SYLVA, N.C. — Grubb & Ellis Healthcare REIT II has acquired Sylva Medical Office Building, a three-story property located on the campus of Harris Regional Hospital in Sylva. Located at 98 Doctors Dr., the property offers 45,000 square feet of Class A single-tenant medical office space. Built in 2010, the property is long-term leased until 2025 to Harris Regional Hospital. The property was acquired from CDP-Sylva LLC, which was represented by Doug Connell of Grubb & Ellis' Atlanta office. Grubb & Ellis Healthcare REIT II financed the acquisition using $11.4 million in borrowings under its line of credit with Bank of America N.A. and cash proceedings received from its offering.
WHEATFIELD, N.Y. — Calamar has commenced development of the first building to be constructed as part of a new medical campus within The Woodlands Corporate Center East in Wheatfield. The project consists of an 8,000-square-foot building that will be operated by Apollo Healthcare as a full-service renal center. At full build-out, the medical campus will contain 250,000 to 400,000 square feet of medical space, representing a $50 to $75 million investment. Woodlands Corporate Center East totals 120 acres and will be able to accommodate healthcare, office, flex and residential space.
FLOWER MOUND — River Walk Medical Park I, a three-story, 84,000-square-foot medical office building, will break ground this month in The River Walk at Central Park development in Flower Mound. Expected to open in fall 2011, it will connect to the existing Texas Health Presbyterian Hospital on all three levels. River Walk Medical Park I will include a radiation and medical oncology center as well as the following specialties: urology, cardiology, general surgery, colorectal, orthopedics and OB/GYN.
LOWER PAXTON AND SILVER SPRING, PA. — Campbell Commercial Real Estate has arranged three new medical office leases in Pennsylvania. First, Pinnacle Health Medical Service and Partners in Women's Healthcare have opened offices in a newly constructed medical office building located at 810 Sir Thomas Court in Lower Paxton. The leases, which total approximately 15,000 square feet, bring the building to full occupancy. In addition, Pinnacle has signed a lease or half of the space in a new 23,000-square-foot building under construction at 21 Waterford Drive in Silver Spring Township. The project is scheduled for completion in spring. Art Campbell of Campbell Commercial brokered the leases; his company is also marketing the available space in the Waterford Drive project.
HOUSTON — Reliant Hospital Partners plans to construct a new healthcare facility in Houston. The $25 million project, which is known as Reliant Rehabilitation Hospital-Houston Northwest, will be located at the intersection of State Highway 249 and Chasewood Park Drive within the new Vintage Park development. The building will total approximately 65,000 square feet over three floors. It will contain 60 beds and will open in early 2012. Reliant is partnering with The Cirrus Group to develop the project.
MIDDLETOWN, CONN. — Seavest has acquired two medical office buildings in Connecticut on behalf of one of its private equity investment funds. The two properties are located within Middletown Medical Complex, an outpatient campus owned by nearby Middlesex Hospital. The buildings include a two-story, 33,482-square-foot building located at 520 Saybrook Dr. and a three-story, 30,451-square-foot building located at 940 Saybrook Rd. The buildings are 92 and 96 percent leased, respectively. Middlesex Hospital occupied 26 percent of the space in the two buildings. Concurrent with the sale, Seavest signed a ground lease for the land back with Middlesex Hospital.
PITTSBURG, CALIF. — Marcus & Millichap has announced the $2.37 million sale of the 15,596-square-foot Leland Regency Plaza, a medical/dental office property located at 300 East Leland Ave. in Pittsburg. Marcus & Millichap's Russ Moroz represented both the buyer and the seller in the transaction.
RALEIGH, N.C. — Healthcare Trust of America has acquired Raleigh Medical Center, a medical office building in Raleigh. The three-story, multi-tenant property offers 89,000 square feet of medical office space. An undisclosed seller sold the property for $16.65 million. The property is 91 percent leased to medical office users, including Wake Research Associates, Triangle Orthopedic Associates and Carolina Ear and Hearing Clinic.
PITTSBURGH — Healthcare Trust of America has acquired a Class A medical office building in Pittsburgh for $39 million. The property contains 229,000 square feet over six stories and is located less than a mile from Allegheny General Hospital. It was constructed in 2003. As of January 1, 2011, it will be fully leased for the following 15 years. The seller's name was not released.
ATHENS, GA. — Grubb & Ellis Healthcare REIT II has acquired Athens Long-Term Acute Care Hospital, which is located at 775 Sunset Dr. in Athens. Built in 2008, the single-tenant property offers 32,000 square feet of Class A medical office space. The property is leased by Landmark Real Estate Holdings, which is leased through 2025. Creative Health Capital represented the seller, White Oaks Real Estate Investments of Georgia, in the transaction. Grubb & Ellis Healthcare REIT II financed the acquisition using $12.3 million in borrowings under its line of credit with Bank of America and cash proceeds received from its offering.