CINCINNATI — Mascia Development has acquired a three-building medical office portfolio in Ohio and Kentucky for more than $6.7 million. The New York-based real estate firm purchased Mercy Health’s Cincinnati Sports Medicine & Orthopaedic Center office building portfolio. Properties in the portfolio include a 16,283-square-foot building located at 10633 Montgomery Road in Cincinnati; a 7,793-square-foot property located at 12115 Sheraton Lane in Springdale, Ohio; and a 5,670-square-foot building located at 328 Thomas More Parkway in Crestview Hills in northern Kentucky. Mascia Development will lease back the purchased medical office spaces to Mercy Health.
Healthcare
FORT WORTH, TEXAS — HFF has arranged construction financing for the development of Victory Medical Center, a 104,971-square-foot surgical hospital to be located in Fort Worth. Planned for a six-acre site on the corner of Pennsylvania Avenue and South Main Street, the three-story facility will include eight operating rooms, four special procedure rooms, seven intensive care rooms and 24 inpatient beds. Victory Healthcare fully occupies the property, which is slated for completion in 2015. Jeremy Sain and Steven Heldenfels led the HFF team that worked on behalf of the borrower, a joint venture between Harrison Street Real Estate Capital LLC, Pisula Development Co., Victory Healthcare and a physician-owned group. Comerica Bank provided the 6.5-year loan.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the $5 million sale of a 17,343 square-foot medical facility in Algonquin, a northwest suburb of Chicago. The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road. The single-tenant, net-leased property is leased to Advocate Health and Hospitals Corp. The property has less than two years of lease term remaining. Advocate Health and Hospitals Corp. signed a 10-year net lease with two, five-year options to renew. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the buyer, a private investor in a 1031 tax-deferred exchange.
VIERA, FLA. — Greystone Healthcare Management Corp. has purchased Wuesthoff Progressive Care Center, a 114-bed, 51,000-square-foot skilled nursing and rehabilitation facility in Viera. As part of the acquisition, the asset has been renamed to Viera Health and Rehabilitation Center. The facility was built in 1995 and provides sub-acute care, rehabilitation care and skilled nursing in both short- and long-term settings.
THE WOODLANDS, TEXAS — Healthcare system Houston Methodist has purchased a 57-acre tract in The Woodlands for the construction of a 470,000-square-foot, 193-bed hospital. The Howard Hughes Corporation and its wholly owned subsidiary, The Woodlands Development Company, will develop the property on the site, located south of the intersection of I-45 and State Highway 242. The campus, which will be modeled after Houston Methodist West near Katy, will feature a 135,000-square-foot medical office building in addition to the hospital. The entire project is valued at $328 million. The hospital is slated for completion in early 2015, with opening planned for 2017. The medical office building is slated for completion in late 2015. Robert Parsley and Coy Davidson of Colliers International represented Houston Methodist in the land acquisition. The new property will be the fourth hospital campus in The Woodlands and the eighth in the Houston Methodist system.
MYRTLE BEACH, S.C. — United Realty Trust Inc., a non-traded REIT, has purchased a triple-net leased medical office building at 945 82nd Parkway in Myrtle Beach for $15.7 million. The property is located adjacent to the Grand Strand Regional Medical Center, an acute care hospital. United Realty purchased the two-story, 44,323-square-foot property in an off-market transaction. The medical office facility is fully leased to three tenants: Carolina Health Specialists, The Cardiology/Gastroenterology Associates and Grand Strand Regional Diagnostic and Women’s Center.
JENNERSVILLE, PA. — White Plains, N.Y.-based Seavest Healthcare Properties in partnership with Anchor Health Properties has broken ground for the construction of Jennersville Medical Office Building at the Penn Medicine Southern Chester County healthcare complex. Situated on the northeast corner of Route 1 and Route 769 in Jennersville, the two-story, 72,000-square-foot building will feature primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester Country Hospital and affiliated physicians will occupy the new building. Construction is scheduled for 12 months.
MURRELLS INLET, S.C. — Rendina Healthcare Real Estate has commenced construction on a 23,000-square-foot medical office building in Murrells Inlet. Slated to open in March 2015, the facility will house Coastal Surgery Center on the ground floor and Carolina Orthopaedic Specialists and Proaxis Physical Therapy on the second floor. Greenville, S.C.-based Surgery & Recovery Partners LLC will manage the surgery center.
BUFFALO, N.Y. — Williamsville, N.Y.-based Ciminelli Real Estate Corp. has topped off Conventus, a seven-story medical office building located at 1001 Main St. in Buffalo. Situated on the Buffalo Niagara Medical Campus, the 350,000-square-foot building is scheduled for completion in spring 2015. Located at the Northern Gateway to the medical campus, the building will be physically connected via enclosed walkways to the new John R. Oishei Children’s Hospital, the new University at Buffalo School of Medicine and Bioinformatics, and the University at Buffalo Research Institute on Addictions. Tenants will include Kaleida Health, UBMD, AMRI and First Niagara Bank.
LAKE OSWEGO, ORE. – Lake Oswego Crossing, a 10,782-square-foot medical office building, has sold to Dr. Mo Saleh for $2.3 million. The building is located at 17437 SW Boones Ferry Road in Lake Oswego. It will be converted into a dental clinic. The sellers, Kalberer Company and Kalberer Properties, were represented by Jennifer Medak, John Medak and Alexandra Ionescu of NAI Norris, Beggs & Simpson.