UNION, N.J. — A group led by principals of The Mainardi Management Company has acquired the former Union Hospital building located in Union. The approximately 200,000-square-foot building is situated at 1000 Galloping Hill Ave. It was operated as Union Hospital from 1962 to 2007 but has been closed since then. The buyer is a joint venture between members of the Mainardi family, some of their business associates and a company controlled by Andrew Piscatelli III. The group is repositioning the property as Union Medical Park and already has leased some of the space to medical tenants. Overlook Hospital, a division of Atlantic Health Services, will operate an emergency room at the facility and is leasing additional space for outpatient programs. A 20,000-square-foot space within the facility will be leased as a surgery center, and several local physicians have leased office space for their practices. Finally, the local YMCA is leasing 19,000 square feet for an adult activities center. The acquisition price was not disclosed.
MIDLAND — McCarthy Building Cos. has broken ground on a $100 million expansion and renovation to Midland Memorial Hospital. The project includes upgrades to the 100,000-square-foot Midland property, a new 240,000-square-foot tower and a five-level parking garage. The nine-story tower will feature a data center, patient rooms and emergency areas. Completion of the project, which was designed by Perkins + Will, is slated for September 2012. ADAMS Management Services Corp. represented the hospital's ownership.
SAN ANTONIO — Marcus & Millichap has brokered the sale of the Academy of Healthcare Professionals Building between two undisclosed parties. The property is located at 4738 Northwest Loop 410 in San Antonio. The firm's Marla Rhodes represented the seller, and Joshua Swank, also of the firm's San Antonio office, represented the buyer.
COLUMBIA, MD. — Martek Biosciences Corp. has signed an 86,367-square-foot lease with Preston Partners for space in a medical office facility. The property is located at 6480 Dobbin Road in Columbia. The lease accounts for renewal and expansion space. Scheer Partners represented Martek in the lease.
TAMPA, FLA. — An undisclosed borrower has received a $8.4 million acquisition loan for University Park, a multi-tenant medical office building. The 99,000-square-foot property is fully occupied and is located across from University of South Florida's Tampa campus. The 5-year loan comes with a 6 percent interest rate and a 25-year amortization schedule. Biscayne Asset Management secured the loan.
ARLINGTON, TEXAS — Tarrant County Hospital District has renewed a 10,500-square-foot lease at JPS Health Center Ð Central Arlington. The property, located at 501 W. Main St., was opened in 2005. Tenants in the building offer pediatric, behavioral health and family medicine services. Gary Walker and Renee Guy-Efimoff of SCM Real Estate Services represented the undisclosed landlord. Grapevine's Richard E. Hill represented Tarrant County Hospital District in the transaction.
MURRIETA, CALIF. — Kraus-Anderson Construction Co. has begun construction of Murrieta Healthcare Investors LLC’S $17.8 million medical office building in Murrieta. Located on the campus of the $211 million, 106-bed Loma Linda University Medical Center Hospital, also currently under construction, the five-story, 160,000-square-foot building will accommodate offices for more than 60 physicians.
EDINA, MINN. — RJM Construction has been selected to complete two clinical build-outs for Allina Hospitals & Clinics within the Centennial Lakes Medical Center in Edina. The 8,300-square-foot project includes space for the Minneapolis Heart Institute and Quello OB/GYN. The two offices are being renovated to include a new X-ray suite, a nuclear medicine suite and three check-in/waiting areas. Completion of the project is slated for late April. RJM is providing construction services, while Mohagen Hansen Architectural Group is providing architectural services.
NEW YORK CITY — An affiliate of the Hospital for Special Surgery has acquired a 30,000-square-foot medical office building in New York City for $24.35 million. The building is located at 429 E. 75th St. within the Hospital Corridor of Manhattan's Upper East Side. Paul Wexler of Corcoran Wexler represented the seller, a partnership between Taconic Investment Partners and ABR Partners. The two companies purchased the property, formerly a parking garage, in 2006 and converted it into medical office condominiums.
ODESSA, TEXAS — Hardin Construction Co. has broken ground on the $11.9 million Center for Health and Wellness at Medical Center Hospital in Odessa. The property will include medical offices, a gym, swimming pools, rehabilitation spaces and urgent care areas. The property will also be the home base for Mission Fitness, an adult-oriented fitness program.