PERRYSBURG, OHIO — Marcus & Millichap has brokered the sale of a 22,089-square-foot medical office building in Perrysburg, approximately 10 miles south of Toledo. The Starbright Professional Center at 28555 Starbright Blvd. sold for $4.7 million. The office is part of the ProMedica St. Luke’s Hospital Health System. Ryan Moore and Christopher Mitchel of Marcus & Millichap’s Cleveland office represented the seller, a private investor. A limited liability company represented itself as the buyer.
LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) has completed the construction of a 7,500-square-foot, single-story building for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville, a northern suburb of Chicago. Construction included the demolition of the existing interior and the build-out of new medical office space with therapy areas and exam rooms. IBJI is relocating its physical and occupational therapy space to the new building from an adjacent location at 720 Florsheim Drive, where it will also continue to maintain operations. Brubaker Architects provided architectural services for the project.
PHOENIX — Phoenix Children’s Hospital has leased 27,265 square feet of space at Biltmore Commerce Center in Phoenix. The Class A complex is located at 3200 E. Camelback Road within the Camelback Corridor. The new lease brings the center to nearly 96 percent occupancy. Other notable tenants include HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Miller Russell & Associates. Scott Maxwell of CRESA represented the hospital in the transaction. Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter of Lee & Associates represented the landlord, Lincoln Property Company.
ELMHURST, ILL. — Marcus & Millichap has brokered the sale of a net-leased 6,780-square-foot medical facility in Elmhurst, approximately 20 miles west of Chicago. Elmhurst Memorial Medical sold for $1.98 million, 97 percent of its original listing price, and is located at 429 N. York St. The recent merger of Elmhurst Memorial Healthcare and Edward Hospital & Health Services created one of Illinois’ largest integrated health systems with 50 locations. Combined, the health system’s total revenue equals $1 billion. In addition to the 50 locations, Elmhurst Medical has three hospitals, 7,700 employees and 1,680 staff physicians. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap’s Chicago office had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private South Dakota-based investor, was also secured by Sharko, Weisenbeck and Mendoza.
ADDISON, ILL. — Marcus & Millichap has brokered the sale of Alexian Brothers Health System, an 11,200-square-foot, net-leased medical center located at 1339 W. Lake St. in Addison, approximately 22 miles west of Chicago. The asset sold for $3 million. The medical center is open 24 hours and is a full-service facility providing immediate medical care, diagnostic imaging and an array of other services. The facility includes a large assortment of imaging equipment. Sean Sharko, Valerie Cook and Austin Weisenbeck of Marcus & Millichap’s Oakbrook office marketed the property on behalf of the seller, a limited liability company. Sharko and Weisenbeck also represented the buyer, a limited liability company.
KATY, TEXAS — Ascension Group Architects recently completed Oceans Behavioral Hospital Katy at 455 Park Grove Drive in Katy. The hospital opened to patients in the spring. The 48-bed, 34,274-square-foot behavioral health hospital provides care to adults 55 and older who require inpatient hospitalizations for psychiatric illnesses. The property is located just south of I-10 and Mason Road and is a joint venture between Dallas-based real estate investment and development company SRP Medical and Plano, Texas-based Oceans Healthcare. The property is Oceans’ seventh hospital in Texas and fourth in partnership with SRP. Dallas-based Rogers-O’Brien Construction was the general contractor.
ST. LOUIS — McGrath & Associates has begun construction on a $6.5 million energy center expansion at Des Peres Hospital in St. Louis. The architect for the project is ACI Bolland Architects. The 3,475-square-foot expansion is expected to increase capacity and reliability of the hospital’s heating, cooling and emergency power systems. The expanded center will house a new chiller, boilers, switchgear, and automatic transfer switches. A new cooling tower and fuel tanks will be installed adjacent to the expansion. When completed, the Des Peres Hospital energy center will total 8,875 square feet. The project will be completed in phases to allow the hospital and its heating, cooling and emergency power systems to remain fully operational throughout construction, which is scheduled for completion in the spring of 2016.
MORROW, GA. — Chicago-based Stage Equity Partners LLC has sold a 37,813-square-foot medical office building at 1000 Corporate Center Drive in Morrow, a suburb of Atlanta. The healthcare real estate investment firm sold the fully leased asset to an unnamed private healthcare REIT for $7.5 million in an off-market transaction. The multi-tenant property is anchored by Clayton Eye Center and Atlanta Medical Center. The sale comes upon the completion of Stage Equity’s exterior and interior renovations to the property.
HAMDEN, CONN. — Fantini & Gorga has arranged $12.9 million in first mortgage permanent financing for two medical office buildings in Hamden, a city in southeast Connecticut. Totaling 65,216 square feet, the properties are fully leased and occupied by regional and local medical practices. Casimir Groblewski of Fantini & Gorga arranged the refinancing with a major securitization lender for the borrower, a New England-based real estate developer and investor.
RALEIGH AND DURHAM, N.C. — Charlotte-based Insite Properties has represented CNL Healthcare Properties in the acquisition of five single-tenant medical facilities in the Raleigh-Durham area. The portfolio includes the 58,189-square-foot North Carolina Specialty Hospital in Durham and four medical office buildings totaling 103,049 square feet. The 63,158-square-foot flagship facility and corporate headquarters for Triangle Orthopaedics Associates is the largest of the four medical office buildings. The five buildings were built between 2004 and 2011 and the current tenants have between 12 and 15 years remaining on their leases. Insite Properties will provide property management services for the portfolio. Sam DiFranco of Trinity Partners represented the seller in the transaction.
