Healthcare

CBRE Brokers $20.7M Sale of Medical Office Building in Durham

by John Nelson June 8, 2023

DURHAM, N.C. — CBRE has brokered the $20.7 million sale of Duke Medical Plaza, a 60,192-square-foot, Class A medical office building located at 4709 Creekstone Drive in Durham. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice represented the seller, Highwoods Properties, in the transaction. Ben Kilgore of CBRE | Raleigh and Patrick Gildea and Matt Smith of CBRE’s Charlotte office assisted in representing Highwoods. The buyer was not disclosed. Duke Medical Plaza was fully leased at the time of sale to Duke Health Integrated Practice, a subsidiary of Duke University Health System that recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services, including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and onsite clinical laboratory and imaging.

June 8, 2023

California Healthcare Leasing Activity Office Western

Pasadena Child Development Associates Leases 16,163 SF Medical Office Space in Pasadena, California

by Jeff Shaw June 7, 2023

PASADENA, CALIF. — Pasadena Child Development Associates (PCDA) has leased 16,163 square feet of office and medical office space in Pasadena. The lease encompasses two adjacent buildings, one located at 790 East Green St. and the other at 118 South Oak Knoll Ave. Both buildings are located in Pasadena’s Central Business District. The East Green space is an 8,027-square-foot office medical building. The Oak Knoll space is a two-story office building covering 8,136 square feet. Tina LaMonica of NAI Capital Commercial represented the tenant in the lease transactions.

June 7, 2023

Acquisitions California Healthcare Office Western

San Antonio Regional Hospital Buys Office Complex in Rancho Cucamonga, California for $22.2M

by Jeff Shaw June 2, 2023

RANCHO CUCAMONGA, CALIF. — San Antonio Regional Hospital has acquired a 127,000-square-foot office building in Rancho Cucamonga for $22.2 million. The building is located at 11000 Eucalyptus St. San Antonio Regional Hospital is an Upland-based regional healthcare provider that will convert the asset into medical office space. Graham Gilles of the Hoffman Company represented the buyer in the transaction. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co.

June 2, 2023

Acquisitions Healthcare Michigan Midwest

Friedman Brokers Sale of 35,858 SF Medical Office Building in Battle Creek, Michigan

by Kristin Harlow June 2, 2023

BATTLE CREEK, MICH. — Friedman Real Estate has brokered the sale of Health Park South, a 35,858-square-foot medical office building in Battle Creek, about 25 miles east of Kalamazoo. The sales price was undisclosed. Located at 2845 SW Capital Ave., the property is home to Ascension Borgess Hospital, Bronson Health Internal Medicine and Fresenius Kidney Care. Andrew Bower of Friedman represented the undisclosed buyer.

June 2, 2023

Arizona Healthcare Loans Multifamily Seniors Housing Western

CFG Provides $10.3M HUD Refinancing for Skilled Nursing Facility in Arizona

by Jeff Shaw June 1, 2023

ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.

June 1, 2023

Development Healthcare Texas

McCarthy Completes Healthcare Project for Houston Methodist in Sugar Land, Texas

by Taylor Williams May 30, 2023

SUGAR LAND, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed a healthcare project in the southwestern Houston suburb of Sugar Land on behalf of the Houston Methodist healthcare system. The project comprises a six-story, 160,000-square-foot medical office building and a seven-story, 1,100-space parking garage. Page designed the project, and Jacobs served as the structural and civil engineer. Construction began in December 2021. Houston Methodist operates eight hospitals and employs roughly 30,000 people throughout the city.

May 30, 2023

Development Healthcare Midwest Minnesota

Davis Opens 44,000 SF Maple Grove Specialty Center in Suburban Minneapolis

by Kristin Harlow May 25, 2023

MAPLE GROVE, MINN. — Davis has opened Maple Grove Specialty Center, a 44,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. MNGI Digestive is the anchor tenant and occupies the 22,000-square-foot second floor. The property will also be home to Minnesota Oncology, which leased the entire first floor. In addition to serving as developer, Davis owns the building and provides property management and leasing services. The project team included Minneapolis-based Synergy Architecture Studio and Plymouth, Minn.-based Timco Construction Inc.

May 25, 2023

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Buys 30,000 SF Medical Office Building in Mesa, Arizona

by Jeff Shaw May 23, 2023

MESA, ARIZ. — Cypress West Partners purchased a 30,000-square-foot medical office building in Mesa. The single-story property is located at 6309 East Baywood Ave. The seller and price were not disclosed. The firm acquired the fully vacant building from a group of local physicians that originally developed the property in 2002. They had operated a practice there until recent retirement. A cardiology practice has signed a new lease for 20,000 square feet at the property, with plans to establish a flagship clinical location. Cypress West is investing more than $3 million in capital improvements to the building, including roof, mechanical and site improvements. It is also modernizing an existing 10,000-square-foot ambulatory surgery center to current licensure standards and code. The space will offer two operating rooms, with an ability to increase to four. The repositioning is scheduled for completion by September. Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.

May 23, 2023

Acquisitions Healthcare Texas

HCA Healthcare Agrees to Buy 41 Urgent Care Centers in Texas from FastMed

by Taylor Williams May 22, 2023

NASHVILLE, TENN. — Nashville-based provider HCA Healthcare has entered into an agreement to purchase 41 urgent care centers located throughout Texas from regional owner-operator FastMed. The addition of the clinics, which are located throughout the metro areas of Dallas, Austin, San Antonio, Houston and El Paso, will raise HCA Healthcare’s national portfolio count of urgent care centers to 268. The deal is expected to close this summer.

May 22, 2023

Acquisitions California Healthcare Office Western

Avison Young Brokers $5M Sale of Medical Office Building in Santa Monica, California

by Jeff Shaw May 22, 2023

SANTA MONICA, CALIF. — Avison Young has brokered the sale of a medical office building in downtown Santa Monica. US 528 Arizona Owner LLC acquired the property for $5 million. The 3,049-square-foot medical office building is located at 520 Arizona Ave. It was acquired as part of a land assemblage for the development of a mixed-use project. Mitch Stokes of Avison Young was the sole broker in the transaction.

May 22, 2023

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