Healthcare

Lee & Associates Negotiates $4.1M Sale of Development Site in Suburban Chicago for Future Advocate Health Outpatient Center

by Kristin Harlow September 29, 2023

HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.

September 29, 2023

Acquisitions Arizona Healthcare Office Western

Plaza Cos., Ryan Cos. Sell Ironwood Medical Pavilion in Queen Creek, Arizona for $23.3M

by Amy Works September 25, 2023

QUEEN CREEK, ARIZ. — Plaza Cos. and Ryan Cos. have completed the disposition of Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek. Hammes Partners acquired the asset for $23.3 million. Plaza Cos. will remain a minority joint venture investor and will continue to provide leasing and property management services for the property. Completion in September 2019, the three-story Ironwood Medical Center features 60,000 square feet of medical office space. The facility is adjacent to the Banner Ironwood Medical Center, a 78-acre medical center campus at the southwest corner of Gantzel and Combs roads. Bill Cook and Margaret Lloyd of Plaza Cos. will lead leasing efforts, while Scott Rubin of Plaza Cos. will oversee property management of the facility.

September 25, 2023

Development Healthcare Midwest Minnesota

Ryan Cos. Completes 30,000 SF Psychiatric Hospital Expansion in Brooklyn Park, Minnesota

by Kristin Harlow September 25, 2023

BROOKLYN PARK, MINN. — Ryan Cos. US Inc. has completed PrairieCare’s youth and young adult psychiatric inpatient hospital expansion in the Minneapolis suburb of Brooklyn Park. Ryan completed the project three weeks ahead of schedule. The nearly 30,000-square-foot expansion includes an additional 30 inpatient beds as well as activity and therapy spaces. The expansion enables PrairieCare to serve an additional 1,000 youth and young adults each year. The hospital is located adjacent to 610 Medical Center, a two-story medical office building that houses PrairieCare, PrairieCare Medical Group and the PrairieCare Foundation. Ryan also built and designed 610 Medical Center. Pope Architects served as the architect and interior designer for the expansion project.

September 25, 2023

Development Healthcare Midwest Minnesota

HealthPartners Breaks Ground on $50.5M Specialty Center in Woodbury, Minnesota

by Kristin Harlow September 22, 2023

WOODBURY, MINN. — HealthPartners has broken ground on a $50.5 million specialty center in the St. Paul suburb of Woodbury. The facility will provide additional medical and surgical specialty care to the community. Located on City Place Boulevard, the project will rise two stories and total 55,000 square feet. Completion is slated for winter 2024. The project marks the health system’s latest addition to the Woodbury area, including HealthPartners Clinic Woodbury, TRIA Orthopedic Center, Melrose Center and other specialty care clinics. Kraus-Anderson is the construction manager.

September 22, 2023

Acquisitions Healthcare Indiana Midwest

Matthews Real Estate Brokers $21.9M Sale-Leaseback of Indiana Dental Portfolio

by Kristin Harlow September 22, 2023

MISHAWAKA AND FORT WAYNE, IND. — Matthews Real Estate Investment Services has brokered the $21.9 million sale-leaseback of a four-property dental portfolio totaling 65,900 square feet in Indiana. Three of the locations are in Mishawaka, and the fourth is in Fort Wayne. The deal was structured as a sale-leaseback with 15-year leases and 3 percent annual increases. Seamus O’Brien, Thor St John, Rahul Chhajed and Michael Moreno of Matthews brokered the sale. Buyer and seller information was not provided.

September 22, 2023

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers $6.3M Sale of Fresenius-Occupied Property in Westmont, Illinois

by Kristin Harlow September 19, 2023

WESTMONT, ILL. — Marcus & Millichap has brokered the $6.3 million sale of a Fresenius-occupied medical office property in Westmont, a western suburb of Chicago. Located at 700 Pasquinelli Drive, the building serves as a vascular repair center operated by Makris MD Vascular Center, a subsidiary of Fresenius Medical Care. Fresenius recently extended its lease for 10 years. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company.

September 19, 2023

Acquisitions Georgia Healthcare Southeast

Bull Realty Brokers $5.9M Sale of Two-Property Medical Office Building Portfolio in Metro Atlanta

by John Nelson September 19, 2023

DULUTH AND SUWANEE, GA. — Atlanta-based Bull Realty Inc. has brokered the $5.9 million sale of a two-property medical office building portfolio in metro Atlanta. The single-tenant assets, located at 3850 Pleasant Hill Drive in Duluth and 3770 Paddocks Parkway in Suwanee, were fully leased to Anne Arundel Dermatology at the time of sale. The buyer was a partnership between two entities doing business as GB Derm Medical LLC and Safe Harbour Exchange LLC. Paul Zeman of Bull Realty’s Healthcare Services Group represented the seller, an unnamed high-net-worth individual.

September 19, 2023

Healthcare Leasing Activity Northeast Pennsylvania

CBRE Negotiates 29,000 SF Healthcare Lease in Philadelphia

by Taylor Williams September 19, 2023

PHILADELPHIA — CBRE has negotiated a 29,000-square-foot healthcare lease in Philadelphia. According to LoopNet Inc., the six-story, 29,130-square-foot building at 3261 Tulip St. was originally constructed in 1960. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the negotiations for the full-building lease. The name and representative of the landlord were not disclosed.

September 19, 2023

Healthcare Leasing Activity Northeast Pennsylvania

CBRE Negotiates 58,000 SF Healthcare Lease in Philadelphia

by Taylor Williams September 18, 2023

PHILADELPHIA — CBRE has negotiated a 58,000-square-foot healthcare lease in the Port Richmond area of Philadelphia. According to LoopNet Inc., the seven-story, 203,952-square-foot building at 2301 E. Allegheny Ave. was originally constructed in 1910 and renovated in 2011. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the lease negotiations. The name and representative of the landlord were not disclosed.

September 18, 2023

Arizona Development Healthcare Western

Willmeng Breaks Ground on 34,000 SF Clarence Wesley Health Center in Bylas, Arizona

by Amy Works September 15, 2023

BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.

September 15, 2023

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