OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.
BANDERA, TEXAS — Old Capital has arranged a loan for the purchase of Purple Sage Ranch in the San Antonio suburb of Bandera. The property spans 543 acres and was purchased by Josh and Lisa Lannon. The property is about 45 minutes northwest of San Antonio and will be converted to a private drug and alcohol treatment center under the name of Warrior’s Heart. Old Capital arranged a 25-year, fully amortizing loan at a 75 percent loan-to-value ratio. The loan included a fixed interest rate for the first five years.
DEDHAM, MASS. — R.W. Holmes Realty has arranged the sale of a medical office building, located at 910 Washington St. in Dedham. Vision Realty Dedham LLC sold the two-story building to Dedham MOB LLC an entity controlled by Whelan Associates, for $6.4 million. Built in 2012, the 22,388-square-foot building is located off Route 128 within walking distance of Legacy Place and the commuter rail. The main tenant of the building is Greater Boston Urology. Garry Holmes and Dean Blackey of R.W. Holmes Realty represented the seller in the transaction.
MANCHESTER, N.H. — Elliot Hospital has selected Bedford, N.H.-based Eckman Construction for the renovation of its emergency department and the creation of a new Rapid Triage and Treatment (RTT) unit in Manchester. The project will include renovation to the check-in, waiting room, and clinical areas to create the new RTT treatment spaces. Boston-based MorrisSwitzer is providing architectural services for the project.
MANSFIELD, TEXAS — The Beck Group has begun construction on the Texas Health Residential Treatment Center in Mansfield. Beck will design and build the 75,000-square-foot, two-story building. The facility, the first of its type for the health system, will provide residential treatment for adolescents and adults in the Dallas/Fort Worth area and beyond who need professional help to resolve addictions. Clients will typically stay at the treatment center for about 30 days. During their stay, patients will be involved in daily routines that will mostly include group therapy and wellness-focused activities. When complete in early 2017, the project will include a fitness center, yoga studio, massage therapy, movie theater and dining area.
NEW HAVEN, CONN. — Newmark Holdings has completed the disposition of a medical office building located at One Long Wharf Drive. Healthcare Trust of America purchased the seven-story property for $73 million. As part of the acquisition, the buyer will also take ownership of a three-acre ground leased lot, located under an adjacent hotel, located at Three Long Wharf Drive. The 286,713-square-foot property was 99 percent occupied at the time of sale. Current tenants include Yale-New Haven Hospital and APT Foundation. David Noonan of Newmark Grubb Knight Frank Capital Markets and Richard Lee of OR&L Commercial represented the seller in the transaction.
CRYSTAL LAKE, ILL. — Avison Young has brokered the sale of a 35,364-square-foot medical office building in Crystal Lake, approximately 50 miles northwest of Chicago. MB Real Estate Healthcare purchased the building occupied by Centegra Health for an undisclosed price. Located at 420 N. Route 31, the Class A building was originally completed as a build-to-suit for McHenry County Orthopedics, which was recently acquired by Centegra Health. Erik Foster and Mike Wilson of Avison Young represented the seller, a large physician group, in the transaction.
DALLAS — Rebecca Harrell of Henry S. Miller represented Nguyen Family Medicine in the lease of a medical office in Dallas. Nguyen Family Medicine will be opening a new family clinic at 8420 Abrams Road in the Town Creek Shopping Center, located at the corner of Abrams Road and Royal Lane. Steve Music of The Steve Music Co. represented Town Creek Shopping Center in the lease.
OXFORD, MISS. — Duke Realty will soon begin developing the Baptist Oxford Medical Office Building in Oxford, about 80 miles south of Memphis and home of the University of Mississippi. The three-story, 78,000-square-foot medical office building will be located on the campus of the new replacement Baptist Memorial Hospital-North Mississippi at 1100 Belk Blvd. The 600,000-square-foot, five-story hospital has a completion date set for fall 2017. Duke Realty plans to deliver the medical office building in August 2017. About 49,000 square feet of the medical office building will house Baptist Memorial Hospital-North Mississippi services, including outpatient physical therapy, wound care, a sleep lab, education/simulation and administrative space. Baptist Medical Group physician offices will occupy approximately 8,200 square feet in the facility, and the Stern Cardiovascular Foundation will operate in roughly 6,000 square feet of space. The property will also house other medical specialty practices. The design team includes general contractor Robins & Morton, which is based in Birmingham, Ala., and architect Earl Swenson Associates, which is based in Nashville, Tenn.
VINCENNES, IND. — The Boulder Group has completed the $3.7 million sale of a single-tenant net-leased building in Vincennes. The 6,488-square-foot property, located at 300 N. 1st St., is leased to Fresenius Medical Care. The facility was built in 2015. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The purchaser was a high-net-worth individual based on the West Coast. The newly signed 15-year Fresenius lease features 2 percent annual rental escalations.