YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.
Healthcare
BATH, MAINE — JHR Development of Marblehead, Mass., recently completed Mid Coast Hospital’s new medical practice in downtown Bath. The 20,000-square-foot, two-story healthcare center is valued at $6 million. The property is located at 108 Centre Street and will provide preventive and chronic disease care as well as integrated behavioral health counseling. JHR Development is also in the planning process for a 40-unit condominium community on the Kennebec River in Bath.
JENNERSVILLE, PA. — Seavest Healthcare Properties and developer Anchor Health Properties have opened Penn Medicine Southern Chester County in Jennersville, a suburb of Philadelphia. The two-story, 72,000-square-foot facility features primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester County Hospital, a University of Pennsylvania Health System hospital, The Children’s Hospital of Philadelphia and independent physicians occupy the ambulatory care facility. Seavest, Anchor and physician-tenants own the property.
DES PLAINES, ILL. — Reed Construction has started a renovation project at the former Maryville Behavioral Health Hospital, located at 555 Wilson Lane in Des Plaines. US HealthVest acquired the facility in the fourth quarter of 2014 and renamed the property to Chicago Behavioral Hospital. The improvement program includes 22,000 square feet of internal renovations to the facility’s architectural components on the third and fourth floors, including new patient rooms and large group therapy rooms. Additional renovation includes upgrades to various mechanical, electrical and plumping components, as well as the nurse calling and fire alarm systems. Originally founded in 1883, the faith-based, 125-bed facility provides a range of inpatient and day hospital care for adolescents, including a general psychiatric unit and an intensive care unit. Following the renovations, the facility will expand to include services for adults. Miro Petrovic of US HealthVest is providing architectural services for the project. Construction of the renovated space is slated for completion this November.
Marcus & Millichap Brokers $131M Sale of Nine-Building Medical Office Portfolio in Chicago
by Amy Works
CHICAGO — Marcus & Millichap has brokered the sale of a nine-building medical office portfolio in Chicago. A joint venture fund managed by Chicago-based MBRE Healthcare acquired the 401,428-square-foot portfolio for $131 million. The portfolio includes an 86,503-square-foot medical facility in Morton Grove, Ill.; a 60,500-square-foot property in Des Plaines, Ill.; and a 40,011-square-foot building in Chicago. Tenants of the portfolio include the Illinois Bone and Joint Institute (IBJI), Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants and Pain Specialists of Greater Chicago. John Smelter, Scott Niedergang Gino Lollio of Marcus & Millichap represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI, and procured the buyer in the transaction.
CHESTERTON, IND. — Mainstreet and Symphony Post Acute Network have broken ground on Symphony of Chesterton, a post-acute care facility located at 2775 Village Point in Chesterton. The 76,701-square-foot property will feature 106 bed and provide short-stay rehabilitation and therapy services, as well as senior living options. Mainstreet is developing the project, which will be operated by Symphony Post Acute Network. The $18.8 million project is expected to bring approximately 360 construction jobs and 150 permanent jobs to the area. The construction is expected to be complete by December.
MB Real Estate, McWhirter Realty Break Ground on Medical Office Building in Metro Atlanta
by John Nelson
CONYERS, GA. — MB Real Estate Healthcare Group and McWhirter Realty Partners have broken ground on a 30,000-square-foot medical office building in Conyers Medical Park. Conyers Medical Park is an 11-acre campus situated at 1301 Sigman Road in Conyers, a suburb of Atlanta. The lead tenant for the property is Rockdale Medical Center, a subsidiary of LifePoint Health. Additional tenants include Piedmont Hospital and MD Pain Management. The design team includes general contractor Benning Construction Co. and architect Robertson Loia Roof. The development team expects to deliver the medical office building in the fourth quarter of 2015.
PHILADELPHIA — HFF has arranged the sale of a medical office building located at 833 Chestnut St. in Philadelphia’s Center City district. A publicly traded healthcare REIT purchased the 12-story, 705,061-square-foot property for $160.7 million from Digital Realty Trust. Originally built in 1928, the property has been substantially renovated and was 92 occupied at the time of sale. Major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, Ballinger Co. and the U.S. Government. Mark Thomson, Andrew Scandalios, Jose Cruz, Michael Bennett and Philip Mahler of HFF represented the seller in the transaction.
PURCHASE, N.Y. — WESTMED Medical Group has opened its fifth full-service office in Westchester County, N.Y. Located at 3030 Westchester Ave. within Purchase Professional Park in Purchase, the four-story, 85,000-square-foot medical office property is the first new construction along the Interstate 287 corridor in more than 25 years. Developers Simone Healthcare Development and Fareri Associates completed the $22 million property in less than 14 months. The medical facility will offer a variety of specialty practices, including internal medicine, pediatrics, dermatology, endocrinology, ENT, plastic surgery, reproductive endocrinology, critical care and neurology among others.
TREVOSE, PA. — Colliers International has brokered the sale of a healthcare facility located at 2500 Northgate Road in Trevose. The 24,458-square-foot property traded between two local private entities for $3.8 million. Situated within the 657,000-square-foot Neshaminy Interplex business campus, the property is absolute net-leased to LIFE St. Mary, which is guaranteed by St. Mary Medical Center, a member of investment grade credit CHE Trinity Health. Jeff Algatt and Matthew Shanahan of Colliers represented both parties in the transaction.