SCOTTSDALE, ARIZ. — Arrowhead Health Center, an 11,272-square-foot, net-leased property in Scottsdale, has sold to a limited liability company for $4.5 million. The center is located at 2629 North Scottsdale Road. Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office, represented both the buyer and seller, another LLC, in this transaction.
Healthcare
MORRISTOWN, N.J. — Morristown-based G.S. Wilcox & Co. has arranged $87.1 million in financing for a healthcare portfolio in eastern Pennsylvania. The non-recourse financing was place in seven, non-crossed collateralized loans secured by nine hospital and medical buildings. The tenant, Coordinated Health, is a privately held, physician-owned, specialized hospital, network healthcare provider. The nine-building portfolio consists of 411,000 square feet. The portfolio includes Allentown Hospital and Bethlehem Hospital and seven additional buildings housing a variety of medical services, including physical therapy and rehabilitation, laboratory, orthopaedics, diagnostics, sports medicine, primary care and women’s health. David Fryer and Joe Smerdon of G.S. Wilcox & Co. handled the financing assignment. The financing, which was placed with a CMBS lender, has a 10-year term and a 30-year amortization.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a new 28,000-square-foot clinic for Alegent Creighton Health in Council Bluffs, approximately seven miles east of Omaha. The clinic, located at 31st and West Broadway, opened in April. The single-story, free-standing facility includes reception and office spaces, 42 exam rooms and three nurse stations, a physical therapy treatment area and an on-site pharmacy. Leo A. Daly was the architect for the project.
GERMANTOWN, MD. — NexCore Group LLC, a national healthcare developer, has broken ground on a 79,491-square-foot medical office building on the new Holy Cross Health hospital campus in Germantown, an unincorporated municipality roughly 20 miles northeast of Bethesda. The new facility is located within the Hercules Pickney Life Sciences Park on the Montgomery College campus. Holy Cross Health hospital is slated to open in October. NexCore is building the medical office building to LEED Silver certification standards, with high efficiency air handling units, lighting control system and a green roof. The asset is one of three healthcare facilities around the country that NexCore is developing for CHE Trinity Health.
TAMPA, FLA. — The U.S. Department of Veterans Affairs (VA) and Duke Realty have opened the James A. Haley Veterans’ Hospital Primary Care Annex, a 106,000-square-foot VA clinic in Tampa. Duke Realty developed the two-story property at 13515 Lake Terrace Lane in the Hidden River Corporate Park at Interstate 75 and Fletcher Avenue. The property features a women’s center, radiology, mental health services and dental services. The VA leases the facility from Duke Realty. The facility was designed by Minneapolis-based Hammel, Green and Abrahamson.
CLEARWATER, FLA. — JE Dunn Construction Co. has been selected to build a new five-story patient and surgical tower at Morton Plant Hospital in Clearwater. The project will feature 230,000 square feet of new construction and 154,400 square feet of renovation. JE Dunn will begin construction on the tower in spring 2015 and will tentatively complete the project in December 2016. The new tower is part of a four-year, $200 million campus transformation program for the hospital, which is a member of BayCare Health System. Gresham Smith and Partners is the architect of record for the project.
CHINO HILLS, CALIF. — Chino Hills Professional Plaza, a 40,000-square-foot medical office facility in the Los Angeles submarket of Chino Hills, has received an $8-million loan. The plaza is located at the intersection of Grand Avenue and Chino Hills Parkway. The fixed-to-floating rate loan will be used to refinance the asset and pay off an existing CMBS note for the owner, StoneCreek Company. Financing was secured by Greg Greene and CBRE Capital Market’s Debt & Structured Finance team in Dallas. It was provided by Everbank.
HARLINGEN, TEXAS — Strategic Behavioral Health will begin construction on Palms Behavioral Health, a 72-bed acute behavioral health hospital, on Aug. 28 in Harlingen. The company already operates a behavioral health hospital in College Station and in other locations around the country. The hospital is expected to bring about 200 new jobs to the area, part of metro Brownsville in far south Texas. The hospital will employ psychiatrists, psychologists, therapists and nurses treating patients with depression, anxiety, grief and personal crisis situations. The 52,000-square-foot hospital will serve all ages. It is expected to open in late 2015 at a cost of $12 million.
EAST BRUNSWICK, N.J. — HFF has arranged the $6.5 million sale of Cranbury Corporate Center, a medical office facility located at 620 Cranbury Road in East Brunswick. Completed in 2005, the two-story, 63,855-square-foot building is 80 percent leased to a variety of medical specialty groups such as MRI, surgical centers, OBGYN, eye care, rehabilitation, podiatry and general patient care. LabCorp and Life Alert are both tenants in the building. Kevin O’Hearn and Steve Simonelli of HFF represented the seller in the transaction.
JOLIET, ILL. —Marcus & Millichap has brokered the $753,500 sale of an 18,435 square-foot medical office property in Joliet. The multi-tenant building is located at 310 N. Hammes Ave. The property is a few blocks east of Presence Saint Joseph Medical Center.Jonathan Hegwood and John Abuja of Marcus & Millichap’s Chicago downtown office represented the seller, a limited liability company. An undisclosed buyer purchased the property.