TINTON FALLS, N.J. — Monmouth Medical Center, an affiliate of RWJBarnabas Health, will open a 138,000-square-foot cancer care facility in the Northern New Jersey community of Tinton Falls. The project, which is expected to add about 300 new jobs to the local economy, represents the first phase of redevelopment of the former site of the Myer Center, a Cold War-era industrial facility that was demolished several years ago. Construction of the new facility, which will also offer imaging, radiation and ambulatory surgery services, is set to begin in the first quarter. Plans for Phase II are still being finalized.
NEW YORK CITY — Northwell Health has signed a 12,000-square-foot lease at Plaza 57 Medical, a 16-story building in Midtown Manhattan. The tenant plans to take occupancy of the entire 10th floor in the third quarter of next year. Paul Wexler, Josef Yadgarov and Elliot Dennis of Wexler Healthcare Properties represented Northwell Health and the landlord, The Moinian Group, in the lease negotiations.
O’FALLON, MO. — Tarlton Corp. has broken ground on a two-story, 66,000-square-foot outpatient health center for SSM Health in the St. Louis suburb of O’Fallon. The center will offer extensive imaging, adult and pediatric urgent care services, laboratory services and a retail pharmacy. In addition, SSM Health will partner with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide onsite primary, specialty and pediatric services. Slated for completion in mid-2024, the facility will be situated near the Streets of Caledonia, a lifestyle center incorporating a mix of retail and residential space. ACI Boland Architects is providing architectural services, while Cochran Engineering, KPFF Consulting Engineers and Ross & Baruzzini are providing engineering services.
WICHITA, KAN. — CIT, a division of First Citizens Bank, has provided a $27.8 million loan for the acquisition of a medical office portfolio in Wichita. A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints. Abay Medical Plaza is leased to four tenants, with the largest being Abay Neuroscience Center.
BRIGHTON, MICH. — Trinity Health Michigan has unveiled plans for a replacement hospital in metro Detroit’s Livingston County that will enhance patient access and create an integrated campus of medical and surgical care at its existing medical center in Brighton. The three-year project has a price tag of $238.2 million. The four-story, 174,000-square-foot hospital will consist of 56 acuity adaptable beds, 18 short-stay beds and eight licensed operating rooms. The existing medical center facility will also undergo renovations. Construction is scheduled to begin in early 2023. Acuity adaptable rooms enable patients to stay in one centralized room throughout their entire stay rather than being transferred to other units, while short-stay units are targeted for patients requiring brief hospitalization. The project represents a multi-year effort to relocate inpatient and outpatient services from the aging Trinity Health Livingston hospital in Howell to the campus of Trinity Health Medical Center-Brighton. When complete in 2025, the new hospital will bring together healthcare providers and services to offer a continuum of care in one location for Livingston County and surrounding communities. The new hospital will offer the following medical services: primary care, general medicine, gynecological surgery, urology, cardiology and intensive cardiac rehab, orthopedics, minimally invasive …
WOODBURY, MINN. — Davis, a Minneapolis-based firm, has purchased Woodlake Medical Building, a 42,467-square-foot property located on 4.7 acres at 2080 Woodwinds Drive in Woodbury, a southeast suburb of St. Paul. The $18 million acquisition marks the latest addition to the Davis Medical Investors Fund, which now comprises 13 buildings in five states and a total of 567,356 square feet. The property is fully leased by Woodlake Surgery Center, St. Paul Eye Clinic and Midwest ENT, all of which signed new 15-year leases. Bridgewater Bank provided financing for the deal. The seller was not disclosed.
CHATTANOOGA, TENN. — Marcus & Millichap’s Institutional Property Advisor’s (IPA) has arranged the sale of CHI Memorial, a 17,837-square-foot medical office building in Chattanooga. An undisclosed buyer purchased the property for $7.4 million. The building is fully occupied by three tenants: Skin Cancer & Cosmetic Dermatology, CHI Memorial and Center MedSpa, all on triple-net leases. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller in the transaction.
MCHENRY, ILL. — Northmarq has brokered the $4.7 million sale of a 7,000-square-foot healthcare property in McHenry, about 50 miles northwest of Chicago. The newly constructed building, located at 1830 N. Richmond Road, is fully occupied by Aspen Dental and WellNow Urgent Care. Isaiah Harf of Northmarq represented the seller, a Chicago-based developer. The asset sold to a Missouri-based private buyer completing a 1031 exchange.
KALAMAZOO, MICH. — Pfizer Inc. (NYSE: PFE) has unveiled plans to invest $750 million in its sterile injectable facility in Kalamazoo. This investment builds upon a $465 million Phase I investment in the facility in 2018 and is expected to create 300 additional jobs at the location. One of Pfizer’s largest plants, the Kalamazoo property is a global supplier of sterile injectable, liquid and semi-solid medicines as well as active pharmaceutical ingredients. Currently, the multi-story, 400,000-square-foot facility employs 3,000 employees and contractors. The plant has been in operation since 1948. Pfizer’s stock price opened at $49.76 per share Wednesday, Dec. 7, down slightly from $51.72 per share one year ago.
LA MESA, CALIF. — Pacific Coast Commercial has negotiated the sale of a medical office property located at 8530 La Mesa Blvd. in Las Mesa. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided acquisition financing.