Healthcare

CVS Agrees to Acquire Oak Street Health in $10.6B Deal

by Kristin Harlow February 8, 2023

WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …

February 8, 2023

Acquisitions Colorado Healthcare Net Lease Office Western

Blue West Capital Arranges $5.6M Purchase of UCHealth-Occupied Medical Office Building in Erie, Colorado

by Amy Works February 6, 2023

ERIE, COLO. — Blue West Capital has negotiated the acquisition of a single-tenant medical office building located at 2970 Arapahoe Road in Erie, approximately 25 miles north of downtown Denver. An Arizona-based family in a 1031 exchange acquired the asset from a local developer for $5.6 million. UCHealth occupies the medical office building on a net-lease basis. Tom Ethington of Blue West Capital represented the buyer in the deal.

February 6, 2023

Acquisitions Healthcare Texas

Rethink Healthcare Real Estate Buys 36,101 SF Emergency Hospital in Mansfield, Texas

by Taylor Williams February 2, 2023

MANSFIELD, TEXAS — Rethink Healthcare Real Estate, a New York-based investment firm, has purchased a 36,101-square-foot emergency hospital located in the southern Fort Worth suburb of Mansfield. Emerus operates the facility, which opened about seven years ago. Rethink acquired the property in a joint venture with global investment management firm Heitman. An affiliate of First Citizens Bank provided acquisition financing for the deal, which was arranged by BlackBirch Capital.

February 2, 2023

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Brokers $2.5M Sale of Medical Office Building in Valparaiso, Indiana

by Kristin Harlow January 30, 2023

VALPARAISO, IND. — Marcus & Millichap has brokered the $2.5 million sale of a 7,433-square-foot medical office building in Valparaiso, a city in Northwest Indiana. The newly constructed property, located at 4400 Calumet Ave., is leased to a dentist and an ophthalmology practice. Mitchell Kiven of Marcus & Millichap represented the seller, the property’s original developer. Kiven also procured the Indiana-based buyer. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.

January 30, 2023

Development Healthcare Texas

Wolf Capital Partners Begins Renovation of 120,000 SF Medical Office Building in Houston

by Taylor Williams January 27, 2023

HOUSTON — Locally based investment firm Wolf Capital Partners has begun the renovation of Heights Medical Tower, a 120,000-square-foot medical office building located across the street from The Heights Hospital in Houston. Capital improvements include demolition of vacant structures, construction of a new spec suite and upgrades to the building’s HVAC systems. In addition, Wolf Capital, which has tapped Transwestern to lease the building, will reimagine the lobby and enhance the streetscape. Lastly, the firm will revamp various common areas, as well as restrooms and elevator cabs. Completion is slated for the fourth quarter.

January 27, 2023

Acquisitions Healthcare New Jersey Northeast Retail

Marcus & Millichap Brokers $46M Sale of Commercial Portfolio in Ocean County, New Jersey

by Taylor Williams January 24, 2023

TOMS RIVER AND BRICK, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in Southern New Jersey’s Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.

January 24, 2023

Features Healthcare

Key Trends That Will Reshape Healthcare Design in 2023

by Taylor Williams January 24, 2023

By Julie Frazier, AIA, principal, Perkins & Will The past few years have shown that hospitals need to be more flexible and resilient to prepare for any situation, in addition to being calm, healing places for patients. As the healthcare industry continues to evolve, architects and designers are becoming increasingly responsible for responding to the ever-changing needs of the industry and rethinking how hospitals are designed. In 2023, key trends that will reshape healthcare include the prioritization of patient and caregiver wellness, sustainability-driven design and improvements in adaptability and resilience. Fostering Patient, Caregiver Wellness A hospital consists of many moving parts, and every department plays an important role in keeping the facility running efficiently to provide quality care. Implementing thoughtful design practices that improve mood and reduce stress can lead to better care, faster recovery and shorter stays for patients. Utilizing a restorative design approach can transform a clinical space from an institutional-like setting to a healing environment. Elements such as natural daylight, softer lighting, Zen spaces and gardens will continue to rise in popularity as healthcare professionals and operators introduce more wellness-based design strategies to enhance the clinical experience. One of the main goals in patient wellness is to …

January 24, 2023

Development Healthcare Texas

McCarthy Completes Vertical Construction at 106-Acre Houston Methodist Cypress Hospital Campus

by Taylor Williams January 20, 2023

CYPRESS, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed vertical construction at a 106-acre hospital campus in the northwestern Houston suburb of Cypress on behalf of the Houston Methodist health system. The campus will comprise a 570,700-square-foot, seven-story hospital and two medical office buildings totaling roughly 320,000 square feet that will be linked via a sky bridge. The development will also house a central utility plant and various open green spaces. Page is the project architect, and Walter P. Moore is the structural and civil engineer. Construction began earlier this year, and full completion is slated for late 2024. The site formerly housed 11 buildings totaling 600,000 that were occupied by Sysco Corp., all of which have been demolished.

January 20, 2023

Acquisitions Healthcare Nevada Office Western

Avison Young Arranges $3.6M Sale of Medical Office Building in Las Vegas

by Amy Works January 18, 2023

LAS VEGAS — Avison Young has brokered the purchase of a medical office property located at 6070 S. Fort Apache Road in Las Vegas. AABECK LLC, an entity of Wound Care Experts, acquired the asset from VUELTA, an entity of a pain management group and former tenant, for $3.6 million. Built in 2008, the 10,000-square-foot property features reserved covered parking, a large waiting room, 12 exam rooms, a break room, billing office and two doctors’ offices. The buyer plans to occupy 5,000 square feet of the facility with the remainder available for lease. Barton Hyde of Avison Young represented the buyer, while Kevin Donahoe of Commercial Specialists represented the seller in the deal.

January 18, 2023

Healthcare Leasing Activity New Jersey Northeast

GenPsych Signs 10,043 SF Medical Office Lease in Avenel, New Jersey

by Taylor Williams January 17, 2023

AVENEL, N.J. — GenPsych, a provider of mental health services, has signed a 10,043-square-foot medical office lease in the Northern New Jersey community of Avenel. The building at 1030 St. Georges Ave. totals 70,000 square feet. Darren Lizzack and Randy Horning of NAI James E. Hanson represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

January 17, 2023

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