VISTA, CALIF. — Rady Children’s Hospital has purchased a two-story, 28,600-square-foot medical office building located within Ocean Terrace Professional Center at 3605 Vista Way in Vista. The acquisition price was not disclosed. CB Richard Ellis’ Lars Eisenhauer, Lannie Allee and Roger Carlson represented the seller, McMahon Development Group, in the transaction, and Steve Rosetta of Cushman & Wakefield represented the San Diego-based buyer.
FLOWER MOUND, TEXAS — Construction of the 41-bed Continuum Rehabilitation Hospital will officially begin April 24 at 3100 Peters Colony in Flower Mound. The property will include 41 private rooms, a spa, a gym, cold and hot immersion baths, and a restaurant. The development was created under the city's revised Economic Development Incentive policy and is expected to create 110 jobs.
BEACHWOOD, OHIO — Grubb & Ellis Healthcare REIT II has acquired Parkway Medical Center, a two-building medical office portfolio in Beachwood. Located at 3609 and 3619 Park East Dr., the 88,000-square-foot complex sold for an undisclosed price. The portfolio consists of a 51,000-square-foot building, which was constructed in 1972, and a 37,000-square-foot building, which was built in 1987. Currently the facility is 87 percent occupied to 35 tenants, including University Hospitals of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. Bob Nosal of Grubb & Ellis represented the seller, Parkway Medical Center LLC, in the transaction.
SCHAUMBURG, ILL. — Leopardo, serving as general contractor, has broken ground for the construction of a headquarters property for Barrington Orthopedic Specialists. Located at 929 W. Higgins Road in Schaumburg, the 53,000-square-foot medical office will feature physical therapy, work hardening, work conditioning, MRI and physician offices. Completion is slated for January 2011. Tinley Park, Ill.-based Areté 3 is providing architectural services for the project.
PITTSBURGH — Healthcare Trust of America (HTA) has signed an agreement to acquire a Pittsburgh medical office building for $40.65 million. The Federal North Medical Office Building is located two blocks from Allegheny General Hospital. It contains approximately 191,612 square feet of Class A space over four stories. Occupancy was 99.2 percent at the time of closing, with Allegheny General Hospital occupying or guaranteeing 85 percent of the tenancy. The weighted average term remaining on tenant leases for the building is more than 10 years. The seller's name was undisclosed.
LOCKPORT, ILL. — Meridian Design Build has completed the build-out of a medical office property in Lockport for MedProperties Group. The fast-tracked project included the construction of 10 exam rooms, private restrooms, shared waiting/reception areas and lockable file storage. The build-out was completed within Lockport Crossings Medical Center, a three-story, 54,000-square-foot medical office building. Areté 3 Ltd. provided architectural services for the project.
SAN DIEGO — The Vista Hill Foundation has purchased a 12,000-square-foot medical office building, located at 8910-8912 Clairemont Mesa Blvd. in San Diego, for its new main corporate office. Gina Coldani of NAI San Diego represented the buyer in the $1.95 million transaction, and Capital Growth Properties’ John Drummond and Greg Wagner represented the seller, The Dossett Group.
SUGAR LAND, TEXAS — Healthcare Trust of America has purchased the 60,300-square-foot Sugar Land Medical Building II from an undisclosed party for $12.4 million. The Sugar Land property is located in close proximity to Methodist Sugar Land Hospital, St. Luke's Hospital and Sugar Land Medical Center. Sugar Land Medical Building II is fully leased; Texas Children's Hospital occupies the majority of the space.
SAN ANTONIO — Inland Western Retail Real Estate Trust has sold an 80,000-square-foot, Class A medical office building to an undisclosed buyer for $10.85 million. The San Antonio property was built in 2005 and is fully leased to Coventry – First Health. Craig Tomlinson of Stan Johnson Co. represented both parties in the transaction.
CAMP PENDLETON, CALIF. — The new $24 million Wounded Warrior Barracks at Marine Corps Base Camp Pendleton has opened in San Diego County. The two-story, 66,000-square-foot facility features 100 semi-private suites for men and women of all ranks and includes gaming areas, computer alcoves, outdoor athletic facilities, therapeutic gardens and nature trails. Barnhart Balfour Beatty was the builder, and Cass, Sowatsky, Chapman & Associates of San Diego was the project architect.