WEST ORANGE, N.J. — Cedar Knolls, N.J.-based Newmark Associates Commercial Real Estate Brokerage facilitated the $10.4 million sale of the 38,000-square-foot 475 Prospect Ave., a medical office building in West Orange. The property is currently 60 percent leased to tenants such as the Essex Specialized Surgical Institute, Omni Eyecare and Reproductive Medical Associates of New Jersey. Judith Tell Feldman of Newmark represented the seller, Prism Capital Partners, and the buyer in the transaction.
LONE TREE, COLO. – The 38,600-square-foot Renewal Medical Center in Lone Tree has been purchased by Baceline Investments, LLC from a lender after foreclosure for $6 million. This is about 55 percent of the property’s original loan value, according to an announcement by Baceline. The medical office building was built in 1984 and renovated in 2005. It is currently 65 percent occupied. Baceline intends to carry out further improvements to the building over the next year.
CHICAGO — HSA — Primecare has selected Premier Design + Build Group of the 22,500-square-foot Silver Cross Hospital & University of Chicago Medical Center Cancer Center tenant improvements. In addition to medial exam rooms and physician offices, construction includes a variety of cancer treatment procedure area including chemotherapy infusion bays, computed tomography imaging and radiation oncology via linear accelerator radiotherapy equipment. Completion is slated for spring 2012.
GRAND BLANC, MICH. — Ciena Healthcare has broken ground on the $8.5 million, 74-room Grand Blanc Care Center, a skilled nursing community located at 1330 Grand Pointe Ct. in Grand Blanc. The 68,000-square-foot facility will include short-term rehabilitation and long-term care suites, six bariatric rooms, a rehabilitative therapy room and a spa. Completion is slated for the summer of 2012.
ATLANTA — Atlanta-based McCarthy Building Cos. has been selected for the $42 million, 140,000-square-foot Kaiser Permanente's Glenlake Comprehensive Medical Center, located at 20 Glenlake Pkwy. in Atlanta. Construction will begin the second quarter of 2012 and will include the addition of 100,000 square feet to the existing facility, as well as the renovation of 40,000 square feet. With these improvements, the facility will be equipped to provide around-the-clock medical care and services. Completion is slated for March 2014.
OKLAHOMA CITY, OKLA. — The Dean McGee Eye Institute has opened its new $46 million, 78,000-square-foot research and clinical facility, located at 608 Stanton L. Young Blvd. in Oklahoma City. The new facility adjoins the existing facility, which houses the University of Oklahoma's Department of Ophthalmology.
COLUMBUS, GA. — The U.S. Department of Housing and Urban Development has committed to insure a $210 million mortgage loan to the 376-bed St. Francis Hospital, a hospital and 60-bed assisted living facility located at 2122 Manchester Expressway in Columbus. The loan, which is being provided through FHA's Section 242 Hospital Mortgage Insurance Program, will be used to renovate a portion of the existing facility, construct a new patient tower and medical office building, purchase new equipment and refinance a $50 million debt.
LAFAYETTE, LA. — Grubb & Ellis Healthcare Reit II has purchased the 26,000-square-foot, 32-bed Lafayette Physical Rehabilitation Hospital, located at 307 Polly Ln. in Lafayette, from HFG Lafayette for $12.1 million. The buyer financed the acquisition using $12 million in borrowings under its line of credit with KeyBank National Association and cash proceeds received from its offering. Mike Coiro and Bill Bennett of Baltimore-based Capital Hospital Finance Group represented the seller in the transaction.
WAYNE, NEB. — Darland Construction has been selected to lead the planning and construction of the two-part expansion of Providence Medical Center, located at 1200 Providence Rd. in Wayne. The 25,000-square-foot addition will house a wellness and physical therapy center, and a separate 3,500-square-foot addition will provide expanded space for an outpatient department. Avant Architects is designing the expansion, and Specialized Engineering Solutions is the MEP engineer. Completion is slated for the summer of 2012.
TEMPLE — The new 148,000-square-foot Children's Hospital at Scott & White, a pediatric hospital serving 32 counties, has opened for business in Temple. The Children's Hospital offers 64 beds — 48 private and 16 Intensive Care Unit (ICU). Dallas-based HKS designed the facility, which is the only stand-alone pediatric facility between Dallas and Austin. The facilities include playrooms and an emergency department.