COON RAPIDS, MINN. — Minneapolis-based NorthMarq Capital has arranged a $5.5 million acquisition loan for Cameron Medical Center in Coon Rapids, which is approximately 15 miles north of Minneapolis. Cameron Medical Center is a 31,843-square-foot medical office building located at 3789 Coon Rapids Blvd. Patrick Minea of NorthMarq arranged the financing for the borrower.
Healthcare
INDIANAPOLIS — HSA PrimeCare has sold the North Meridian Medical Center at 10601 North Meridian Street in Indianapolis. The sales prices was undisclosed. Carmel Medical Office Building, an affiliate of tenant Multi-Specialty Surgery Center, purchased the 23,000-square-foot building. Multi-Specialty Surgery Center is expanding its current practice at the North Meridian Medical Corridor. Built in 1981 and remodeled in 1993, North Meridian Medical Center is a two-story, off-campus medical office building located near the Indianapolis central business district, Indiana University Health North Hospital, St. Vincent’s Heart Center of Indiana and St. Vincent Indianapolis Hospital. HSA PrimeCare represented itself in the transaction.
MOUNTAINSIDE, N.J. — Lee & Associates has arranged the sale of 1450 Route 22 West, a 41,531-square-foot medical office building (MOB) in Mountainside for $8.5 million, or $203 per square foot. Located near Overlook Medical Center, the building is fully leased to The Center for Ambulatory Surgery, L&M Healthcare Communications and Crest Physical Therapy. Michael Staskiewicz of Lee & Associates-New Jersey LLC represented the seller, ASC Mountainside Realty, which is owned by 36 physicians.
AUSTIN, TEXAS — BBL Medical Facilities has completed a 127,000-square-foot medical office building on the Dell Children’s Medical Center of Texas campus in Austin. The four-story structure includes an imaging center and six-operating room ambulatory surgery center on the first floor, as well as an attached 650-space parking garage. The property is anchored on the second and fourth floors by tenant ‘Specially for Children, a 26-physician multi-specialty practice. Developer BBL Medical Facilities finished the project four months ahead of schedule.
EL CENTRO, CALIF. – A 9,591-square-foot Dialysis Center in El Centro has sold to an unnamed buyer for $2.3 million. The center is located at 110 S. 5th Street. It was purchased as a fully leased investment sale. Chris Migliori of DAUM’s Orange County office represented both thebuyer and the unnamed seller in this transaction.
SEATTLE — Kilroy Realty Corporation (KRC) has acquired a 140,605-square-foot life sciences facility in Seattle for $106 million. The four-story facility is located at 401 Terry Ave. North in the city’s South Lake Union neighborhood. It sits adjacent to KRC’s Westlake Terry campus. Notable tenants in the surrounding area include Amazon.com, the Bill and Melinda Gates Foundation and the Fred Hutchinson Cancer Research Center. The LEED-Gold property was developed in 2003. It was one of only five life science facilities developed in the Puget Sound region during the past 10 years. The building is fully leased to Institute for Systems Biology (ISB) through 2021. ISB is a foremost strategy developer for the fields of biology and medicine. KRC was represented by Peter Roth of Allen Matkins law firm. Joseph Delaney and Bryan Helfer of the Foster Pepper law firm represented the seller, Vulcan Realty Corp., in this transaction.
RALEIGH, N.C. — Velocis, a private equity real estate fund, has purchased a pair of medical office buildings near UNC Health Care System’s Rex Hospital in the Research Triangle. The sales price was undisclosed. The properties, known as Sunset One and Two, are 82 percent leased and total 36,000 square feet. Velocis has tapped Lincoln Harris LLC to manage and lease the properties. Gary Lyon and Michael Vulpis of Avison Young represented the seller in the transaction.
CHARLOTTE, N.C. — Trinity Partners has brokered the sale of a 27,418-square-foot medical office building located at 7825 Ballantyne Commons Parkway in Charlotte’s Ballantyne neighborhood. DHD Ventures purchased the asset from Trinity Partners’ sister company, Trinity Capital Advisors, for approximately $3.8 million. The property was 92 percent occupied at the time of sale. Mark Alviana and Sam DiFranco of Trinity Partners represented the seller in the transaction.
ATLANTA — Cornerstone Development Partners and Stein Investment Group have formed a joint venture to develop a $65 million mixed-use medical complex at the intersection of Collier and Peachtree roads across from Piedmont Hospital in Atlanta. The Cornerstone Medical Center will span 161,000 square feet and will largely be made up of medical office space. The development will also include 16,000 square feet of street-level retail and restaurants. The seven-story complex will feature four levels of below-grade parking and a secure doctors-only area with direct, private elevator access to the medical suites. The Cornerstone-Stein joint venture plans to break ground this summer and complete the development in 2015. A nearby Chick-fil-A restaurant will relocate to the ground floor of the development. The property will be developed in compliance with the Beltline Overlay conditions.
ESCONDIDO, CALIF. — Makena Medical Center, a 43,000-square-foot medical office building in Escondido, has received a $12.1-million refinance. It is the only medical office building located near the newly constructed Palomar Medical Center. It is also the only authorized off-campus medical office building in the Escondido Research & Technology Center. The seven-year, fixed-rate loan features a 30-year amortization schedule. The funds were used to refinance a bank loan. It was arranged by Nick West of Churchill Mortgage Capital through Guggenheim Commercial Real Estate Finance.