Healthcare

Kraus-Anderson Completes Construction of Gundersen Tri-County Hospital in Whitehall, Wisconsin

by Kristin Harlow November 10, 2023

WHITEHALL, WIS. — Kraus-Anderson (KA) has completed construction of Gundersen Tri-County Hospital, a new hospital and renovated clinic for Gundersen Health System in Whitehall, a small town in western Wisconsin. The new facility replaces the current 60-year-old hospital serving Whitehall, Blair, Independence and surrounding communities. KA also renovated the 17,000-square-foot clinic. Designed by Groth Design Group, the two-story, 68,000-square-foot hospital features 31 private patient rooms, a trauma center and helipad landing zone. Additionally, the project features an ER, imaging, lab, pharmacy, surgical, dietary, rehabilitation and transitional care offerings. A new ambulance and maintenance building is also on the site.

November 10, 2023

Acquisitions Healthcare Southeast Virginia

Laramar Group Acquires 35,406 SF Medical Office Building in Sterling, Virginia

by John Nelson November 9, 2023

STERLING, VA. — The Laramar Group has acquired Sterling Medical Plaza, a 35,406-square-foot medical office building located at 46440 Benedict Drive in Sterling, a suburb of Washington, D.C. The investment firm purchased the two-story property via Laramar Medical Properties Fund I for an undisclosed price. The seller was also not disclosed. Built in 1986 and renovated in 2021, Sterling Medical Plaza was 85 percent leased at the time of sale to tenants including Loudoun Medical Group, INOVA Health and Concentra.

November 9, 2023

Acquisitions Healthcare Midwest Minnesota

Montecito Medical Acquires 32,711 SF Medical Office Building in Woodbury, Minnesota

by Kristin Harlow November 6, 2023

WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.

November 6, 2023

Healthcare Leasing Activity New York Northeast Office

Weill Cornell Medicine Signs 100,000 SF Office, Healthcare Lease Expansion in Manhattan

by Taylor Williams November 3, 2023

NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.

November 3, 2023

Colorado Company News Healthcare Midwest Top Stories Western Wisconsin

Healthpeak Properties, Physicians Realty Trust Agree to $21B Merger

by Taylor Williams October 30, 2023

DENVER AND MILWAUKEE — Two healthcare REITs, Denver-based Healthpeak Properties (NYSE: PEAK) and Milwaukee-based Physicians Realty Trust (NYSE: DOC), have agreed to enter into an all-stock merger agreement that is valued at roughly $21 billion. Under the terms of the agreement, each share of Physicians Realty Trust common stock will be converted into 0.674 of a share of newly issued Healthpeak common stock. The combined entity will feature a portfolio of roughly 52 million square feet of healthcare assets. On a pro-forma basis, Healthpeak and Physicians Realty Trust shareholders will own approximately 77 percent and 23 percent of the combined company, respectively. The deal is expected to close during the first half of next year. Of the combined 52 million square feet, about 40 million would consist of outpatient healthcare facilities in major gateway markets like Nashville, Atlanta, Dallas, Houston, Phoenix and Denver. Healthpeak CEO Scott Brinker will lead the newly formed company in conjunction with a board of directors comprised of eight existing Healthpeak directors and five existing Physicians Realty Trust directors, including current CEO John Thomas. In detailing the reasons behind the merger, executives from both companies noted that Healthpeak Properties and Physicians Realty Trust have overlapping footprints in …

October 30, 2023

Healthcare Leasing Activity New Jersey Northeast

RWJBarnabas Signs 11,667 SF Healthcare Lease in Livingston, New Jersey

by Taylor Williams October 26, 2023

LIVINGSTON, N.J. — RWJBarnabas, a network of New Jersey-based independent providers, has signed a 11,667-square-foot healthcare lease at The Eisenhower, a 384,000-square-foot campus located in the Northern New Jersey community of Livingston. Richel Commercial Brokerage represented the tenant in the lease negotiations. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE, along with internal agent Eric Maurer, represented the landlord, Eastman Cos.

October 26, 2023

Acquisitions Healthcare Loans Texas

Remedy, Kayne Anderson Acquire 161,264 SF Specialty Surgical Hospital in Frisco

by Taylor Williams October 24, 2023

FRISCO, TEXAS — A joint venture between Chicago-based Remedy Medical Partners and Kayne Anderson Real Estate has acquired Baylor Scott & White Frisco Medical Center, a 161,264-square-foot specialty surgical hospital located on the northern outskirts of Dallas. The two-story, 68-bed facility sits on 7.4 acres and is fully leased to Texas Health Ventures Group, a joint venture between Baylor Scott & White and United Surgical Partners International. Services include orthopedics, OB/GYN, labor delivery/NICU, urology, spine, radiology and general surgery, as well as an emergency department and onsite pharmacy. The seller was not disclosed. First Citizens Bank provided a $75 million acquisition loan for the deal.

October 24, 2023

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Arranges $3.6M Sale of Oak Street Health-Occupied Medical Property in Chicago

by Kristin Harlow October 23, 2023

CHICAGO — Marcus & Millichap has arranged the sale of a 7,466-square-foot medical property occupied by Oak Street Health in Chicago for $3.6 million. The net-leased building is located at 6918 W. Archer Ave. and recently received a new roof along with interior and exterior renovations. Oak Street Health signed a new 20-year lease for the location. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. Jack Hopkins of Marcus & Millichap represented the buyer, a California-based private investor. Oak Street Health, which operates 170 locations in 21 states, was acquired by CVS earlier this year for $10.6 billion.

October 23, 2023

Healthcare Leasing Activity Michigan Midwest

Radiant Smiles Opens 2,489 SF Dental Office in Grand Rapids

by Kristin Harlow October 23, 2023

GRAND RAPIDS, MICH. — Radiant Smiles has opened a 2,489-square-foot dental office at 4650 Plainfield Ave. in Grand Rapids. Hillary Taatjes Woznick and Doug Taatjes of NAI Wisinski of West Michigan represented the landlord, Comprehensive Engineering, in the lease. Ryan Gillespie of CARR Realty represented the tenant. Comprehensive Engineering purchased the building in 2021 and also occupies space within it.

October 23, 2023

Acquisitions Healthcare South Carolina Southeast

Montecito Medical Acquires Seven Medical Office Buildings in Upstate South Carolina

by John Nelson October 20, 2023

NASHVILLE, TENN. — Nashville-based Montecito Medical has acquired a portfolio comprising seven medical office buildings (MOBs) in upstate South Carolina. Concentrated in the Greenville and Clemson markets, the properties total 88,000 square feet. The portfolio was fully leased at the time of sale. Clemson Eye occupies six of the buildings, and Carolinas Centers for Sight leases the seventh property. Both tenants are affiliates of Eye Health America. HREA | Healthcare Real Estate Advisors represented the undisclosed seller in the transaction. The sales price was also not disclosed.

October 20, 2023

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