PLANO, TEXAS — Marcus & Millichap has brokered the sale of Woodburn Corners Medical Park, a 31,760-square-foot medical office property located at 3700 W. 15th St. in Plano. The asset is adjacent to The Medical Center of Plano. Terms of the sale were not released. Ron Hebert, vice president of investments in Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a limited liability company. Hebert also procured the buyer, a private investor.
ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.
VERO BEACH, FLA. — Bauman & Co., a commercial real estate owner and operator based in Atlanta, has purchased the Vero Beach Physicians Building for an undisclosed price. The seller was an unnamed real estate investment trust (REIT). The two-story, 40,000-square-foot medical office building is located on the campus of the 335-bed Indian River Medical Center in Vero Beach. The Class A asset is fully leased to independent medical practice groups and physicians. Bauman & Co. investors and GE Capital Healthcare Financial Services provided funding for the transaction.
ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.
CENTREVILLE, ILL. — Construction-management firm IMPACT Strategies has begun construction on a $2.4 million expansion and renovation project at the Southern Illinois Healthcare Foundation (SIHF) Mother and Child Center in Centreville. The multi-phased project is set for completion in October. IMPACT Strategies will renovate approximately 24,000 square feet of SIHF’s current facility at 6000 Bond Ave. The renovation will include five departments. Those include pediatrics, pediatric behavioral health, adult medicine, obstetrics and dental, and the addition of an outpatient pharmacy. The project will involve five to six phases of construction to accommodate the facility’s plans to remain operational while the project is ongoing. The design-build team includes project manager Will Stadjuhar, project assistant Kari Stevens and project superintendent Larry Howard. IMPACT Strategies is collaborating with architectural design firm Bates & Associates of Clayton, Mo.
CHARLOTTE, N.C. — JE Dunn Construction Co. has topped off the Charlotte VA Health Care Center, a $104 million, six-story, 420,000-square-foot clinic in Charlotte. The healthcare complex, located on 35 acres near Charlotte Douglas International Airport, will be the largest leased facility of the U.S. Department of Veterans Affairs (VA). The facility will provide outpatient primary and mental health care, as well as specialty clinics for radiology, neurology, cardiology, dialysis, women’s health, dental and oncology. In addition to JE Dunn, the project team also includes Childress Klein Properties and Cambridge Development Group, who formed Childress Klein-Cambridge Healthcare Solutions LLC to design, build and provide facility management for the project, which it owns and will lease to the VA. Charlotte-based RPA Design, the architect of record, designed the project to achieve LEED Silver certification. The clinic is scheduled for completion in spring 2016 and is estimated to produce roughly 2,000 jobs during construction and, upon completion, about 500-600 permanent jobs.
MONTEREY, CALIF. — Monterey VA Health Care Center in the Monterey County submarket of Marina has received a $99.4-million construction-to-permanent loan. The 141,000-square-foot healthcare facility will be located on the former Fort Ord military base. The facility is currently under construction. Veteran Affairs will occupy the majority of the building, with the remaining space going to the Department of Defense for the next 20 years. The center will provide primary and specialty care to tens of thousands of patients in the surrounding area. The non-recourse, fixed rate loan will amortize over a 20-year term. It was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital, as well as by Mesirow Financial. Newmark will service this loan for its life company correspondent lender.
DELAFIELD, WIS. — Ryan Cos. US Inc.’s Great Lakes Region has completed the development of the Children’s Hospital of Wisconsin Delafield Clinic, a new 30,000-square-foot clinic in Delafield. The two-story facility is located at 3195 Hillside Drive on a more than five-acre site. Ryan provided development, design-build construction and real estate management services. Ryan’s development/construction team also included division manager Hans Muecke, senior superintendent Les Fialco and senior project assistant Lisa Sefranek. Zimmerman Architectural Studios Inc. served as the project’s architect of record. Eppstein Uhen Architects provided Interior Design services. Associated Bank provided construction financing for the project.
PRAIRIE TOWNSHIP, OHIO — Equity Inc. will build a new 8,000-square-foot, freestanding medical office building in Prairie Township for Liberty Dialysis, an affiliate of Fresenius Medical Care. Construction on the new facility, located at 4500 W. Broad St., is scheduled to begin in April. Liberty Dialysis is an affiliated company of Fresenius Medical Care, developing, owning and operating dialysis clinics throughout the U.S. Fresenius Medical Care produces dialysis equipment and operates a network of more than 2,150 dialysis facilities in North America.
SAVANNAH, GA. — Johnson Development has been awarded the lease to develop a new Veteran’s Affairs (VA) medical facility in Savannah. The new 69,000-square-foot healthcare clinic will replace the existing 25-year-old VA clinic. Johnson Development will be breaking ground on the new clinic in the spring. New outpatient services that will be provided in the new facility include eye care, audiology, physical rehabilitation, prosthetics and a special women’s center. The anticipated completion date is summer 2016.
