Healthcare

UTMB-Health-Clear-Lake-Hospital-Webster-Texas

Sila Realty Trust Sells Metro Houston Hospital for $258.1M

by Taylor Williams December 18, 2023

WEBSTER, TEXAS — Sila Realty Trust, a nontraded real estate investment trust based in Tampa, has sold the 199-bed UTMB Health Clear Lake Hospital in Webster, a southeastern suburb of Houston, for $258.1 million. The University of Texas Medical Branch (UTMB), which is part of the larger UT healthcare system, occupies the 373,000-square-foot, acute-care hospital. The buyer was the Board of Regents of the University of Texas, which exercised a purchase option in the lease agreement. In addition to multiple onsite dining options, a family lounge and a children’s play area, the hospital offers: Sila Realty Trust is using proceeds from the sale to pay down existing debt and to fund other general corporate costs. “We are pleased to have executed the sale of the UTMB Health Clear Lake Hospital, which was a significant asset within our portfolio and one of our few owned short-term, acute-care hospitals,” says Michael Seton, president and CEO of Sila Realty Trust. “We anticipate expanding our high-quality, diversified healthcare portfolio into more outpatient and post-acute healthcare assets.” — Taylor Williams

December 18, 2023

Acquisitions Healthcare Texas

Partners Real Estate Brokers Sale of 11,978 SF Ambulatory Surgery Center in San Marcos, Texas

by Taylor Williams December 14, 2023

SAN MARCOS, TEXAS — Partners Real Estate has brokered the sale of an 11,978-square-foot ambulatory surgery center in the Central Texas city of San Marcos. According to LoopNet Inc., the single-tenant property at 1891 Medical Parkway was built on three acres in 2010. Ryan McCullough, Connor Watson and Jackson Heazel of Partners represented the seller, an entity doing business as San Marcos Surgical Land LLC, in the transaction. The buyer and sales price were not disclosed.

December 14, 2023

Acquisitions Healthcare Southeast Virginia

SRS Arranges $8.5M Sale of New Medical Office Building in Ashburn, Virginia

by John Nelson December 14, 2023

ASHBURN, VA. — SRS Real Estate Partners has arranged the $8.5 million sale of a single-tenant, 12,580-square-foot medical office building located at 20041 Riverside Commons Plaza in Ashburn, about 30 miles northwest of Washington, D.C. Built in 2022, the property was fully leased to OrthoVirginia, an orthopedics practice with 35 locations, at the time of sale. The medical office facility is an outparcel for Riverside Square, a 90,000-square-foot shopping center, and is within one mile of Inova Loudon Hospital. Andrew Fallon and Philip Wellde Jr. of SRS represented the buyer, a Virginia-based private investor who was in a 1031 exchange and paid all-cash for the asset. Danny Booker, Rich Sillery and Douglas Olson of Monument Retail represented the seller, which was also the developer, in the transaction.

December 14, 2023

Healthcare Loans New York Northeast

Largo Capital Arranges $40.5M Loan for Refinancing of Medical Office Building in Ithaca, New York

by Taylor Williams December 14, 2023

ITHACA, N.Y. — Largo Capital, a financial intermediary based in the Buffalo area, has arranged a $40.5 million loan for the refinancing of a 64,500-square-foot medical office building in downtown Ithaca. The newly developed building is located on the Cayuga Park healthcare campus and houses a walk-in clinic, specialized care for complex illnesses, diagnostic imaging facility, outpatient clinic and a comprehensive women’s health center. Ned Perlman of Largo Capital arranged the debt. The borrower and direct lender were not disclosed.

December 14, 2023

Development Healthcare Midwest Minnesota

Ryan Cos. to Construct 30,000 SF Clinic for Southside Community Health Services in Minneapolis

by Kristin Harlow December 13, 2023

MINNEAPOLIS — Ryan Cos. US Inc. will construct a 30,000-square-foot clinic for Southside Community Health Services in Minneapolis. The healthcare provider signed a ground lease with Ryan, which owns the land at 1010 E. Lake St. Named One Southside, the clinic will enable Southside to consolidate all of its services under one roof. The facility will include a diagnostic laboratory, mammography suite and administrative offices. Southside is currently operating between two buildings located one mile apart. Southside has received grants totaling $7.8 million from Delta Dental of Minnesota Foundation, Health Resources and Services Administration, K.A.H.R Foundation, Mackenzie Scott’s Yield Giving fund, Mainstreet Revitalization, Mississippi Watershed Management Organization and the Restore-Rebuild-Reimagine Fund. Southside is still seeking financial support from federal, state and local governments for the project. The project team includes 4RM+ULA as architect of record, Perkins&Will as clinic architect, Zuri3 Construction as construction manager and Classic Lake Consulting as Southside’s representative. Construction is estimated to begin in mid-2024 and be completed by mid-2025.

December 13, 2023

Connecticut Development Healthcare Northeast Retail

Seligson Properties Completes $20M Healthcare, Retail Conversion Project in Norwalk, Connecticut

by Taylor Williams December 8, 2023

NORWALK, CONN. — Locally based developer Seligson Properties has completed a $20 million healthcare and retail conversion project in Norwalk, located in southern coastal Connecticut. Seligson redeveloped a three-story, 27,000-square-foot historic bank building that was originally constructed in 1955 into a 24,000-square-foot medical facility for Stamford Health and a 3,000-square-foot bank branch office for Wells Fargo. The gut renovation delivered new roofing, windows, doors and lighting, as well as a covered exterior entrance. The development team also reimagined the lobby and updated the building interiors, parking areas and landscaping. Liberty Bank financed the project.

December 8, 2023

Arizona Development Healthcare Office Western

Cypress West Partners Completes Construction of 22,000 SF Ocotillo Medical Collaborative in Queen Creek, Arizona

by Amy Works December 6, 2023

QUEEN CREEK, ARIZ. — Cypress West Partners has completed the construction of Ocotillo Medical Collaborative, a $10 million medical office building located at 223663 E. Domingo Road in Queen Creek. The 22,000-square-foot building is fully occupied by five tenants, including Action Behavior Centers, a leading applied behavior analysis therapy for autism provider in the area. According to Cypress West Partners, the building is the first off-campus, for-lease medical office building to come to market in Queen Creek. Prior to this development, Queen Creek’s only existing medical office buildings were two on-campus properties occupied by a health system.

December 6, 2023

Acquisitions Healthcare Illinois Midwest

Cushman & Wakefield Brokers $11M Sale of Medical Office Portfolio in Libertyville, Illinois

by Kristin Harlow December 5, 2023

LIBERTYVILLE, ILL. — Cushman & Wakefield has brokered the $11 million sale of the Hollister Grove Medical Office Portfolio in Libertyville, a northern suburb of Chicago. The portfolio consists of 1800 Hollister Drive, which totals 58,000 square feet across three floors. Located on the campus of Hollister Inc., the property is 91 percent leased to tenants such as Advocate Infusion Center, Illinois Retina Associates and Northwest Neurology. The other property in the portfolio is 1900 Hollister Drive, which totals 34,000 square feet across three floors. The building is 57 percent leased to tenants such as Weil Foot & Ankle, Northshore Allergy, Northshore Primary Care and Ear, Nose & Throat Specialists of IL. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield represented the seller, Libertyville-based Hollister Inc., which is a medical supply manufacturer. Skokie-based Stage Equity Partners was the buyer.

December 5, 2023

Healthcare Leasing Activity Maryland Southeast

MedStar Signs 19,739 SF Lease at Medical Office Building in Annapolis, Maryland

by John Nelson November 27, 2023

ANNAPOLIS, MD. — MedStar Medical Group has signed a 19,739-square-foot lease at a medical office building (MOB) located at 810 Bestgate Road in Annapolis, roughly 30 miles outside of Baltimore. The new lease marks an expansion of the healthcare network’s presence at the property, which totals 100,000 square feet across four stories. MedStar now occupies 31,000 square feet at the building, which is fully leased. Stephanie Caronna represented the landlord, St. John Properties, in the lease negotiations on an internal basis. Paige Wingate and Matt Sullivan of Cushman & Wakefield represented the tenant. MedStar plans to open a surgery center at the property in March 2024.

November 27, 2023

Healthcare Leasing Activity New York Northeast

BCHN to Open 11,000 SF Healthcare Facility in The Bronx

by Taylor Williams November 22, 2023

NEW YORK CITY — Bronx Community Health Network (BCHN) will open an 11,000-square-foot healthcare facility at 3763 White Plains Road. The two-story facility will offer outpatient medical, dental and behavioral health services. The opening is set for summer 2024. Project partners include DIGroupArchitecture, New York Engineers and Denham Wolf Real Estate Services.

November 22, 2023

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