Friday, July 26, 2024
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Healthcare

AcquisitionsFloridaHealthcareSoutheast

Marcus & Millichap Facilitates $75M Partnership Interest Sale of Medical Office Portfolio in South Florida

by John Nelson

FORT LAUDERDALE, FLA. — Marcus & Millichap has facilitated the $75 million sale of a 50 percent partnership interest in a six-property medical office portfolio in South Florida. The transaction includes six fully occupied buildings where Rayus Radiology, a diagnostic imaging and interventional radiology services provider, served as the primary or sole tenant, along with one parcel of land. The properties are located in the South Florida markets of Delray Beach, West Palm Beach, Wellington and Boynton Beach. Howard Bregman and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office brokered the buy-out process for Rayus Radiology, which generated 17 offers.

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HealthcareLeasing ActivityNew YorkNortheast

ENTA Opens 10,000 SF Healthcare Clinic in Queens

by Taylor Williams

NEW YORK CITY — ENT and Allergy Associates (ENTA) has opened a 10,000-square-foot healthcare clinic in the Flushing area of Queens. In February, ENTA signed a long-term lease expansion and renewal at the property, expanding its medical footprint from 1,800 square feet. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the landlord, Simone Development Cos.

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Foothill-Centre-Santa-Barbara-CA
CaliforniaHealthcareLoansOfficeWestern

PSRS Arranges $16.3M Refinancing for Foothill Centre Medical Office Campus in Santa Barbara, California

by Amy Works

SANTA BARBARA, CALIF. — Seth Ludwick of PSRS has arranged $16.3 million in refinancing for Foothill Centre, a medical office campus in Santa Barbara, approximately 115 miles northwest of Los Angeles. The single-tenant campus offers 61,664 square feet of medical office space and 225 parking spaces. Financed with a bank extension, PSRS provided the undisclosed borrower with a non-recourse, 10-year loan with 30-year amortization and no reserves.

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HealthcareLeasing ActivityMarylandRetailSoutheast

Meritus Health Joins Tenant Roster at Valley Mall in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — Meritus Health has joined the tenant roster at Valley Mall, a 900,000-square-foot enclosed shopping development in Hagerstown owned and operated by mall giant PREIT. Meritus Health opened a new physical and therapy and sports medicine practice, called Meritus Sports Medicine, within a 10,000-square-foot space at the mall yesterday. The health system also plans to open a family medicine clinic at the mall in 2025. Other tenants at Valley Mall include Black Rock Bar & Grill, Red Robin, Regal Cinemas, H&M, Dick’s Sporting Goods and Victoria’s Secret.

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3055-Mowry-Ave-38780-Paseo-Padre-Pkwy-Fremont-CA
AcquisitionsCaliforniaHealthcareNet LeaseOfficeWestern

Marcus & Millichap Brokers Sale of 7,200 SF Western Dental-Occupied Properties in Fremont, California

by Amy Works

FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.

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Syracuse-MOB-Syracuse-UT
DevelopmentHealthcareLoansOfficeUtahWestern

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

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65-Walnut-St.-Wellesley-Massachusetts
AcquisitionsHealthcareMassachusettsNortheast

Newmark Brokers $24.3M Sale of Medical Office Building in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the $24.3 million sale of a 67,264-square-foot medical office building located at 65 Walnut St. in Wellesley, a western suburb of Boston. Two locally based healthcare systems, Mass General Brigham and Tufts Medicine, serve as the anchor providers. At the time of sale, the property was fully leased to 22 tenants in fields such as dermatology, plastic surgery, urology, ophthalmology, internal medicine and pediatrics, as well as physical and occupational therapy. An affiliate of Haynes Management sold the property to a joint venture between Sendero Capital and TPG Angelo Gordon. Robert Griffin, Michael Greeley, Joseph Alvarado and Casey Valente of Newmark represented both parties in the deal.

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DevelopmentHealthcareLeasing ActivityNortheastPennsylvania

MCB Real Estate Breaks Ground on 60,000 SF Medical Office Building in Metro Philadelphia

by Taylor Williams

DREXEL HILL, PA. — MCB Real Estate, a Baltimore-based development and investment firm, has broken ground on a 60,000-square-foot medical office building in Drexel Hill, a western suburb of Philadelphia. The three-story structure will be known as Drexeline Medical Office Building and is fully preleased to Delaware County Human Services (45,000 square feet) and Children’s Hospital of Philadelphia (15,000 square feet). Delivery is slated for the second quarter of 2025. Scott Williams of JLL represented MCB in both deals.

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DevelopmentHealthcareHospitalityLoansMidwestOhio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

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HealthcareLeasing ActivityMidwestMinnesota

Life Link III Signs 12,827 SF Medical Office Lease at Shoreview Business Campus in Suburban Minneapolis

by Kristin Harlow

SHOREVIEW, MINN. — Life Link III has signed a 12,827-square-foot medical office lease at Shoreview Business Campus, a flex property in the northeast Minneapolis suburb of Shoreview. The nonprofit medical air transportation company has begun occupying the new space. The property is 91 percent leased with three additional medical office tenants, including Allina Medical Clinic, Allina Health Urgent Care and Courage Kenny Sports & Physical Therapy. The RMR Group is the property manager, and Diversified Healthcare Trust is the building owner. John Ryden, Jerry Driessen and Maxx Schindel of CBRE represented ownership in the lease.

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