FLORHAM PARK, N.J. — Atlantic Health has announced plans to develop a four-story, 100,000-square-foot medical facility at The Green at Florham Park, a 268-acre master-planned project that is being developed in Florham Park by a joint venture between Rockefeller Group Development Corp. and Roseland, N.J.-based The Gale Real Estate Services Company. Called Atlantic Sports Health Institute, the facility will specialize in sports medicine. It is located adjacent to the training facility for the New York Jets and is located between Morristown Memorial Hospital in Morristown, N.J., and Overlook Hospital in Summit, N.J.—both of which are owned by Atlantic Health. Construction is scheduled to begin in mid-2009 with completion expected in mid-2010.
DALLAS — The Dallas office of Cadence McShane Construction Co. had broken ground for the construction of 10740 Medical Office Building, a Class A medical property located at 10740 North Central Expressway in Dallas. The four-story property will total 92,000 square feet; it will feature an ambulatory surgery center on the fourth floor, and medical office space on the bottom three floors. The project was designed by Marasco & Associates and Alliance Architects. Completion is scheduled for December. Three leases have already been signed for the building. Ophthalmology Surgery Center of Dallas has leased the entire 25,000-square-foot fourth floor. In addition, The Glaucoma Associates of Texas and The Cornea Associates of Texas have each leased 10,000-square-foot suites.
BEAUMONT, TEXAS — The Houston office of Marcus & Millichap has brokered the sale of College Eye & Medical Center, a 22,750-square-foot medical property located in Beaumont, for $2.57 million. Built in 1984, the property is situated at 3129 College St. Marcus & Millichap’s Jason Ridenbaugh and Joshua Lass-Sughrue represented the seller, a locally based partnership. College Eye & Medical Center was acquired by a Clinton, Wash.-based private investor.
NORTHBROOK, ILL. — NorthMarq Capital has arranged approximately $4.13 million in first mortgage financing for ENH Ground Lease, a 98,000-square-foot site located in Northbrook. NorthShore University Healthsystem is the major tenant of the property, and has plans to construct a 30,000-square-foot medical office building at the site. The loan was based on a 10-year term, with a 30-year amortization schedule. Jeffrey Cherner and Michael Miller in the Chicago office of NorthMarq arranged the loan on behalf of 445 Venture LLC. Financing was arranged for the borrower by NorthMarq through its relationship with AVIVA Investors. According to Cherner, the ground lessee and owner of the leasehold improvements has a credit rating of AA-.
SAN DIEGO — Family Health Centers of San Diego has completed the development of North Park Pediatric Clinic & Development Center, a medical office building located at 3514 30th St. in San Diego’s North Park community. The two-story, 7,623-square-foot facility features general medical offices, an expanded pediatric clinic, development screening and invention services, and group classroom space. Ware Malcomb provided architectural services for the project. San Diego-based Frakes Construction Inc. served as general contractor.
PHOENIX — Phoenix-based SKI Properties LLC has completed the disposition of two medical office buildings in Phoenix for a total of $10.2 million. California-based Morelli Revocable Trust purchased a 17,979-square-foot building located at 337 E. Coronado Rd. for $6.05 million. The property was 100 percent occupied. In the second transaction, California-based MRK Properties LLC acquired a 12,148-square-foot property, which is located at 20325 N. 51st Ave. near Loop 101, for $4.15 million. The building was fully occupied. Brian Ackerman and Karsten Peterson of Cushman & Wakefield of Arizona Inc. represented the seller in both transactions. Paul Miachika and Cathy Jones of Sun Commercial Real Estate Inc. represented both buyers.
WASHINGTON, D.C. — Chicago-based Lillibridge has purchased two medical office buildings in Washington, totaling 101,000 square feet, from Ascension Health System for an undisclosed amount. The 69,000-square-foot DePaul Professional Building and the 32,000-square-foot Providence Medical Building are both located on the Providence Hospital campus at 1160 Varnum St. N.E. During the next 12 to 18 months, Lillibridge plans a major remodel to the buildings.
ST. LOUIS — Clayco Inc. has completed construction of the 29,600-square-foot St. Luke’s Rehabilitation Hospital located in West St. Louis County. The $7.4 million project was completed on behalf of a joint venture between RehabCare Group Inc. and St. Luke’s Hospital in Chesterfield, Mo. The facility, which provides medical and therapy services for patients requiring inpatient physical rehabilitation, is situated 3 miles west of St. Luke’s main campus. As part of the joint venture agreement, RehabCare and St. Luke’s will provide management and staffing services, including defined ancillary needs, lab and diagnostic services, and support services. The 33-bed building includes 25 private and five semi-private suites, an occupational and physical therapy gym, exam rooms, an office component, a dining room, a support area, and a formal entry and lobby area. The project was completed in 1 year. Clayco’s project team included Kirk Warden as project executive, Steve Street as project director and Rob Bruce as project superintendent.
CLAREMONT, CALIF. — Rancho Santa Margarita, Calif.-based StoneCreek Company has completed Claremont Medical Plaza, a 50,000-square-foot Class A medical office building located at 1601 Monte Vista Ave. in Claremont. The property is 85 percent pre-leased, with Pomona Valley Hospital Medical Center slated to occupy more than 35,000 square feet on the first and second floors. Tenant occupancies are planned for February. Irvine, Calif.-based Ware Malcomb Associates provided architectural services for the project; San Marcos, Calif.-based Lusardi Construction Company served as general contractor.
WEBSTER AND SAN ANTONIO, TEXAS — Grubb & Ellis Healthcare REIT has acquired the Mountain Plains Portfolio, a two-property medical office portfolio located in Texas, for $43 million. The first property is Clear Lake Medical Office Building, a four-story, approximately 110,000-square-foot property located in Webster. Situated on 4.7 acres at 250 Blossom St., the property located across the street from the 595-bed Clear Lake Regional Medical Center and adjacent to Triumph Hospital Clear Lake, a long-term acute care center. The property was constructed in 2006 and was fully occupied at the time of closing. The second property is Pecan Valley Medical Office Building, a two-story, approximately 60,000-square-foot building located in San Antonio. It is situated on 3.1 acres across from Southeast Baptist Hospital, at 4243 E. Southcross Blvd. The building features surgery rooms, an indoor rehabilitation pool and an imaging center. It was constructed in 1998 and was 100 percent occupied at the time of the sale. The sellers were unaffiliated third parties, which were both represented by P.J. Camp and Jay Miele of New York City-based Shattuck Hammond Partners. With this purchase, which closed in December, Grubb & Ellis completed 21 healthcare acquisitions in 15 states in 2008.