MILFORD, CONN. — Michael Richetelli of Colonial Properties has brokered the sale of 16 Oxford Road in Milford. Metropolitan Dental Laboratory of Stratford acquired the building from Oxford Place LLC for $675,000. The 4,800-square-foot building is situated on .62 acres and the owner plans on using 50 to 75 percent of the building for its own operations and leasing out the remaining space.
Healthcare
SHELBYVILLE, TENN. — First Colony Healthcare has begun construction on a 30,000-square-foot medical office building in Shelbyville. The project is a significant part of the development of the replacement hospital for Bedford County Medical Center, also under construction. First Colony Healthcare is collaborating with Southland Constructors and Thomas, Miller & Partners on this project. Expected to be complete in summer 2008, the facility will feature custom-designed medical practice suites.
ALLENTOWN, PA. — Summit Management and Realty Co. has brokered the $450,000 sale of a 2,500-square-foot office condominium in the Springhouse Professional Center at 1575 Pond Rd. in Allentown. The undisclosed buyer plans to convert the space into medical suites. Sharon Gage of Summit Management and Realty Co. represented the seller, Rainbow Discovery & Child Development Center, and the buyer in the transaction.
FRISCO, TEXAS — North Texas Enterprise Center for Medical Technology (NTEC) will break ground on a 35-acre medical technology park in Frisco. The park, located at 6170 Research Rd., will be the largest medical technology park in Texas. Phase I will include a two-story, 50,000-square-foot building that will offer office and lab space to as many as 35 medical device and technology-based businesses. Frisco Economic Development Corp. has passed an $11 million bond issue to help fund Phase I. Project partners include Farmington Hills, Mich.-based contractor The Sinacola Companies and Dallas-based architecture firm Croft Architectural Consortium.
COLUMBIA, S.C. — NAI Avant and Miller-Valentine have opened Park Central, a master-planned, professional medical park positioned near the Palmetto Health Richland Campus, the University of South Carolina School of Medicine and Columbia’s central business district. Columbia Nephrology has opened a 32,000-square-foot medical office building in the park. Meanwhile, Miller-Valentine will be the lead developer of a 38,000-square-foot medical office condominium to be developed in the park. The park was developed by NAI Avant and offers approximately 16 acres of individual sites for sale with a primary focus on medical and professional uses.
CHICAGO — Cambridge Realty Capital Cos. has provided $5.5 million in FHA-insured permanent mortgage financing for Ridgeview Rehabilitation and Nursing Center, a 136-bed skilled nursing facility located in Chicago. The fully amortized, 35-year loan was arranged for the property’s owner, an Illinois-based limited liability company, by Cambridge Real Estate Capital of Illinois. The interest rate was not disclosed.
SAN DIEGO — 3444 KV Partners LLC, a partnership that includes many of the existing building tenants, has acquired Coast Medical Center, a four-story, 38,000-square-foot medical office building located at 3444 Kearny Villa Rd. in San Diego. Built in 1985, the wood frame and stucco building was originally constructed as an office building, but it was later converted into a medical facility. Mark Mattis of Houston-based PM Realty Group represented the seller, HCP Medical Office Building II, a subsidiary of HCP Inc., in the transaction.
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