Healthcare

Meridian Capital Closes $49M in CMBS Financing for Brooklyn’s Calko Medical Center

by Amy Works December 16, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.

December 16, 2014

California Healthcare Western

Griffin Capital Corporation, NorthStar Realty Finance Complete Merger

by Nellie Day December 5, 2014

LOS ANGELES – Griffin-American Healthcare REIT II has completed its $4-billion merger with NorthStar Realty Finance. Griffin-American Healthcare REIT II is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. Per the merger agreement, NorthStar Realty has acquired all of the outstanding shares of Griffin-American in this stock and cash transaction. Griffin-American stockholders will receive an allocation of two-thirds cash and one-third common stock of NorthStar Realty from the merger’s proceeds. The Griffin-American Healthcare REIT II portfolio contains 289 buildings throughout 32 states and the United Kingdom. The properties are a mix of medical office buildings, hospitals, and senior housing and skilled nursing facilities. The portfolio was about 95 percent leased at the end of September, according to Griffin Capital. The tenants carried a weighted average remaining lease term of 9.2 years. New York-based NorthStar Realty Finance Corp. is a diversified commercial real estate company organized as a REIT. It is managed by an affiliate of NorthStar Asset Management Group Inc. Los Angeles-based Griffin Capital Corporation is a privately owned real estate company. Griffin Capital and its affiliates have acquired or constructed about 32 million square feet since 1995. American Healthcare Investors is an investment management firm that specializes in …

December 5, 2014

Healthcare North Carolina Southeast

JLL Brokers Sale of Pharmaceutical Manufacturing Plant in Metro Charlotte

by John Nelson December 3, 2014

MONROE, N.C. — JLL has brokered the sale of Monroe Corporate Center, a 102,000-square-foot property located at 4275 Corporate Center Drive in Monroe, about 24 miles southeast of Charlotte. Glenmark Pharmaceuticals Ltd. purchased the facility for an undisclosed amount. The company plans to invest more than $15 million in the next five years to develop three separate pharmaceutical manufacturing units at the site. Glenmark expects to begin manufacturing oral solids at the location by mid-2015. John Buckley, Shawn Straka, John Cashion and Matt Treble of JLL represented Glenmark in the transaction. The seller, the city of Monroe, was represented in-house.

December 3, 2014

Georgia Healthcare Southeast

SG Property Services Acquires Medical Office Portfolio in Metro Atlanta for $14.5M

by John Nelson December 2, 2014

ATLANTA — SG Property Services has acquired an eight-building medical office portfolio known as the Oak Hill Medical Portfolio for $14.5 million. The properties are located in the Atlanta suburbs of Peachtree City, Blairsville and Newnan. Spanning 70,000 square feet, the eight properties are located at 10 Eastbrook Bend in Peachtree City; 1294 Highway 515 E. in Blairsville; 39 Oak Hill Court Buildings A-D in Newnan; and 60 and 110 Oak Hill Blvd. in Newnan. Lee Asher of CBRE represented the undisclosed sellers in the transaction.

December 2, 2014

Healthcare New Jersey Northeast

Stan Johnson Co. Brokers Sale of 37,660 SF Medical Building for $19M

by Amy Works November 17, 2014

VINELAND, N.J. — Stan Johnson Co. has brokered the sale of a 37,660-square-foot medical property to Lexington Realty Trust (NYSE: LXP) for $19 million. Located at 1237 W. Sherman Ave. in Vineland, the property is leased to HealthSouth Rehabilitation Hospital of South Jersey LLC and is guaranteed by HealthSouth Corp., the largest owner and operator of inpatient rehabilitation hospitals in the United States. Camille Renshaw and David Bailey of Stan Johnson Co.’s New York office represented the seller, a New Jersey medical developer, in the transaction. The property includes a 40-year lease with approximately 29 years remaining. The sale occurred at a 5.8 percent cap rate based on 2014 net operating income.

November 17, 2014

Healthcare Texas

Balfour Beatty Celebrates Opening of $95.5M Hospital in Fort Worth

by John Nelson November 13, 2014

FORT WORTH, TEXAS — Balfour Beatty Construction recently celebrated the opening of Forest Park Medical Center, a new hospital in Fort Worth. Balfour Beatty worked in conjunction with Neal Richard Group and architect Perkins + Will on the project. The hospital opened to patients Nov. 3 and spans 150,000 square feet with 12 operating suites, a full-service imaging center and laboratory, 54 inpatient rooms, six intensive care units, ancillary services and vegetated roof systems. The $95.5 million project includes development of the hospital, medical office building and a 550-space parking garage.

November 13, 2014

Healthcare Indiana Midwest Office

Millennium Properties Brokers $4.4M Sale of 30,000 SF Medical Office Complex

by Danielle Everson November 11, 2014

VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.

November 11, 2014

Healthcare Illinois Midwest

Reed Construction to Complete Ground-Up Addition for Cadence Cancer Center

by Danielle Everson November 10, 2014

WARRENVILLE, ILL. — Reed Construction will build a new Gamma Knife Radiosurgery Center for Cadence Cancer Center in Warrenville, approximately 31 miles west of Chicago. The project will feature a two-story, ground-up addition to the existing facility to create a new, state-of-the-art advanced radiation treatment center for adults and children. The 11,268-square-foot build-out will include the addition of multiple offices, post/pre operation rooms, a nurses’ station and conference room. The property is located at 4405 Weaver Pkwy. Scott Pickands and Cy Rangel will lead Reed’s construction team, which includes Jack Sbertoli and Jim Blake. RTKL is providing architectural services. The project is scheduled for completion in March 2015.

November 10, 2014

Healthcare Illinois Midwest Office

The Missner Group Completes Renovation of Medical Office Building in Lincolnwood, Ill.

by Danielle Everson November 5, 2014

LINCOLNWOOD, ILL. — The Missner Group has renovated a 15,500-square-foot building into a new medical office for the Illinois Bone & Joint Institute (IBJI) in Lincolnwood. The property is located at 6540 N. Lincoln Ave. A former auto dealership, the new medical clinic features private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Debb Kosich LLC was the developer for the project. Glen Missner, Drue Stoehr, Uros Stojakovic and Len Corso led the construction team for The Missner Group. Stephen Rankin & Associates provided architectural services. IBJI specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. This was The Missner Group’s fourth project for IBJI. Additional projects were completed in Chicago, Des Plaines and Wilmette.

November 5, 2014

Healthcare Northeast Rhode Island

RE/MAX Commercial Arranges $3.2M Sale of Rhode Island Medical Office Building

by Amy Works October 24, 2014

WARWICK, R.I. — RE/MAX Commercial has brokered the sale of a 31,500-square-foot medical office building in Warwick. Situated on four acres at 390 Toll Gate Road, the property sold for $3.2 million. The building is occupied by 12 medical groups, including Kent Cardiology, Kent Hospital Lab Services, Bayside Endocrinology, King Opticians, West Bay Surgical Associates and Kent Urology. Andy Kusher and Michael Milano of RE/MAX Commercial represented the seller, Toll Gate Associates. Tom Sullivan of Commercial Realty Advisors represented the buyer, BEM Realty Trust, in the transaction.

October 24, 2014

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