Wednesday, December 25, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Healthcare

AcquisitionsHealthcareLoansNorth CarolinaSoutheast

JLL Arranges $55.2M Acquisition Loan for Healthcare Real Estate Portfolio in North Carolina

by John Nelson

BURLINGTON, DURHAM AND GREENSBORO, N.C. — JLL has arranged a $55.2 million acquisition loan for a nine-property healthcare real estate portfolio in North Carolina. Travis Anderson and Anthony Sardo of JLL arranged the 10-year, fixed-rate loan with a life insurance company on behalf of the borrower, AW Property Co. The facilities span nearly 300,000 square feet and are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro. The portfolio has an average vintage of 2006 and was 99 percent leased at the time of financing to healthcare systems and independent physician practices including Cone Health, Duke Health and UNC Health.

Continue Reading
FacebookTwitterLinkedinEmail
Paradise-Valley-Plaza-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Woodside Health Development Buys Paradise Valley Plaza Office, Medical Complex in Phoenix for $20.9M

by Amy Works

PHOENIX — Cleveland, Ohio-based Woodside Health Development has purchased Paradise Valley Plaza, a multi-tenant office and medical complex in Phoenix, from Cloud Peak Development for $20.9 million. Located at 5010, 5020 and 5040 E. Shea Blvd., the three-building, 100,203-square-foot asset is 95 percent leased to a tenant mix of 50 percent office and 50 percent medical/wellness tenants. The complex features drive-up exterior loading suites, interior and outdoor courtyards, breezeways and balcony spaces. Eric Wichterman, Mike Coover and Chris Toci of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
1743-Creekside-Dr-Folsom-CA
AcquisitionsCaliforniaHealthcareOfficeWestern

CBRE Negotiates $7.5M Sale of Medical Office Building in Folsom, California

by Amy Works

FOLSOM, CALIF. — CBRE has brokered the sale of a medical office building located at 1743 Creekside Drive in Folsom. A private seller sold the asset to an undisclosed buyer for $7.5 million. At the time of sale, the 20,086-square-foot property was fully leased. Tenants include CGT Global, Folsom Orthopedic Surgery and Sports Medicine and Hanger Prosthetics & Orthotics West. The building is situated within the nine-building Willow Creek Medical Office Park, which is adjacent to Dignity Health Hospital. Matt Post, Sammy Cemo and Antony DeLorenzo of CBRE represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareTexas

MedProperties Buys 44,659 SF Medical Office Building in Cypress, Texas

by Taylor Williams

CYPRESS, TEXAS — MedProperties, a Dallas-based healthcare real estate private equity firm, has purchased a 44,659-square-foot medical office building in the northwestern Houston suburb of Cypress. Completed in 2024, the building was fully leased at the time of sale to Memorial Hermann Health System and Athlete Training + Health. Capital One and Siemens Financial Services provided acquisition financing for the deal. The seller and sales price were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareTexas

Healing Realty Trust Buys El Paso Medical Office Building for $7.1M

by Taylor Williams

EL PASO, TEXAS — Healing Realty Trust, a Florida-based REIT focused on healthcare assets, has purchased a 50,000-square-foot medical office building in El Paso for $7.1 million. The four-story building is situated on a 2.2-acre site at 1810 Murchison Drive within the Pill Hill Medical District. According to LoopNet Inc., the property was originally built in 1978 and subsequently renovated in 2020. Tenants include WellMed, Quest Diagnostics, Optum and Universal Health Services. The seller was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Third-Quarter Commercial, Multifamily Borrowing Increased 59 Percent Year-Over-Year

by John Nelson

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareMidwestMissouri

Marcus & Millichap Arranges $8.8M Sale of Medical Office Building in Bridgeton, Missouri

by Kristin Harlow

BRIDGETON, MO. — Marcus & Millichap has arranged the $8.8 million sale of a 22,097-square-foot medical office building in Bridgeton, a northwest suburb of St. Louis. Located at 3550 McKelvey Road, the property is occupied by St. Louis Heart and Vascular. There are more than 17 years remaining on the triple-net lease. Built in 1974, the facility is situated near DePaul Hospital. Alec Coronado of Marcus & Millichap represented the seller, an out-of-state developer, and procured the buyer, Montecito Medical.

Continue Reading
FacebookTwitterLinkedinEmail
HealthcareLeasing ActivityNew YorkNortheast

Northwell Health Signs 19,162 SF Office, Healthcare Lease in Melville, New York

by Taylor Williams

MELVILLE, N.Y. — Northwell Health, the state’s largest provider, has signed a 19,162- square-foot office and healthcare lease in the Long Island community of Melville. Northwell plans to operate a pharmacy center and administrative offices within the 55,686-square-foot building at 40 Melville Park Road, which is owned by locally based firm Simone Development Cos. Darren Leiderman of Colliers represented Northwell in the lease negotiations. Simone Development was self-represented.

Continue Reading
FacebookTwitterLinkedinEmail
HealthcareLoansMichiganMidwestOffice

PACE Loan Group Provides $3.3M C-PACE Loan for Renovation of Samaritan Center in Detroit

by Kristin Harlow

DETROIT — PACE Loan Group has provided a $3.3 million C-PACE loan for the renovation of the Samaritan Center in Detroit. The four-building business complex features more than 525,000 square feet. The loan covers 60 percent of the energy-efficiency project’s $5.5 million renovation, which will update the main building and is expected to reduce annual repair expenses and utility costs. Redeveloped from a former hospital, Samaritan Center was founded to help spur redevelopment on the east side of Detroit and is owned by SER Metro-Detroit. At least 65 percent of the space is leased to nonprofits, which aim to promote education and physical and mental well-being in the community. Currently, the property is used for medical services, senior living, education, social services and office space. The C-PACE proceeds will be used to finance qualifying energy-efficiency improvements, including LED lighting, HVAC, chillers and boilers, upgraded building control systems and new elevators. These improvements are expected to save $328,370 annually in energy costs and reduce annual maintenance costs by $250,000. SER Metro-Detroit also received a $2 million grant from the State of Michigan to update the building façade, replace large sections of the roof and rebuild air handlers.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareMidwestOhio

Flagship Healthcare Acquires 14,416 SF Ambulatory Surgery Center in New Albany, Ohio

by Kristin Harlow

NEW ALBANY, OHIO — Flagship Healthcare Properties has acquired a 14,416-square-foot ambulatory surgery center (ASC) in New Albany, about 15 miles northeast of Columbus. The purchase price was undisclosed. Built in 2003, the property at 6520 W. Campus Oval is fully leased to Central Ohio Surgical Institute, which is majority owned by nonprofit healthcare system OhioHealth. The ASC features five operating rooms and offers multiple surgical specialties, including ENT, plastics, orthopedics, gynecology, dentistry and gastroenterology. The property is situated within the 9,000-acre New Albany International Business Park. Flagship utilized its private real estate investment trust, Flagship Healthcare Trust, for the acquisition. Flagship will provide property management and asset management services for the ASC. Fifth Third Bank provided acquisition financing. Nick Myeres of Zeustra represented the undisclosed sellers.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts