SAN DIEGO — RM-Use LLC has purchased Alvarado Medical Center, a 29,928-square-foot medical/office building located at 6367 Alvarado Ct. in San Diego, for $4.4 million. Built in 1976, the three-story building is currently leased to a variety of tenants, including Laboratory Corporation of America, E-Study Site, Sonus USA, Quest Diagnostics, Gerdez Professional and several private medical offices. Paul Lafrenz, Shauna Fick, Don Mitchell and Pat Kane of CB Richard Ellis represented the seller, Alvarado Medical Center LLC, in the transaction; the buyer represented itself.
Healthcare
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of a 63-unit multifamily property, located at 640 Sheridan Dr. in Chicago’s Lakeview neighborhood, for approximately $6.3 million. Doug Fisher of Essex represented the seller, and Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
CHULA VISTA, CALIF. — San Diego-based Pacific Realty Advisors has purchased Pacific Doctors Park, a 35,000-square-foot medical campus located at 340-342 Fourth Ave. in Chula Vista, for $8.8 million. At the time of acquisition, the property was 100 percent occupied by 20 tenants, including Medical Center Pharmacy, S.C. Health Providers and Luis Marmanillo M.D. The buyer has an extensive upgrade planned for the property. Tracy Clark of Voit Commercial represented the undisclosed seller in the transaction.
ST. LOUIS — St. Louis-based McGrath & Associates is completing the remodeling of the 375th Medical Group building at Scott Air Force Base, which is located approximately 20 miles east of St. Louis in the city’s Metro East submarket. The building is being converted from its former use as the medical facility for the base into a comprehensive outpatient care clinic for soldiers and their families. The 94,000-square-foot building will include pediatric medicine, physical and occupational therapy, a primary care center, internal medicine, mammography and ultrasound, a pharmacy, an oral surgery suite and an immunization center. An outpatient clinic that currently operated within the facility will remain open during the renovations. Construction began last October, and completion is scheduled for July 2009. The representing owner of the project is the Fort Worth, Texas, district of the Army Corps of Engineers. Rockville, Md.-based Skanska USA Building is serving as the design/builder, with McGrath & Associates serving as general contractor and construction manager.
ESCONDIDO, CALIF. — MMIC EMA MOB LLC has purchased a two-story, 50,000-square-foot medical office building, which is located at 225 E. Second Ave. in Escondido, for an undisclosed price. Built in 1994, the property was 95 percent leased at the time of acquisition. The major tenant is Graybill Medical Group. Tucker Hohenstein, Dan Tate and Terry Jackson of Cushman & Wakefield’s Carlsbad, Calif., office represented the seller, Escondido Medical Arts Association, in the transaction.
ELLICOTT CITY, MD. — Philadelphia-based Grosvenor Investment Management and Bethesda, Md.-based Rockledge Realty Partners have acquired a three-story, 40,000-square-foot medical office building in Ellicott City, from North Ridge Business Trust, for an undisclosed amount. The joint venture will reposition the property through a medical office condominium conversion and upgrade the lobby, common areas, landscaping and elevators. The building houses a 13,180-square-foot surgery center with four operating rooms, operated by Ambulatory Surgical Centers. The property is located at 2850 North Ridge Rd., near Howard County General and St. Agnes hospitals.
CARLSBAD, CALIF. — Carltas Co. has partnered with Finest City Realty Advisors Inc. to develop ECR Corporate Center, a two-building, 90,000-square-foot medical office complex located at 6250 and 6260 El Camino Real in Carlsbad. The $20 million center consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. The Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. The medical office building will be managed by Tri-City Medical Center. Smith Consulting Architects provided architectural and design services; Lusardi Construction is serving as general contractor for the project, which is slated for completion in November.
BOWLING GREEN, KY. — Birmingham, Ala.-based Medical Properties Trust has entered into a definitive agreement to sell the real estate assets of three inpatient rehabilitation facilities to Vibra Healthcare, for $90 million. The properties are currently operated by Vibra, and are located in Bowling Green, Marlton, N.J., and Fresno, Calif. Medical Properties Trust expects to acquire at least $200 million in hospital real estate assets this year.
SAN PEDRO, CALIF. — KF Properties has purchased a medical office complex, which is located at 1360 W. 16th St. in San Pedro, from G&L Realty for $16 million. In addition to the 63,000-square-foot, three-building property, the sale included 2 acres of developable land and a 383-space parking lot. Built in 1962, the buildings were 100 percent leased at the time of acquisition. Mike Meisenbach of Lee & Associates represented the buyer in the transaction.
ST. PAUL, MINN. — Grubb & Ellis Healthcare REIT has acquired Fort Road Medical Building, a 50,000-square-foot medical office building located in St. Paul. The four-story structure is fully integrated into the 2,000-bed United Hospital and Children’s Hospital and Clinics of Minnesota – St. Paul campus, and is connected to the hospitals and medical office buildings via underground tunnels. The medical office building is also attached to Irvine Park Towers and Condominiums, an apartment and condo complex. Grubb & Ellis acquired the property from Fort Road Associates, which was represented by Mark Davis of Davis Real Estate Services. The acquisition price was undisclosed.