Healthcare

Bull Realty Brokers $5.9M Sale of Two-Property Medical Office Building Portfolio in Metro Atlanta

by John Nelson September 19, 2023

DULUTH AND SUWANEE, GA. — Atlanta-based Bull Realty Inc. has brokered the $5.9 million sale of a two-property medical office building portfolio in metro Atlanta. The single-tenant assets, located at 3850 Pleasant Hill Drive in Duluth and 3770 Paddocks Parkway in Suwanee, were fully leased to Anne Arundel Dermatology at the time of sale. The buyer was a partnership between two entities doing business as GB Derm Medical LLC and Safe Harbour Exchange LLC. Paul Zeman of Bull Realty’s Healthcare Services Group represented the seller, an unnamed high-net-worth individual.

September 19, 2023

Healthcare Leasing Activity Northeast Pennsylvania

CBRE Negotiates 29,000 SF Healthcare Lease in Philadelphia

by Taylor Williams September 19, 2023

PHILADELPHIA — CBRE has negotiated a 29,000-square-foot healthcare lease in Philadelphia. According to LoopNet Inc., the six-story, 29,130-square-foot building at 3261 Tulip St. was originally constructed in 1960. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the negotiations for the full-building lease. The name and representative of the landlord were not disclosed.

September 19, 2023

Healthcare Leasing Activity Northeast Pennsylvania

CBRE Negotiates 58,000 SF Healthcare Lease in Philadelphia

by Taylor Williams September 18, 2023

PHILADELPHIA — CBRE has negotiated a 58,000-square-foot healthcare lease in the Port Richmond area of Philadelphia. According to LoopNet Inc., the seven-story, 203,952-square-foot building at 2301 E. Allegheny Ave. was originally constructed in 1910 and renovated in 2011. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the lease negotiations. The name and representative of the landlord were not disclosed.

September 18, 2023

Arizona Development Healthcare Western

Willmeng Breaks Ground on 34,000 SF Clarence Wesley Health Center in Bylas, Arizona

by Amy Works September 15, 2023

BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.

September 15, 2023

Acquisitions Arizona Healthcare Office Western

CBRE Negotiates $4.6M Sale of Medical Office Complex in Sun City West, Arizona

by Amy Works September 15, 2023

SUN CITY WEST, ARIZ. — CBRE has arranged the sale of Sun West Medical Complex, a medical office property located at 13920 W. Camino Del Sol in Sun City West. Miami-based Creative Realty Group sold the property to a private buyer for $4.6 million. Built in 2001, the 17,484-square-foot complex was 92 percent occupied at the time of sale. Situated on 1.7 acres, the asset features 60 parking spaces and 16 covered spaces. Geoffrey Turbow, Gary Cornish and Nick Williams of CBRE’s Investment Properties represented the seller in the deal.

September 15, 2023

Acquisitions Healthcare Michigan Midwest

Marcus & Millichap Arranges $2.8M Sale of DaVita-Occupied Property in East China, Michigan

by Kristin Harlow September 12, 2023

EAST CHINA, MICH. — Marcus & Millichap has arranged the $2.8 million sale of a 12,174-square-foot property occupied by DaVita Dialysis and Saint Clair Nephrology in East China, a city in eastern Michigan along the border of Canada. The net-leased building is located at 4180 S. Hospital Drive across from Ascension River District Hospital and St. John Providence Health System. Both tenants have occupied the property since its construction in 2015. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the buyer, a limited liability company.

September 12, 2023

California Healthcare Market Reports Office Western Western Market Reports

Orange County’s Medical Office Market Stays on Solid Ground

by Jeff Shaw September 12, 2023

— By John Wadsworth and Aaron Phillip, Colliers — The Orange County medical office building (MOB) market continues to show resilience post-pandemic despite headwinds of the new interest rate environment. The overall Orange County MOB market consists of 10 million square feet with a current vacancy of 8.5 percent, down 100 basis points from the end of 2022. The average rental rate is $3.48 per square foot, per month, full-service growth, with an increase of 9.3 percent from mid-year 2022. The lack of significant MOB construction completions, coupled with much of the existing vacancy found in older, functionally obsolete buildings, has kept supply largely in line with demand. The velocity of MOB leasing activity has softened compared to pre-pandemic transaction volume, with healthcare providers still digging out of the financial “COVID hole.” Among other market pressures, labor costs and retention across healthcare employment significantly contribute to continued narrow margins on provider balance sheets. From larger health systems to smaller independent practices, all have been impacted, slowing the pace of expansion projects and mandating shorter, more flexible transactions until more permanent real estate solutions can be implemented. Despite the market challenges posed by the pandemic, MOB absorption has remained positive countywide, …

September 12, 2023

Acquisitions Healthcare Midwest Ohio

Marcus & Millichap Arranges $1.6M Sale of DaVita-Occupied Property in Cincinnati

by Kristin Harlow September 7, 2023

CINCINNATI — Marcus & Millichap has arranged the $1.6 million sale of a 6,640-square-foot property occupied by DaVita in Cincinnati. The net-leased building is located at 6929 Silverton Ave. near Mercy Health Hospital. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. The asset sold to an out-of-state buyer.

September 7, 2023

Healthcare Leasing Activity Michigan Midwest

Gem Health & Wellness Signs 10-Year Lease at Meadowbrook Medical Center in Novi, Michigan

by Kristin Harlow September 7, 2023

NOVI, MICH. — Dr. Kuzdak, who will operate his practice under the name Gem Health & Wellness, has signed a 10-year lease for 1,781 square feet at Meadowbrook Medical Center in Novi. The tenant is a family physician and primary care doctor. Eric Banks and James Mitchell of Dominion Real Estate Advisors LLC represented the tenant and the undisclosed landlord.

September 7, 2023

Development Healthcare Life Sciences Michigan Midwest Top Stories

Joint Venture Plans $439M Inpatient Rehabilitation Hospital, Research Facility in Detroit

by Katie Sloan September 7, 2023

DETROIT — The Gilbert Family Foundation, Henry Ford Health and Shirley Ryan AbilityLab have announced plans for the development of a $439 million inpatient rehabilitation hospital and research facility in Detroit. The project will be an expansion of the existing Henry Ford Health and Michigan State University Health Sciences campus. Plans for the project include a 125,000-square-foot inpatient tower, which will be constructed at the corner of West Grand Boulevard and John C. Lodge Freeway. The facility will offer 72 beds, with three floors of the building occupied by rehabilitation care provider Shirley Ryan AbilityLab. The rehabilitation floors will provide inpatient care for those recovering from strokes, traumatic brain injuries, spinal cord injuries and other conditions. The Gilbert Family Foundation has provided $10 million fund to increase access to rehabilitation care for low-income residents in Detroit. The building is scheduled for completion in 2029. The development will also include a new research building on Henry Ford Health’s East Campus. The project will house the Nick Gilbert Neurofibromatosis Research Institute, a facility dedicated to finding a cure for neurofibromatosis. The property is scheduled for completion in 2027. The building will be the first brick-and-mortar development to be solely dedicated to neurofibromatosis …

September 7, 2023

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