BRAINTREE, MASS. — Rader Properties has brokered the sale of a 48,000-square-foot medical office building in Braintree for $7.46 million. Blue Hills Medical Center is located at 340 Wood Road. It was built in 1982 and is leased by tenants such as South Shore Hospital, Milton Pediatrics, Boston Brace and Blue Hill Medical Associates. David Mitchell of Rader Properties represented the undisclosed seller and procured the buyer, IG Blue Hills LLC.
TEXARKANA — Texarkana Medical Portfolio, a multi-property medical complex with more than 500,000 square feet of space Texarkana's downtown district, has changed hands between two limited liability companies. Jacob Steele and Andy Glinski of Marcus & Millichap's Denver office and Brad Bailey of the firm's Austin office represented both parties. Marcus & Millichap's Tim Speck assisted in closing the transaction. Terms were undisclosed.
COLUMBIA, MO. — Grubb & Ellis Healthcare REIT II has acquired Columbia Long-Term Acute Care Hospital in Columbia for an undisclosed price. Located at 604 N. Old Highway, the single-story, 31,000-square-foot property was built in 2009. The property is long-term leased by Landmark Holdings of Missouri LLC. Creative Health Capital represented the seller, White Oaks Real Estate Investments in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using case proceeds received from its offering and $11 million in borrowings under its line of credit with Bank of America, N.A.
CHARLOTTE, N.C. — Duke Realty Corp. has acquired Morehead Medical Plaza I on the Carolina Medical Center campus in Charlotte. The 190,773-square-foot medical office building is directly connected to Carolinas Medical Center's 874-bed inpatient care tower via an enclosed walkway. The property is 100 percent leased to Carolinas Medical Center. Terms of the transaction were not disclosed.
MCKINNEY — Houston-based PM Realty Group, a national, full-service real estate firm, has broken ground on McKinney Medical Plaza, a three-building, 21,617-square-foot medical office complex, on Virginia Parkway near the intersection of Ridge Road in McKinney. The medical development is located within a 5-mile radius of five separate hospitals. Its launch follows the recent completion of the 120,000-square-foot Texoma Medical Plaza, another PM Realty property.
MOCKSVILLE, WINSTON-SALEM AND CHARLOTTE, N.C.; AND LOGANVILLE, GA. — RiverOak Investment Corp. has closed on a $20.7 million loan, which covers the company's acquisition of six medical office properties in North Carolina and Georgia. The CMBS loan has a 5-year term, a 30-year amortization schedule and a 6.07 percent interest rate. An affiliate of RiverOak Investment Corp. acquired the portfolio of properties, which are occupied by Novant Health Inc., in the Charlotte – Winston-Salem corridor for more than $28 million. The properties include 171 Enterprise Way in Mocksville; 480 W. Hanes Mill Road, 4020 Kilpatrick Street and 140 Club Oaks Court in Winston-Salem; and 17220 Northcross Drive in Charlotte. The properties are 100 percent occupied and total approximately 250,000 square feet. Additionally, the affiliate also acquired Loganville Medical Center, a 15,242-square-foot medical office building located at 3869 Highway 81 South in Loganville, for $5.3 million.
HILLSBORO, ILL. — Cambridge Realty Capital Cos. has provided a $2.16 million FHA-insured HUD LEAN loan to refinance the Hillsboro Rehabilitation and Health Care Center. The 107-bed skilled nursing facility is located at 1300 E. Tremont St. in Hillsboro. The fully amortized, 26-year term loan was underwritten by Cambridge Realty Capital for the borrower, a Missouri-based limited liability company.
SPRINGFIELD, PA. — CB Richard Ellis (CBRE) Capital Markets has secured $32.4 million in acquisition financing for the Crozer-Keystone Springfield Campus, a three-building, 260,000-square-foot medical office complex located in Springfield. The buildings, consisting of two medical office buildings and a fitness/sports medicine health and wellness center, are situated on the campus of Springfield Hospital. They are fully leased on a long-term basis to Crozer-Keystone Health System, which also operates the hospital. CBRE's James Gunning and Donna Falzarano arranged the 4-year loan through a New Jersey commercial bank. The borrower was undisclosed.
MIAMI — Miami Valley Hospital has opened its new 484,000-square-foot Southeast Addition. The $150 million, 11-story tower features 178 patient rooms and a comprehensive heart center, including imaging services, cardiac testing, cardiac catheterization labs adn heart surgery suites. Additionally, the facility include future capacity for 72 private patient rooms, a new patient/visitor entry lobby, two levels of underground parking, overhead pedestrian connectors and a loading dock. The project was built by a joint venture of Skanska USA and Shook Construction. NBBJ, on behalf of Premier Health Partners, provided architectural services for the project.
MANSFIELD — A 7,500-square-foot medical office, located in the southeast quadrant of FM 157 and Highway 287 at 1788 FM 157 in Mansfield, has traded. St. George Medical Office, represented by independent broker Sami Ebrahim, sold the property to an undisclosed local investor, represented by Jim Turano of Henry S. Miller Brokerage's Dallas-Fort Worth office and industrial division. The medical office is 100 percent occupied by a single medical user.
