WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has completed the sale of a 22,524-square-foot medical office condominium, located at 375 Mt. Pleasant Ave. in West Orange. The condo is situated within the 11-acre former headquarters of Organon, which is in the process of being redeveloped into a 106,000-square-foot medical office project. It was purchased by New Jersey Cardiology Associates (NJCA), which will use the space for its cardiology practice. NJCA is the project’s first tenant. The seller was 375 Mt. Pleasant Avenue LLC, a joint venture between Paragon Realty Group and Hampshire Cos. FirstService Williams represented both parties in the transaction.
SAN ANTONIO — CHRISTUS Santa Rosa Health Care and the University of Texas Health Science Center at San Antonio have announced plans to develop a freestanding, non-profit academic children’s hospital in San Antonio. Both parties have appointed representatives to a planning team, which has already commissioned a feasibility study to be completed by January 1, 2010. The results of the study will determine how the partners move forward, including the hospital’s location. Founded in 1869, CHRISTUS Santa Rosa Hospital is a Catholic faith-based, non-profit health and wellness ministry. The organization currently has four hospital campuses in South Texas.
SUGAR LAND, TEXAS — Eco-Dental, an environmentally friendly dental practice, has joined the tenant roster at Lake Pointe Village, a 170,000-square-foot retail center in Sugar Land. The retail center is located within the 190-acre, mixed-use suburban village Lake Pointe Town Center, a Planned Community Developers’ (PCD) project. The dentistry practice will occupy 2,000 square feet of retail space at 1570 Southwest Freeway, Suite 500. Eco-Dental owner Dr. Danny Nguyen represented himself, and Charlie Adams of PCD represented the firm in lease negotiations.
GLENVIEW, ILL. — Cambridge Realty Capital Cos. has arranged a $15.9 million first-mortgage loan for the refinancing of Glenview Terrace Nursing Center, a 314-bed skilled nursing facility located in Glenview. The loan is filly amortized and carries a 40-year term. It was arranged for the borrower, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. of Illinois, a Cambridge subsidiary that underwrites senior housing and healthcare loans using HUD programs. Glenview Terrace was refinanced through HUD’s Section 223(a)(7) program.
GLEN ELLYN, ILL. — Leopardo Construction has completed construction for a $7 million medical office building in Glen Ellyn on behalf of Central DuPage Hospital. The three-story convenient care facility is situated at 885 Roosevelt Rd., adjacent to an existing Central DuPage Hospital Health Track Facility. The new building features radiology, trauma and internal medicine departments, as well as diagnostics facilities. The two buildings share an existing parking area. Leopardo served as general contractor with architectural services being provided by RTKL.
CHESTERFIELD, MO. — The St. Louis office of Walton Construction has completed Chesterfield Medical Institute, a 20,000-square-foot ambulatory surgery center and medical office building located in Chesterfield. The $6.8 million project consists of a two-story building situated on Chesterfield Parkway. The project architect during construction was Feeler Sheer Architects. Tenants at the building include Laser & Dermatologic Surgery Center, West County Dermatology and Generation Dental Group. The property is owned by Drs. George Hruza, Dan Ring and Julie Ring.
SAN ANTONIO — NorthMarq Capital has arranged first-mortgage financing for 8500 Village Medical Office Building, a 23,165-square-foot property located in San Antonio. The building is currently occupied by Radiology Associates, Monarch Dental, Pathways Services and other medical groups. Roger Trapnell and Warren Hitchcock of NorthMarq’s Houston office secured the loan, which carries a 25-year term and a 25-year amortization schedule. The lender was StanCorp Mortgage Investors. The borrower and the loan amount were not disclosed.
HILLIARD AND COLUMBUS, OHIO — Columbus-based Alterra Real Estate Advisors has completed the sale of two Columbus-area medical office buildings for a total of $2.44 million. The first property is located at 5300 Nike Dr. in Hilliard and traded for $1.54 million. The second property is located at 1547 W. Broad St. in Columbus and traded for $900,000. Both properties are currently occupied by Mt. Carmel Health Systems. Brad Kitchen of Alterra represented the seller in both transactions, 36 Fiesta Lane LLC. The Nike Drive property was acquired by Golden Unity LLC, which was represented by Roya Ghodsi of ReMax Town Center. Acquisition financing was provided by US Bank. The Broad Street property was purchased by Andrew Tran of San Diego.
LOS ANGELES — Century City, Calif.-based Held Properties has completed the disposition of 100 UCLA Medical Plaza in Los Angeles. The Regents of the University of California acquired the property for $43 million. Located adjacent to the Ronald Reagan UCLA Medical Center at the entrance to the UCLA campus, the seven-story, 123,000-square-foot medical center is currently 100 percent leased at the time of acquisition. Held Properties and construction partner Jones Brothers completed the 100 UCLA Medical Plaza in 1991.
ZEPHYRHILLS, FLA. — Fort Myers, Fla.-based Stevens Construction has begun its renovation of the 7,500-square-foot Twelve Oaks Medical Office building. After the project is complete, the property, located at 6748 Gall Blvd. in Zephyrhills, will house an orthopedic medical practice. Stevens’ duties include interior demolition, full reconstruction and the installation of a new sprinkler system. Delivery is expected this fall.