust of America

by Jaime Lackey September 16, 2016

MIDDLETOWN, CONN. — Seavest Healthcare Properties LLC recently sold its two medical office buildings at the Middletown Medical Complex to Healthcare Trust of America, a public REIT. The transaction resulted from an unsolicited offer for the extensively renovated and improved properties at 520 and 540 Saybrook Road, which total which totaling 64,065 square feet, in Middletown. Seavest Healthcare Properties acquired the properties in 2010. The Middletown campus features five buildings and is affiliated with the nearby 275-bed Middlesex Hospital.

September 16, 2016

Healthcare Illinois Midwest

Podolsky|Circle CORFAC Brokers $3.2M Sale of Medical Office Building in Crystal Lake, Ill.

by John Nelson September 15, 2016

CRYSTAL LAKE, ILL. — Podolsky|Circle CORFAC International has brokered the $3.2 million sale of a single-tenant, net-leased medical office building in Crystal Lake. Known as Centegra Milestone Therapy Center, the 11,909-square-foot medical office building is located at 394 Federal Drive. The building was originally developed by the private owners of a physical therapy center, who then sold their practice to Centegra Health System. Kapadia and Sons Ltd. sold the asset to a Chicago-based private investment group. Alissa Adler, John Homsher and Paul Tesdal of Podolsky|Circle CORFAC represented Kapadia and Sons in the transaction.

September 15, 2016

Healthcare Massachusetts Northeast

Tryko Partners Acquires Skilled Nursing Facility in Massachusetts, Plans $2.5M Renovation

by Jaime Lackey September 15, 2016

METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.

September 15, 2016

fenwick-medical-complex-fenwick-island-de

Delaware Healthcare Northeast

Capital & Guarantee to Develop 120,000 SF Medical Facility in Southern Coastal Delaware

by Amy Works September 12, 2016

FENWICK ISLAND, DEL. — Wilmington, Del.-based Capital & Guarantee, an investment banker and developer, is developing Fenwick Medical Complex, a six-building facility serving Fenwick Island, Bethany Beach and Sussex County, Del., located on Route 20 just east of Fenwick Island. The 120,000-square-foot facility will feature a full-service emergency medical center, ample parking and a heliport, as well as a variety of physician practices, including cardiovascular, family practice, gastroenterology, gynecology, hand surgery and care, internal medicine, neurology, OBGYN, oncology and ophthalmology, among others. Each specialty practice at the facility will have an exclusive position with no competitive practice in the complex and admitting and practice privileges at the regional hospital located 12 miles from the complex.

September 12, 2016

Healthcare Market Reports Office Retail Texas Texas Market Reports

Rio Grande Valley Commercial Real Estate Growth is Happening

by Haisten Willis September 9, 2016

Growth. It is occurring all across the Rio Grande Valley. From the residential sector to the retail development industry, regional statistics indicate there is an overwhelming boom in the Valley. The rise in the region’s population and the increasing number of yearly visits from Mexican nationals, among other factors, are contributing to the boom. The Rio Grande Valley commercial real estate industry has seen steady, consistent growth over the last two years. National retailers looking to incorporate themselves into the local economy or expand their existing business include Main Event Entertainment, Raising Cane’s Chicken Fingers, Menchie’s Frozen Yogurt, Dave & Busters, Dick’s Sporting Goods, HomeGoods, Chick-fil-A and Walmart. Local and international retailers including Super Cream Restaurant & Bakery, Kurai Sushi Buffet, and Dona Tota are also expanding in the region. Other entities helping to spur growth in the commercial real estate industry are the University of Texas Rio Grande Valley (UTRGV) campuses in Edinburg, Harlingen and Brownsville, and a number of large investment retail projects in the upper and mid-valley including the development of the 8,500-seat Bert Ogden Arena in Hidalgo County. Impact of UTRGV The University of Texas Rio Grande Valley is less than two years old and boasts …

September 9, 2016

Healthcare Texas

Stream Realty Partners Launches Healthcare Real Estate Division in Dallas

by Haisten Willis August 30, 2016

DALLAS — Stream Realty Partners, a full-service real estate investment, development and services company, has hired John Huff as managing director of its new healthcare real estate division. In this capacity, Huff will be responsible for leading and conceptualizing Stream’s healthcare portfolio initially in the Dallas/Fort Worth market for products including medical office, specialized outpatient facilities, hospitals, teaching and research buildings, seniors housing and build-to-suit opportunities. Stream’s healthcare real estate platform will focus on services including leasing, facility development, investment sales, portfolio analysis and management. Huff previously worked at Duke Realty (formerly Bremner Healthcare), where he leased, developed and acquired more than 2 million square feet of medical properties valued at more than $750 million.

August 30, 2016

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