CLAREMONT, CALIF. — Claremont Medical Plaza, a 48,984-square-foot medical office building that was specifically built for the Pomona Valley Health System, has sold to a joint venture between CNL Healthcare Properties and Montecito Medical Operating Company. This is CNL’s first medical office building purchase. Montecito purchased its share of the joint venture through its affiliate MMAC Berkshire LLC. Though the JV acquired a majority interest in the building, the seller, StoneCreek Company, will continue to manage the property. The building is currently 89 percent leased. Additional lease commitments are expected to bring the building’s occupancy to 96 percent within a few months. Pomona Valley Hospital Medical Center occupies 77 percent of the building.
OAK BROOK, ILL. — Molina Healthcare has reached an agreement with owner The Davis Cos. to occupy 37,127 square feet of office space at The Crossings, a 303,510-square-foot office building. A Fortune 500 Company, Molina Healthcare provides quality healthcare to financially vulnerable individuals and families. Davis Cos. has invested $6.2 million in renovations of the building during the last three years. The Crossings was 93 percent leased at the time of sale, up 30 percent from 2010. Dan O’Neill of NAI Hiffman represented The Davis Cos. Charlie Copelan of McKinney Advisory Group of San Francisco represented Molina Healthcare in the deal.
MALVERN, PA. — IMC Construction has completed construction of the $85 million Endo Health Solutions world headquarters in Malvern. Located within the Atwater Corporate Center, the 320,000-square-foot facility was developed by Chambers Street Properties in a joint venture with Trammell Crow Co. The facility includes two five-story buildings overlooking Quarry Lake with a two-story building connector and one-story parking deck with 420 parking spaces. The project broke ground in January 2012.
AUSTIN, TEXAS — An affiliate of New York-based Norvin Healthcare Properties has purchased the 60,000-square-foot Central Texas Rehabilitation Hospital, a three-story rehabilitation hospital located at 700 W. 45th St. in Austin, for $32.9 million. The hospital is fully leased by a joint venture of Louisville, Ky.-based Kindred Healthcare Inc. and Austin-based Seton Healthcare Network. The 50-bed hospital provides highly specialized rehabilitation services and includes a therapy pool. The seller was Dallas-based Prevarian Hospital. Cain Brothers & Co. arranged the transaction.
WEST BLOOMFIELD, MICH. — Ciena Healthcare has opened Notting Hill of West Bloomfield, a $12 million skilled nursing facility. The 71,000-square-foot facility offers 94 rehabilitation suites, including 56 private suites, for individuals who require medical therapy or treatment following surgery or a hospital stay. The medical facility is located at 6535 Drake Rd. at the intersection of Drake and Maple roads in West Bloomfield, about 30 miles north of Detroit. Ciena broke ground on the property in August 2011 and construction was completed last year.
MINT HILL, N.C. — Marcus & Millichap has arranged the $14.1 million sale of Mint Hill Medical Commons, a 42,300-square-foot medical care facility in Mint Hill. The property, located at 11304 Hawthorne Drive, is 92 percent leased to the Charlotte Mecklenburg Hospital Authority, operating as Mint Hill Primary Care. Glen Kunofsky, Judson Kauffman and Allen Smith of Marcus & Millichap represented the seller, a Charlotte-based developer, in the transaction. Kunofsky and Russell Wachtler of Marcus & Millichap represented the buyer.
LEAGUE CITY, TEXAS — McCarthy Building Cos. has been awarded The University of Texas Medical Branch Victory Lakes Specialty Care Center expansion project in League City. The $52.3 million, design-build project includes the addition of 142,000 square feet to the existing outpatient center. The expansion includes additional operating rooms, an emergency department, observation units and associated support space. The project is scheduled for a spring 2015 completion.
MENOMONEE FALLS, WIS. — Ryan Cos. has completed construction on the new 145,000-square-foot Froedtert Health Menomonee Falls Clinic, a five-story medical office building. Located at the northeast intersection of Town Hall Road and Custer Lane in Menomonee, about 20 miles west of Milwaukee, the building will house more than 60 physicians and providers to complement the health services provided at the adjacent Froedtert Health Community Memorial Hospital. Wright Heerema Architects and Anderson Mikos Architects designed the building, which opened in December. Ryan Cos. provided design-build construction services and will manage the property.
GARNER, N.C. — Capital Advisors has arranged a $7.25 million loan for the recapitalization of 100 and 300 Health Park Dr. in Garner. The property consists of two medical office buildings and a combined 42,591 square feet. It is 35 percent leased to an affiliate of Rex Healthcare. Clark Jenkins of Capital Advisors’ Raleigh, N.C., office secured the seven-year, fixed-rate loan with a 30-year amortization schedule on behalf of CPG PIA Health Park LLC. The loan was secured through a correspondent lender and will be serviced by Capital Advisors.
NORTHVILLE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $49.5 million credit-tenant lease loan for the development of a University of Michigan healthcare facility. The borrower is REIS-MOB I LLC and the lender is Mesirow Financial. The 100,000-square-foot medical office building will sit on 9.9 acres and is located in Northville Township, about 30 miles west of Detroit. According to the University of Michigan, the health care center is slated to open in 2014. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan.