HOUSTON — Cadence McShane Construction Co. has completed the 60,000-square-foot OakBend Doctors Center – Grand Parkway. The Class A medical office building is located on 5 acres on Grand Parkway between Morton Road and Longmeadow Farms Parkway in Houston. Tenants include OakBend Emergency Room, OakBend Imaging, OakBend Medical Group, PLEX and Texas Sports Medicine Institute. Marasco & Associates and Seeberger + Associates designed the project.
PLAINSBORO, N.J. — Trammell Crow Co. has been selected to develop a new medical office building on the campus of the $442 million University Medical Center of Princeton at Plainsboro, a new hospital located in Plainsboro. Medical Arts Pavilion will be a five-story, 146,971-square-foot building that will directly connect to the new hospital, which is also currently under construction. Princeton HealthCare System, which will occupy the new hospital, will be the primary tenant for the new office building as well. The healthcare provider will house an ambulatory surgery center, diagnostic radiology services, a sleep center and other medical services in the building. The remainder of the space will be leased as physician's offices. Groundbreaking for the project will take place in October, with completion expected in May 2012. The project's owner is Partners Health Trust, a joint venture between Trammell Crow and a public pension fund advised by Kennedy Associates.
OAK LAWN, ILL. — Chicago-based MedProperties has completed the disposition of Oak Lawn Medical Center, a 26,324-square-foot medical office building located at 10837 S. Cicero Ave. in Oak Lawn. A private equity partnership, including Chicago-based Stage Equity Partners, acquired the property for approximately $8.7 million or $331 per rentable square foot. Built in 2007, the Class A office property is anchored by MidAmerica Cardiovascular Consultants. Ted Rusthoven, Ted Buenger and Gary Fazzio of CB Richard Ellis represented the seller in the transaction.
DENTON AND LEWISVILLE, TEXAS — Healthcare Trust of America has purchased a two-property medical office portfolio in Denton and Lewisville from an undisclosed party for $13.5 million. One of the properties, which spans 35,720 square feet, is located on Texas Health Presbyterian Hospital Denton's campus. The 10-year-old building is fully leased to Texas Health Resources through 2017. The Lewisville property is 18,000 square feet and is fully leased to Texas Oncology.
CHARLESTON, S.C. — Healthcare Trust of America has purchased the 45,500-square-foot Cannon Park Place from a private party for $10.44 million. The Class A medical office building is located adjacent to the Medical University of South Carolina's campus. Rite Aid and University Medical Associates lease 80 percent of the fully leased building.
LARGO, FLA. — Wallace Associates of St. Petersburg, Fla., will soon begin work on a 105,000-square-foot renovation to a diagnostic clinic in Largo, transforming it into the West Bay Professional Plaza. The medical office plaza will be located at 1551 West Bay Drive. The property is located in a Brownfield Designation Area.
LIVINGSTON, TEXAS — Grubb & Ellis Healthcare REIT II has purchased the 30,000-square-foot Livingston Medical Arts Pavilion from McShane Development for an undisclosed amount. Located at 403 Ogletree Drive in Livingston, the property sits on the Memorial Medical Center's 41-acre campus. The pavilion, which was built in 2007, is fully leased. Memorial Health System of East Texas is the primary tenant.
CLEVELAND — Grubb & Ellis Healthcare REIT II has acquired St. Vincent Medical Office Building, a three-story multi-tenant medical office building located on the campus of St. Vincent Charity Medical Center in Cleveland. Located at 2322 E. 22nd St., the 51,000-square-foot facility sold for $10.1 million. The property is currently 92 percent leased to multiple tenants, with St. Vincent Charity Medical Center occupying approximately 65 percent of the space. Jim Moloney and Joe Dominguez of Cain Brothers represented the seller, Vincent MBL Investors, in the transaction.
LANCASTER, OHIO — Dallas-based Realty Capital Partners (RCP), on behalf of its RCP River View MOB Ltd. entity, has acquired River View Medical Center, a medical office building located at 2405 N. Columbus St. in Lancaster. The 75,000-square-foot property is currently 100 percent occupied. RCP partnered with affiliates of Equity Inc. to acquire the property in a $2.2 million off-market transaction. Additional terms of the transaction were not released.
BAYONNE, N.J. — The Bayonne Planning Board has granted approval for the construction of a new medical office building in the city. Bayonne Medical Center plans to construct an approximately 50,000-square-foot building that will house a surgery center, a nursing school, a hospital pharmacy and doctors' offices. Groundbreaking is set to occur in 2011. William Procida is overseeing the project on behalf of Bayonne Medical Center.