HESPERIA, CALIF. — Progressive Real Estate Partners has arranged a 5,020-square-foot lease for West Coast Dental (WCD) at Hesperia Square in Hesperia, a city in San Bernardino County. WCD has signed a 10-year lease at the property, which Vallarta and Dollar Tree anchor. Albert Lopez of Progressive represented the landlord in the negotiations. Chris Beauchamp of Lee & Associates represented the tenant.
MORTON GROVE, ILL. — Echo Real Estate Capital has acquired a 7,550-square-foot medical office building located at 6131 W. Dempster St. in the Chicago suburb of Morton Grove. The purchase price and seller were undisclosed. The single-tenant property is leased to Advocate Health Care. The facility is staffed by a mix of primary care physicians and one cardiologist that have operated out of the building for more than 20 years.
HIGHLAND TOWNSHIP, MICH. — Devoted Dental Group has signed a new five-year lease for 5,500 square feet at 2287 S. Milford Road in Highland Township, a northwest suburb of Detroit. James Mitchell of Dominion Real Estate Advisors LLC represented both the tenant and the undisclosed landlord in the lease.
HAMILTON, N.J. — Fennelly Associates has arranged the $8 million sale of a 59,000-square-foot medical office building at 3575 Quakerbridge Road in the Central New Jersey community of Hamilton. The two-story building, which was constructed in 2004, was sold in conjunction with 72,500 square feet of medical office condo space within White Horse Executive Center, located about five miles away. The second deal carried a price tag of $3.1 million. Jerry Fennelly of Fennelly Associates represented the seller, a family business, in both transactions. The buyer was not disclosed.
PHILADELPHIA — Home healthcare provider 365 Health Services has signed a 3,175-square-foot lease at The Poplar, an office and residential development in downtown Philadelphia. Colin McHale of Beacon Real Estate represented the tenant in the lease negotiations. Matthew Guerrieri and Jeffrey Tertel of Newmark represented the landlord, Post Brothers.
WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction.
STAFFORD, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 40,000-square-foot medical office building located at 4915 S. Main St. in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built on 3.4 acres in 1980. Chris Caudill and Devin Hawkins of Partners represented the seller in the transaction. John Baddour of High Street Net Lease Group represented the buyer.
CHAPPAQUA, N.Y. — A partnership between two New Jersey-based firms, Atkins Cos. and Denholtz Properties, has acquired Medical Offices at Chappaqua Crossing, a 490,000-square-foot healthcare complex located about 30 miles north of Manhattan. The sales price was $40 million. Northwell Health’s Northern Westchester Hospital anchors the 59-acre facility, which is located within a larger mixed-use development. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller, a joint venture between Summit Development and Crestline Investors, in the transaction.
WISCONSIN — Four Corner Property Trust (FCPT) has acquired a property leased to Midwest Orthopedic Network in Wisconsin for $4.3 million. The tenant has roughly four years remaining on its lease, which features annual rent increases of 2.5 percent. The sales price represents a cap rate of 8.1 percent. Midwest Orthopedic Network operates roughly 30 locations in Wisconsin.
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Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction
NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …