EDINA, MINN. —Twin Cities Orthopedics (TCO) and Hegenes Management have commenced development of Crosstown Medical Center, a four-story, 75,000-square-foot medical office building in Edina. NorthMarq Healthcare Advisory Group provided strategic counsel and transaction services for TCO; Stephen Brown of NorthMarq Healthcare Advisory Group helped TCO identify the 2-acre site, which is adjacent to Highway 62 and Fairview Southdale Hospital. Hegenes was represented by Bill Rothstein of NorthMarq Brokerage. In the process, TCO and property owner Hegenes formed a joint venture and will both retain ownership of the center. RJM Construction is handling the construction of the building and five-story parking structure; completion is expected in 2010.
SYLMAR, CALIF. — McCarthy Building Cos., serving as general contractor, has broken ground at Olive View-UCLA Medical Center for replacement and expansions of the hospital’s emergency services and acute care units in Sylmar. The $32 million project includes construction of a single-story, 41,000-square-foot addition on the north side of the existing facility. The emergency department building will feature 51 exam rooms, a radiology suite with fluoroscopy, general radiology, CT scan rooms, and registration and support areas. The acute-care unit, which will be dedicated to the treatment of tuberculosis, will include 15 negative pressure isolation rooms. Langdon Wilson Architects provided architectural services for the project, which will be delivered under a Guaranteed Maximum Price.
GADSDEN, ALA. — Birmingham, Ala.-based Hoar Construction has finished the 60,000-square-foot Centennial Tower, an addition to the Gadsden Regional Medical Center. More than 24,000 square feet in hospital renovations, which include a new hospital entrance, waiting area and parking lot, were also completed. In addition to the hospital’s critical care units, the tower includes two surgical services procedure rooms, cardiac catheterization suites and expanded recovery and holding areas. The hospital is located at 1007 Goodyear Ave. in Gadsden.
CARSON CITY, NEV. — An affiliate of Bronx, N.Y.-based Laub Realty has acquired Eagle Medical Center in Carson City in a sale-leaseback transaction. The 73,975-square-foot medical office property sold for an undisclosed price. The seller was Eagle Medical Center LLC. Dominic Brunetti, Scott Shanks and Scott Beggs of NAI Alliance brokered the transaction on behalf of the seller.
BYRON CENTER, MICH. — Bruce Gerhart with the Cleveland office of Love Funding has originated a $5.4 million loan for Railside Living Center in Byron Center. The refinance loan was secured through a HUD 232/223(f) loan program for the assisted living and memory care facility, which features 95 units and 121 beds. Loan terms include a 6.05 percent interest rate and 35-year amortization.
BOTHELL, WASH. — Pacific Medical Centers has leased 30,000 square feet of space within Building One of the Woodlands Technology Center (WTC) at Canyon Park Business Center in Bothell. Pacific Medical Centers is a network of outpatient clinics, which provide a broad range of healthcare services to the greater Seattle area. The company plans to open its Bothell branch in January 2010 and will occupy the entire third floor of Building One.
ST. LOUIS — Raineri Construction has completed a $2 million renovation project for Downtown Urgent Care, a 2,600-square-foot medical clinic located at 916 Olive St. in St. Louis. The clinic is located on the ground-floor of the four-story, approximately 30,000-square-foot Truman Office Building. The project consisted of the construction of a 2,100-square-foot mezzanine level in the building that will be used by Downtown Urgent Care for future expansion. The project was completed for Dr. Sonny Saggar, who purchased the office building in 2008.
HOPEWELL TOWNSHIP, N.J. — The Federal Housing Administration (FHA) has provided a $756 million loan to Capital Health for the construction of a new hospital. The 223-bed facility will replace the existing Mercer Medical Center and will also house two new medical-surgical units. The hospital is slated for completion in 2011. The loan is the largest transaction in FHA’s 75-year history.
FAIRFAX, VA. — Long Island, N.Y.-based Gyrodyne Co. of America has acquired the 58,000-square-foot Fairfax Medical Center from an undisclosed seller for $12.89 million. Located at 10721 Main St. in Fairfax, the property is currently 84 percent leased. The Fairfax Medical Center encompasses two four-story buildings spread across 3.5 acres. Virginia Commerce Bank provided $8 million in mortgage financing.
MINNEAPOLIS — Minneapolis-based NAI Welsh has negotiated the sale of a former meatpacking plant, located at 2815 Blaisdell Ave. in Minneapolis, for $3.6 million. The 3-acre site contains a 96,000-square-foot main building and a standalone 10,000-square-foot building, both of which will be razed to make way for a new clinic that is being constructed by the property’s buyer, Hennepin County Medical Center. NAI Welsh’s Brian Doyle and Eric Batiza represented the seller, M&O Uptown Investments. The buyer was represented by Mike Fleetham of NorthMarq.