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HealthcareTexas

CIRRUS CLOSES ON $5 MILLION CONSTRUCTION LOAN FOR SURGERY CENTER

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PALESTINE, TEXAS — Dallas-based The Cirrus Group has closed on a $5 million loan for the construction of a new medical office building located in Palestine. The facility will be located on Willow Creek Parkway near Loop 256 and will total 28,000 square feet. It will be anchored by an ambulatory surgery center that will feature 2 operating rooms and two procedure rooms. Additional space at the facility will contain physician offices. Construction is expected to take 7 months. The project architect is Bryant Burton Kupcunas Architects and the genera contractor is Hill & Wilkinson. The facility will be operated by Springfield, Mo.-based Medical Consulting Group. Cirrus arranged the loan on behalf of the borrower, one of the company’s affiliates. The lender is Southwest Securities, FSB.

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HealthcareNortheast

WP REALTY DISPOSES OF MEDICAL OFFICE COMPLEX

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PAOLI, PA. — Bryn Mawr, Pa.-based WP Realty has sold Paoli West Professional Park, a multi-tenant medical office complex located at 15 and 17 Industrial Blvd. in Paoli. Situated on 1.3 acres, the property includes two two-story buildings totaling 19,237 square feet. It is located adjacent to Paoli Hospital and near Bryn Mawr, Phoenixville and Chester County Hospitals. Occupancy was 94 percent at the time of closing. Stephen Marzullo and Douglas Rodio of CB Richard Ellis negotiated the transaction. The buyer and the acquisition price were not disclosed.

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HealthcareTexas

CADENCE MCSHANE MOB PROJECT TOPS OUT

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DALLAS — The new 10740 Medical Office Building in Dallas has topped out. The new, Class A facility, which is located at 10740 N. Central Expressway, spans 92,000 square feet over four stories. It is scheduled for completion in December. The Ophthalmology Surgery Center of Dallas has leased the building’s fourth floor for a 25,000-square-foot ambulatory surgery center. Additional tenants at the building will be The Glaucoma Associates of Texas, The Cornea Associates of Texas and Dallas Laser Center. Cadence McShane Construction Co. is building the facility; Marasco & Associates, Inc. and Alliance Architects are providing architectural services.

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HealthcareMidwest

WELSH COMPLETES MEDICAL CLINIC EXPANSION

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SOMERSET, WIS. — Twin Cities-based Welsh Cos. has completed an expansion of Stillwater Medical Group’s Somerset Clinic, located at 700 Rivard St. in Somerset. Construction consisted of a 7,132-square-foot expansion, bringing the facility’s total size to 12,957 square feet. New construction included 11 exam rooms, a procedure room, a large lab facility, a conference room and a lounge. Genesis Architecture designed the project. The clinic remained open during construction.

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HealthcareSoutheast

FLORIDA HOSPITAL MEMORIAL MEDICAL CENTER OPENS

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DAYTONA BEACH, FLA. — A new 718,000-square-foot hospital has opened in Daytona Beach. Florida Hospital Memorial Medical Center is a 10-story facility situated on a 135-acre campus near the interchange of Williamson Boulevard and Interstate 95. The project, which was built by Robins & Morton Construction Co. and designed by HuntonBrady Architects, features a first-floor emergency rooms that contains 53 treatment bays, three trauma units and a helipad. The third floor features a comprehensive diagnostic and treatment center for cardiovascular (CV) disease that includes the area’s only endovascular/hybrid operating room. The fourth and ninth floors feature the hospital’s BirthCare Center and the fifth through eighth floors are dedicated to inpatient care. In addition, a medical office building connected to the hospital’s first four floors was constructed. The new hospital replaces Florida Hospital Ormond Memorial, located in Ormond Beach, Fla., which closed following the opening of the new hospital.

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HealthcareSoutheast

COTTER-RYAN BEGINS CONSTRUCTION FOR SURGERY CENTER

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TAVARES, FLA. — Cotter-Ryan Commercial has begun construction for Premier Surgery Center, a 20,000-square-foot medical facility located in Tavares. Situated on Vindale Road near U.S. Highway 441, the project will consist of an 11,000-square-foot ambulatory surgery center and 9,000 square feet of medical office space. Locally based Hari Holding LLC is developing the project. Completion is slated for spring 2010.

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HealthcareNortheast

HAMPSHIRE/PARAGON LEASES 13,776 SQUARE FEET OF MEDICAL OFFICE SPACE

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WEST ORANGE, N.J. — The Hampshire Companies, in a joint venture with Paragon Realty, has leased 13,776 square feet of medical office space at 375 Mount Pleasant Avenue, located in West Orange. The tenant, The Urology Group of New Jersey, plans to take occupancy in November. The building, which totals 106,000 square feet and was formerly a research and development facility for Organon USA, is being converted into a building for hospital and medical office uses. The Hampshire/Paragon JV was represented by Frank Gunsberg of FirstService Williams. John Feeney of Studley represented the tenant. The property is part of Hampshire Partners Fund VII, one of the company’s institutional real estate investment funds.

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HealthcareSoutheast

STEVENS CONSTRUCTION TO RENOVATE AMBULATORY CENTER

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SARASOTA, FLA. — Ambulatory Surgical Centers of America has tapped Fort Myers, Fla.-based Stevens Construction for renovations and expansion of the Premier Surgery Center of Sarasota. The property is located at 983 Beneva Rd. Stevens will renovate 20 rooms and construct two surgery recovery rooms at the hospital. Completion is slated for late this year.

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HealthcareMidwest

PRUDENTIAL TO INVEST IN LILLIBRIDGE

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CHICAGO — Chicago-based Lillibridge has received a $30 million equity commitment from Prudential Real Estate Investors (PREI). The additional equity will be used for future development and acquisition opportunities by the healthcare real estate company. PREI has partnered with Lillibridge for three previous equity raises and was one of Lillibridge’s initial investors when the company first raised equity in 1999. This most recent commitment brings its total commitments to more than $135 million. Lillibridge currently has a portfolio of healthcare real estate across 16 states that totals approximately 6 million square feet.

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HealthcareSoutheast

60,000-SQUARE-FOOT MEDICAL OFFICE PROPERTY COMING SOON

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COVINGTON, LA. — Stirling Properties will break ground in September on the 60,000-square-foot Medical Arts Pavilion at Lakeview Medical Center. The $14 million, two-building property is located at the intersection of Highway 190 and Fairway Drive in Covington. Construction of the first building should be complete by the fall of 2010. Gensler designed the space, and Central Progressive Bank is financing the project.

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