SAN ANTONIO — Stream Realty Partners has arranged the sale of a 6,000-square-foot medical office building located at 21708 Hardy Oak Blvd. in the far north-central submarket of San Antonio. Michael Kent of Stream Realty represented the seller, LAIT Texas LLC, in the transaction. The property was built in 2001 and tenants include Physical Therapy and Birth Center Stone Oak. The building is near North Central Baptist and Stone Oak Methodist hospitals, with access to Loop 1604 and Highway 281.
SAN ANTONIO AND CHICAGO — San Antonio-based USAA Real Estate Co. and HSA PrimeCare, a division of Chicago-based HSA Commercial Real Estate, have formed a joint venture to acquire and develop outpatient healthcare real estate assets across the Midwest. Along with the announcement, the joint venture also made its first acquisition, a 97,375-square-foot portfolio, for an undisclosed price. The three-property portfolio consists of the Advocate Christ Outpatient Center in Tinley Park, Ill., the Coffee Creek Medical Office Building in Chesterton, Ind. and the APAC Medical Plaza in Crown Point, Ind. The joint venture will acquire an array of medical buildings such as medical office buildings, cancer centers, ambulatory surgery centers, medical wellness centers and other specialty centers. HSA PrimeCare will provide investment analysis, development, leasing and property management services to the partnership.
INDIANAPOLIS — What does the future hold for the healthcare real estate industry in 2016? In a new white paper penned by Keith Konkoli, executive vice president of healthcare at Duke Realty (NYSE: DRE), the author predicts the industry will experience an increase in the development of new facilities, as well as an uptick in consolidation in 2016. Here’s a summary of five key trends and issues the firm expects this year and beyond: 1. Healthcare real estate construction will continue to increase — Healthcare development has been strong in recent years, and there should be no letup in activity in 2016. A recent study by the American Institute of Architects (AIA) says it expects “healthy growth” for non-residential construction this year. That includes the healthcare sector, which AIA predicts will experience a 5.8 percent increase in construction in 2016. The industry is experiencing an uptick in the development of a wide variety of healthcare properties, including rehabilitation hospitals, medical office buildings and off-campus emergency rooms/community micro-hospitals. Even so, the industry hasn’t reached a point of saturation and providers aren’t yet overbuilding. 2. Healthcare providers will need to deal with the challenges of ‘site neutrality’ — An important but perhaps overlooked …
CHARLOTTE, N.C. — Charlotte-based Childress Klein and Vienna, Va.-based Cambridge Healthcare Solutions LLC have completed the construction of the largest Department of Veterans Affairs (VA) Health Care Center in the United States. The $150 million, 429,000-square-foot property is situated on a 35-acre lot at the intersection of Tyvola Road and Cascade Pointe Blvd. in Charlotte. The developers plan to hold the asset long-term and will remain as the property’s asset managers throughout the VA’s 20-year lease. The Charlotte VA Health Care Center will provide primary care and specialty services for up to an estimated 35,000 veterans enrolled in the VA healthcare system. Departments operating out of the clinic will include cardiology, audiology and speech, mental health, radiology, infectious disease, women’s health, ophthalmology and optometry, dental, gastroenterology, oncology follow-up and physical medicine and rehab, as well as four full operating rooms.
NASHVILLE, TENN. — Stan Johnson Co. has brokered the $3 million sale of a 10,500-square-foot dialysis clinic located at 20 Rachel Drive in Nashville. The property is fully leased to Vanderbilt University and is one of its two 24-hour dialysis operations in the metro Nashville area. A private partnership based in New England purchased the facility from a limited liability partnership based in California. Craig Tomlinson and John Zimmerman of Stan Johnson Co. marketed the asset and represented the seller in the transaction.
CINCINNATI — TriHealth and Duke Realty have expanded Bethesda Butler Hospital to include 32 new inpatient rooms, six new intensive care rooms and a full kitchen and dining room. In addition to the 53,512-sqaure-foot expansion, the project also involved remodeling 7,569 square feet of the existing hospital space and adding 883 parking spaces. The building was also fortified for a possible third-floor expansion. Bethesda Butler Hospital now totals 90,788 square feet. Duke Realty owns the hospital, which is 100 percent leased to Bethesda Hospital. The facility is part of a larger campus that includes a cancer institute, infusion services, heart institute, digestive institute, sleep center and physical therapy institute. Duke Realty provided contracting services, and PFB Architects Inc. provided architectural services.
LATHAM, N.Y. — RD Management LLC, a real estate development and management organization, is redeveloping an existing retail property into a health and wellness plaza in Latham. Situated on New York State Route 2, the site, a former Kmart shopping center, spans 118,863 square feet. Located at 195 Troy Schenedtady Road and Swatling Road, the new health and wellness center will offer alternative and holistic healthcare services, close to Albany Medical School and Albany Pharmacy School, in addition to an existing 22,058-square-foot health and fitness training facility. RD Management owns 42 properties throughout New York and has more than 200 properties in its national portfolio.
HOUSTON — Marcus & Millichap has arranged the sale of Houston Medical Center Land, a 66,090-square-foot tract of land located in Houston. Gus Lagos and Evan Altemus of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, an individual/personal trust. Houston Medical Center Land is located on Holly Hall Street.
LINCOLN, NEB. — HSA Commercial Real Estate has acquired a 42,040-square-foot medical office building in Lincoln for an undisclosed price. Elizabeth Park South Medical Center is located at 4501 S. 70th St. and is fully leased by The Physician Network’s East Lincoln Internal Medicine, Lincoln Pediatric Group and Lincoln Behavioral Group. The three tenants have occupied the building since it opened in 1996. Dana Hamric and Jonathan Kesler of Newmark Grubb Knight Frank represented the seller, MJM-MED LLC, in the transaction.
RYE, N.Y. — NorthMarq Capital has arranged $15 million in refinancing for a medical office building located at One Theall Road in Rye. Net leased to Westmed Medical Group, the 65,000-square-foot building features an on-site urgent care unit, an ambulatory surgery suite, a pharmacy and a tomography unit. Robert Ranieri of NorthMarq secured the 10-year loan for the undisclosed borrowers, which were represented by Jesse Krasnow and Mark Cohen of Riverbed Realty Advisors in the transaction.
