DALLAS — A 92,000-square-foot medical office building, located at 10740 N. Central Expy. in Dallas, has been purchased for $25.5 million. Toby Scrivner, Jeff Matulis and Karen Vinsko of Stan Johnson Co. represented the seller, Texas Institute for Eyes, in the transaction and procured the buyer, California-based IRA Realty Capital.
Healthcare
BALTIMORE — Johns Hopkins Health System has selected EwingCole to design a new 18,000-square-foot radiation oncology addition and renovation to the Bayview Medical Office Building, located in Baltimore. The building will be named the Sydney Kimmel Comprehensive Cancer Center, and will include exam/consulation rooms, clinical support space, linear accelerators and a radiation therapy simulator. The renovation will include vitals/phlebotomy, an infusion area and oncology pharmacy. The estimated construction cost is $10.5 million
CUMBERLAND, MD. — Love Funding has arranged $9.22 million in refinancing for the 146-bed Allegany Health Nursing and Rehabilitation Center, located at 730 Furnace St. in Cumberland. Laura Saull-Smith of Love Funding's Washington, D.C., office secured the 35-year loan through HUD's 232/223(f) loan program on behalf of the borrower, Allegany Healthcare Group.
DALLAS — HealthCap, a private equity firm specializing in healthcare, has merged with The Cirrus Group, a healthcare real estate development and investment firm. The merger will expand both firms' investment options to healthcare operators. The new merger will be based in Dallas.
PALM BEACH, FLA. — Palm Beach-based AW Property Co. and Dallas-based MedProperties Holdings have acquired a four-property medical office building portfolio in Florida from Healthcare Realty Trust for $33.4 million. The properties total 238,071 square feet and include Countryside Medical Arts in Safety Harbor, St. Andrews Medical Park in Venice, Bonita Bay Medical Centre in Bonita Springs and Southwest Plaza in Fort Myers. AW Property Co. will lease and manage the six buildings. GE Capital provided part of the acquisition financing. Healthcare Real Estate Capital acted as an intermediary for the buyers in the transaction.
AMARILLO AND HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has purchased two medical office buildings (MOBs) as part of $52.5 million portfolio acquisition of MOBs in Texas, California and Arizona. The 58,000-square-foot medical office building in Amarillo is fully leased to Amarillo Heart Group through May 2023. The 30,000-square-foot property in Houston is fully leased by Memorial Hermann Health System through 2019.
YUBA CITY, CALIF. – A13,488-square-foot medical office building located at 350 Del Norte Ave. in Yuba City has sold to a private investor for $2.35 million. The building is fully occupied by an affiliate of Sutter Health. The seller, a physician, was represented by Russ Moroz of Marcus & Millichap’s Sacramento office.
NEW YORK CITY — New York City-based Eastern Union Commercial has arranged a $34 million loan for the refinancing of a four-building, 580-bed nursing portfolio in New York and New Jersey. Three of the properties are fully operational, while the fourth, a 120-bed skilled nursing facility, is currently under construction. The project is expected to be completed at the end of 2012. Abraham Bergman of Eastern Union secured the 5-year loan through M&T Bank. The borrower is a privately held nursing home owner and management company.
MCKINNEY — Family First Healthcare, the office of Demetria Smith, M.D., has opened a 2,196-square-foot office, located at 6717 W. Eldorado Pkwy., Ste. 120 at the Eldorado Office Park in McKinney. Rebecca Harrell and Jim Turano of Henry S. Miller Brokerage's represented the landlord, Eldorado Office Park LLC, in the lease transaction. Mike Cowherd of TH Physicians Group represented the tenant. Eldorado Office Park is currently 89 percent occupied.
HUNTINGTON BEACH, CALIF. – A 7,098-square-foot medical office building in Huntington Beach has sold to Harmelback, LLC (Beach Family Doctors Medical Group) for $2.48 million. The building is located at 9131 Adams Ave. Harmelback was represented by Allen Basso and Eric Darnell of Lee & Associates’ Irvine office. Dave Romero of the firm’s Newport Beach office and Bryan Lysne of Lee & Associates Investment Services Group represented the seller, Michael M. Khatibi, in this transaction.