WESTWOOD, N.J. — The Hampshire Companies has acquired a 33,000-square-foot medical office building located at 400 Old Hook Rd. in Westwood. Situated on 1.23 acres, the facility was 80 percent occupied at the time of closing. The building is located less than a mile from the former Pascack Valley Hospital, which is currently being converted into a medical school. Cushman & Wakefield represented Hampshire in the transaction. The property was acquired from Life Key Ventures on behalf of Hampshire Partners Fund VII, Hampshire’s institutional real estate investment fund. The acquisition price was not disclosed.
AUSTIN, TEXAS — Chicago-based Beacon Realty Capital has arranged $10.98 million in construction/mini-permanent, variable-rate financing for a medical office building located in Austin. The loan includes a 3-year term with two 1-year extensions and an interest-only component. The short-term financing was arranged with an undisclosed national bank. The borrower was not disclosed.
TERRE HAUTE, IND. — Thompson Thrift has completed the sale of a 9,020-square-foot medical office facility and an approximately 1-acre vacant lot adjacent to the property located at 227 E. McCallister Dr. in Terre Haute. Terre Haute Surgical Center leases the single-tenant building as the St. Vincent Surgery Center of Terre Haute. The seller was represented by Jeff Wright of Thompson Thrift; the buyer, Terre Haute Medical Clinical Facility LLC, negotiated the transaction in-house. The acquisition price was not disclosed.
SAN ANTONIO AND HOUSTON — NAI Houston has brokered two Texas sales. In San Antonio, Trent Siskron of the company arranged the sale of a 50,814-square-foot, single-tenant medical office building located at 400 Concord Plaza Dr. Known as The Orthopedic Institute, the property also contains an outpatient surgery center. Siskron represented the seller, Mallard San Antonio, as well as the buyer, Blauners Ortho Institute. In Houston, Siskron and Jeffrey Barbles, also of NAI Houston, represented both parties in the purchase of a 30,000-square-foot industrial building located at 7007 Belgold St. The property was acquired by Babson Belgold Property from JCW Belgold. The acquisition prices in both transactions were undisclosed.
KERMIT, TEXAS — Arlington, Texas-based Ascension Group Architects and Dallas-based Ray F. Skiles Co. have completed the first phase of the $13.1 million construction of a new hospital in Kermit. The new 34,000-square-foot hospital, which will replace the existing Winkler County Memorial Hospital, will contain 10 patient rooms, including nine semi-private rooms and an isolation room; and an emergency department that will include multiple private exam rooms, two trauma rooms and triage. All but 6,600 square feet of the hospital will consist of new construction; the remainder will be renovated and used for hospital support functions. Phase II construction has already begun and will include space for physical therapy, administrative offices, medical records, material management and dietary services. Completion is scheduled for December.
TUCSON, ARIZ. — Grubb & Ellis Healthcare REIT has purchased Academy Medical Center, a four-story medical office building in Tucson. Located at 310 N. Wilmot Rd., the 41,000-square-foot building is 94.5 percent leased to numerous tenants including Healthsouth Surgery, Laboratory Corporation of America and Academy Dental Care. This is the third site acquired by Grubb & Ellis Healthcare REIT in the Tucson area. Braxton Glass of E.B.S. & Associates represented the seller, an unaffiliated third party, in the transaction. Funding for the acquisition was primarily provided by Wachovia Financial Services Inc.
SAN ANTONIO — North Carolina-based Oaks Development Group has closed on the land sale for the development of a 95,000-square-foot, Class A medical office building. The new building will be situated on 7.9 acres in the Westover Hills neighborhood of San Antonio; it is part of a mixed-use project currently under development by Great American Co. that also will include a Staybridge hotel, restaurants and retail. Completion of the medical office building is expected in the first half of 2009. Tenants already signed on include Alamo Medical Group and Urology San Antonio; an MRI facility is being planned for the first floor. Sarah Teel of MSL Investments represented Oaks Development in the land purchase, and will handle leasing of the building.
HOUSTON — Groundbreaking has occurred for the $220 million Texas Children’s Hospital West Campus, which will be situated on 55 acres within Wolff Cos. Ten Oaks mixed-use development at the intersection of Interstate 10 and Barker-Cypress Road in suburban west Houston. The facility will include a 280,000-square-foot inpatient facility, as well as a 198,000-square-foot outpatient facility with physician offices. David and Mary Wolff donated 10 acres of the site to Texas Children’s Hospital for the development of the new campus. Additionally, The Methodist Hospital System has acquired 86 acres adjacent to Ten Oaks, and will break ground this summer for the $300 million first phase of a hospital and medical office project. Both projects are expected to be complete in 2010.
ORLANDO, FLA. — Nemours, one of the nation’s largest children’s health systems, has acquired 60 acres of land within Lake Nona’s medical city in Orlando to build a pediatric health care facility. The new building, which will be anchored by a 95-bed children’s hospital, is located near the UCF College of Medicine, Burnham Institute for Medical Research and the Orlando Veterans Affairs Medical Center. Skanska USA Building Co. will act as construction manager for the project. Currently involved in planning and designing the facility, Nemours is expected to break ground on the project in 2009, with completion slated for 2012. Nemours will also be a founding partner in the Lake Nona Healthcare Life Science Consortium. The price of acquisition and the projected cost of the facility were not disclosed.
WASHINGTON, MO. — St. Louis-based Paric Corp., acting as design/build contractor, has broken ground on a $30.4 million expansion of Patients First Health Care located at 901 Patients First Dr. in Washington. Two, three-story wings totaling 109,000 square feet will be added onto the existing 85,000-square-foot physician-owned medical facility. When completed, the building will include an ambulatory surgery center, a cancer treatment center, additional physician offices, and expanded retail space and meeting rooms. A three-story parking structure and additional surface parking will complete the project.