SANTA FE, N.M. — Meridian has purchased 18 acres in Santa Fe where it plans to build a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center. The land is located at 4200 Beckner Road, near Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district. The overall investment in the site exceeds $100 million, according to Meridian. This is the company’s first project in Santa Fe. Completion is scheduled for July 2024.
AUGUSTA, GA. — Wellstar Health System and Augusta University Health System (AUHS) have reached an agreement where AUHS facilities will come into Wellstar’s network of hospitals and clinics. The most notable affected facility is Augusta University Medical Center (AUMC), a more than 600-bed safety net and teaching hospital. Wellstar will also have a broader affiliation with the university’s Medical College of Georgia, the only public medical college in the state. Marietta, Ga.-based Wellstar has also pledged to invest $800 million over 10 years for AUHS facilities and infrastructure, including more than $200 million allocated to AUMC. Additionally, capital for a new hospital, medical office building and ambulatory surgery center in Columbia County and the costs associated with implementing a new state-funded electronic medical records system throughout AUHS will be funded. AUHS will operate under a new name, Wellstar MCG Health, once the deal is finalized later this year. The boards of Wellstar and AUHS and the Board of Regents of the University System of Georgia have approved the agreement.
QUEEN CREEK, ARIZ. — Cypress West Partners has started construction of a 22,000-square-foot, Class A medical office development near Chandler. The single-story building will be located at the intersection of Signal Butte and Ocottillo roads in Queen Creek. Construction is scheduled for completion by third-quarter 2023. The property is the only off-campus medical office building for lease in Queen Creek, according to the developer. Cypress West acquired the 2.5-acre parcel at the end of 2022. The new building, named Ocotillo Medical Collaborative, was 87 percent leased to a mix of service-oriented medical tenants prior to construction starting. Negotiations are underway for the remaining space within the building.
SOUTHAMPTON, N.Y. — Meeting House Lane Medical Practice has signed an 11,778-square-foot healthcare lease renewal in the Long Island community of Southampton. Dan Oliver of Newmark represented the landlord, New York-based BEB Capital, in the lease negotiations. David Leviton of JLL represented the tenant, which has committed to the space for an additional 10 years.
ILLINOIS AND WISCONSIN — First Citizens Bank’s Healthcare Finance group has provided $44.2 million in acquisition financing for a three-property medical office portfolio in Illinois and Wisconsin. A partnership between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio totals more than 266,000 square feet. The properties include the ProHealth Medical Group urgent care center in Brookfield, Wis.; the Moreland Medical Center in Waukesha, Wis.; and the Silver Cross Health Center urgent care facility in Mokena, Ill.
ALBANY, N.Y. — New York-based brokerage firm Jacobson Properties has negotiated the sale of a 17,380-square-foot medical office building in Albany. St. Peter’s Health Partners occupies the building and also operates a hospital about three miles away. A partnership of four limited liability companies sold the asset to a healthcare REIT for approximately $5.2 million, with all parties requesting anonymity. Lisa Menin of Jacobson Properties brokered the deal.
WASHINGTON TOWNSHIP, N.J. — Avison Young has arranged the $14 million sale of a 70,140-square-foot medical office building located in the Southern New Jersey community of Washington Township. The two-story building sits directly across from the Jefferson Hospital Washington Township campus. Gordon MAB Associates sold the building to New Jersey-based Atkins Cos., which plans to implement a capital improvement program. Scott Martin, Jim Kornick, Michael Wilson and Erik Foster of Avison Young represented both parties in the transaction.
WENTZVILLE, MO. — Marcus & Millichap has negotiated the $3.5 million sale of a 14,213-square-foot medical office building in Wentzville, a far west suburb of St. Louis. Schroeder Creek Dental is the anchor tenant at the property, which is located at 1000 Schroeder Creek Blvd. Other tenants include an endodontics center, an orthopedic group and an oral maxillofacial and implant surgery center. Alec Coronado of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
INDIANAPOLIS — Local healthcare provider Adult & Child Health, Colliers, healthcare real estate company Innovcare and national development firm TWG have unveiled a master plan for the redevelopment of Meridian Street in Indianapolis. Project costs are estimated at $65 million. Plans call for the redevelopment of six buildings along the North Meridian Corridor. The development team plans to convert the properties into new uses such as primary care services, mental health services and affordable housing. All of the buildings are located within a federal Opportunity Zone and near the IndyGo Red Line. The project is made possible through support from the City of Indianapolis. Innovcare will pay real estate property taxes to further the redevelopment and investment of the Meridian corridor. Adult & Child Health signed a long-term lease to relocate to 1840 N. Meridian St. upon completion of the redevelopment project. The 40,000-square-foot building and parking area, previously owned by Indianapolis Public Schools, has sat vacant for seven years. Colliers assisted Adult & Child Health in its new lease as well as the sale of two existing assets at 603 E. Washington St. and 222 E. Ohio St. Indianapolis-based TWG has acquired four vacant buildings and plans to redevelop …
HUMBLE, TEXAS — Avenue 360 Health & Wellness, a provider of both primary and specialty care services, will open a 5,773-square-foot clinic in Humble, a northern suburb of Houston. According to LoopNet Inc., the property at 18842 S. Memorial Drive was built in 1982 and renovated in 2011. Trey Martin of Partners Real Estate represented the tenant in the lease negotiations. Michael Martin of Avison Young represented the landlord, an entity doing business as Schmid-Moulton Parkway Ltd. An opening date was not disclosed.
