RICHMOND, VA. — Columbus, Ohio-based Morris, Smith & Feyh has closed on a $12.6 million first mortgage loan. The loan is secured by a 90,000-square-foot, multi-tenant medical office building in Richmond. Joseph Gonzales of Morris, Smith & Feyh's Cleveland office originated the loan on behalf of the undisclosed borrower. The loan was provided by one of Morris, Smith & Feyh's correspondent lenders.
ROCHESTER HILLS, MICH. — Rochester MOB LLC has purchased a 50,000-square-foot medical office building in Rochester. Flagstar Bank sold the property, which is located at 1349 S. Rochester Road, for $2.82 million. Bruce Morrison of Signature Associates represented both parties in the transaction.
ELMHURST, ILL. — Reed Construction has been selected to complete a medical office building build-out at Elmhurst Medical and Surgical Center in Elmhurst. Located at 340 W. Butterfield Road, the office renovation includes the construction of a surgical procedure room, recovery rooms, examination rooms, laboratories and doctors' offices. Additionally, Reed Construction will build-out a reception area, nursing stations, waiting areas and employee break rooms. A new mechanical and electrical system will also be installed. The Proteus Group is providing architectural services for the project, which is slated for completion in first quarter 2011.
ROCKFORD, ILL. — Developer W.D. Schorsch Real Estate has selected McShane Construction Co. construct a 32,150-square-foot Rockford Veterans Affairs Community-based Outpatient Clinic in Rockford. Situated on 3.9 acres at Featherstone Drive and Mulford Avenue, the project will feature a public waiting area and lobby, physician offices, treatment rooms, staff support areas, a pharmacy, diagnostic testing capabilities and laboratories. Marasco & Associates Inc. designed the facility to achieve LEED Silver certification. The project is scheduled to break ground in spring with completion slated for early 2012.
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.