WEST ORANGE, N.J. — Atkins Cos. has completed the renovation of a 120,000-square-foot medical office building located in the Northern New Jersey community of West Orange. Capital improvements included the modernization of the building’s common areas and restrooms on the second, fourth and fifth floors, as well as the addition of new lighting, flooring, fixtures and decorative elements. Atkins originally developed the building, which is situated adjacent to RWJBarnabas Health’s corporate offices, in 1983.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors LLC has negotiated the sale of a 44,000-square-foot medical office building located in a medical corridor of western Indianapolis. The sales price was undisclosed. The property is home to Fresenius Kidney Care and Help at Home. Blueprint represented the seller, Valley Equity Group, and procured the buyer, a partnership between Urban Growth Capital, BrightPoint Real Estate Capital and North Cos. CARMEN Commercial Real Estate Services will handle leasing.
NEW YORK CITY — Global investment and development firm Lendlease has broken ground on Northwell Medical Pavilion, a 200,000-square-foot outpatient healthcare facility that will be located on Manhattan’s Upper East Side. Northwell Health will operate the facility, which will be situated on Third Avenue between East 76th and 77th streets. In addition to oncology treatment, the center will provide cardiac care, neuroscience programming, imaging and lab testing, as well as holistic wellness services, acute and chronic disease management and social work services. Ennead Architects designed the project, which is slated for a late 2025 completion.
PEORIA, ILL. — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property occupied by Oak Street Health in Peoria for $1.5 million. Dan Cooper of Cooper Group represented the seller, a private investment fund. The property sold to an all-cash buyer based in California. The sales price represented a cap rate of 6.7 percent. The property sold for 97 percent of the list price. Oak Street Health operates roughly 125 medical centers across 20 states and maintains a joint venture partnership with Humana Inc. Oak Street Health executed a new 10-year lease for the Peoria property in 2021.
CHARLOTTE, N.C. — Northwood Investors LLC has added two new tenants to Metropolitan, a mixed-use development and lifestyle shopping center located in Midtown Charlotte. The new concepts include Yuliya’s Ice Cream, a locally based, woman-owned ice cream company founded by Belarusian immigrant Yuliya Shvinhelskaya. The eatery will open at Metropolitan, its first brick-and-mortar shop, in early 2023. The other concept is Removery, the largest specialized provider of tattoo removal services. The company operates nearly 100 locations. Other newcomers to Metropolitan include European Wax Center, Open Rice and Clean Your Dirty Face. In addition to new tenants, Northwood Investors is unveiling the refresh of Metropolitan’s exterior that includes new signage, enhanced lighting along the bike path, colorful banners along Charlottetowne Avenue and South Kings Drive, metal and fabric garage screens and vertical wood and warmer colors throughout. Other upcoming renovations include updated landscaping and interior furnishings.
TARZANA, CALIF. — Calabasas-based Agora Realty & Management has purchased Tarzana Medical Plaza, a three-story medical office building located at 5525 Etiwanda Ave. in Tarzana. An undisclosed seller sold the asset for $30 million in an off-market deal. At the time of sale, the 75,000-square-foot medical office building was 90 percent occupied. Current tenants include Providence Healthcare Systems, Cedars-Sinai Medical Care and Unilab Corp. Agora plans to complete an interior and exterior renovation on the property. Interior renovations will include upgraded elevator cabs, modern corridor finishes, lighting upgrades, and expanded and renovated lobby areas with enhanced wayfinding. The buyer also plans to add solar panels to reduce operating costs.
SANTA CLARITA, CALIF. — Spectrum Commercial Real Estate has brokered the sale of Santa Clarita Medical Center, a medical/dental building in Santa Clarita. Yair Haimoff, Randy Cude, Andrew Ghassemi and Matt Sreden of Spectrum handled the $11.3 million transaction. The names of the seller and buyer were not released. Located at 23206 Lyons Ave., the two-story property offers 37,759 square feet of medical and dental space. The building features a mix of 24 professional medical suites, floor-to-ceiling window lines and an abundance of parking.
LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.
HOUSTON — Houston Cardiovascular Associates has signed a 40,000-square-foot medical office lease at the Museo Institute for Medical Arts Building, a development located north of Texas Medical Center by Testa Rossa Properties. Andrew Zeplain of CBRE represented the tenant, which will occupy the entire eighth floor and part of the first floor, in the lease negotiations. Brandy Bellow Spinks, also with CBRE, represented the landlord, an entity doing business as Sculptura MOB LP.
KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.