Healthcare

Echo Real Estate Capital Acquires 33,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow November 22, 2023

CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.

November 22, 2023

District of Columbia Healthcare Loans Southeast

Thorofare Capital Provides $125.9M Loan for Medical Office Portfolio in Metro D.C.

by John Nelson November 21, 2023

LOS ANGELES — Thorofare Capital Inc., a Los Angeles-based affiliate of asset management platform Callodine Group LLC, has provided a $125.9 million loan for a medical office portfolio in greater Washington, D.C. The portfolio comprises eight properties totaling more than 705,000 square feet, the majority of which are situated on or adjacent to hospital campuses. Thorofare Capital provided the three-year, floating-rate loan to the borrower, an investment vehicle managed by Chicago-based Harrison Street. Felix Gutnikov, Jacob Yi and Nicholas Krueger of Thorofare Capital originated the financing. John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets Group arranged the loan.

November 21, 2023

Acquisitions Development Healthcare Mixed-Use North Carolina Southeast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson November 20, 2023

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

November 20, 2023

Development Healthcare Illinois Midwest

McHugh Construction Completes Five-Story Healthcare Facility for Howard Brown in Chicago

by Kristin Harlow November 20, 2023

CHICAGO — McHugh Construction has completed a new five-story healthcare facility and medical office for Howard Brown, the Midwest’s largest LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The property at 3501 N. Halsted St. offers primary care and dental services. The building, which features 38 exam rooms and 12 dental chairs, is expected to serve 23,000 patients per year. Eckenhoff Saunders was the architect. A two-story lobby features an open staircase that leads to the various offices, exam and consultation rooms located on the second through fifth floors. A Walgreens store and pharmacy occupies the building’s street-level retail space. A rooftop terrace is available for clinic events and functions. Howard Brown developed the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, was the concrete subcontractor.

November 20, 2023

Acquisitions Connecticut Healthcare Northeast

Colliers Brokers Sale of 37,731 SF Medical Office Complex in Torrington, Connecticut

by Taylor Williams November 16, 2023

TORRINGTON, CONN. — Colliers has brokered the sale of 245 Alvord Park, a 37,731-square-foot medical office complex in Torrington, a western suburb of Hartford. Litchfield Hills Orthopedic Associates, an affiliate of Hartford Healthcare, anchors the property. An entity doing business as IJAN 2 CT Realty LLC sold the asset to a partnership between Boston-based Sendero Capital and alternative asset manager Angelo Gordon for $8.1 million. Phil Gagnon, Ian Hunt and John Cafasso of Colliers brokered the deal.

November 16, 2023

Acquisitions Healthcare Illinois Midwest

Remedy Medical Properties, Kayne Anderson Real Estate Acquire Medical Office Building in Suburban Chicago for $71M

by Kristin Harlow November 16, 2023

OAK BROOK, ILL. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired the RUSH Oak Brook Medical Center in the Chicago suburb of Oak Brook. RUSH University System for Health sold the property for nearly $71 million, according to Crain’s Chicago Business. The three-story, 93,386-square-foot medical office building and ambulatory surgery center is 99 percent leased by RUSH University System for Health and Midwest Orthopaedics at RUSH, a division of OrthoMidwest. Located at 2011 York Road, the property was completed in 2018. Services offered at the facility include physical therapy and rehabilitation; neurosurgery; ear, nose and throat; OB/GYN; dermatology, pain management; gastroenterology; and primary care.

November 16, 2023

Development Healthcare Midwest Wisconsin

Kraus-Anderson Completes Construction of Gundersen Tri-County Hospital in Whitehall, Wisconsin

by Kristin Harlow November 10, 2023

WHITEHALL, WIS. — Kraus-Anderson (KA) has completed construction of Gundersen Tri-County Hospital, a new hospital and renovated clinic for Gundersen Health System in Whitehall, a small town in western Wisconsin. The new facility replaces the current 60-year-old hospital serving Whitehall, Blair, Independence and surrounding communities. KA also renovated the 17,000-square-foot clinic. Designed by Groth Design Group, the two-story, 68,000-square-foot hospital features 31 private patient rooms, a trauma center and helipad landing zone. Additionally, the project features an ER, imaging, lab, pharmacy, surgical, dietary, rehabilitation and transitional care offerings. A new ambulance and maintenance building is also on the site.

November 10, 2023

Acquisitions Healthcare Southeast Virginia

Laramar Group Acquires 35,406 SF Medical Office Building in Sterling, Virginia

by John Nelson November 9, 2023

STERLING, VA. — The Laramar Group has acquired Sterling Medical Plaza, a 35,406-square-foot medical office building located at 46440 Benedict Drive in Sterling, a suburb of Washington, D.C. The investment firm purchased the two-story property via Laramar Medical Properties Fund I for an undisclosed price. The seller was also not disclosed. Built in 1986 and renovated in 2021, Sterling Medical Plaza was 85 percent leased at the time of sale to tenants including Loudoun Medical Group, INOVA Health and Concentra.

November 9, 2023

Acquisitions Healthcare Midwest Minnesota

Montecito Medical Acquires 32,711 SF Medical Office Building in Woodbury, Minnesota

by Kristin Harlow November 6, 2023

WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.

November 6, 2023

Healthcare Leasing Activity New York Northeast Office

Weill Cornell Medicine Signs 100,000 SF Office, Healthcare Lease Expansion in Manhattan

by Taylor Williams November 3, 2023

NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.

November 3, 2023

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