Healthcare

Pacific Group Breaks Ground on 135-Acre Helios Medical Campus in North Las Vegas

by Katie Sloan October 6, 2022

NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion. At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services. The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

October 6, 2022

Acquisitions Healthcare Michigan Midwest

JLL Arranges Sale of 23,328 SF Medical Office Building in Novi, Michigan

by Kristin Harlow October 4, 2022

NOVI, MICH. — JLL has arranged the sale of the Novi Wellness Center, a 23,328-square-foot medical office building in Novi, which is located about 29 miles northwest of downtown Detroit. The sales price was undisclosed. The property at 39500 West Ten Mile Road, renovated in 2020, was 97 percent leased at the time of sale by tenants such as Beaumont Health, Smile Doctors and ThriveWorks. Chris DiSalle of JLL represented the seller, Woodside Health. Private equity firm Excelsior Capital was the buyer.

October 4, 2022

Acquisitions Healthcare New Jersey Northeast

Cushman & Wakefield Brokers $16M Sale of Northern New Jersey Medical Office Building

by Taylor Williams October 3, 2022

CLIFTON, N.J. — Cushman & Wakefield has brokered the $16 million sale of a 62,535-square-foot medical office building located in the Northern New Jersey community of Clifton. Frank DiTommaso, David Bernhaut, Gary Gabriel and Max Helfman of Cushman & Wakefield represented the seller, First Equity Development Co., in the transaction. The buyer was a joint venture between Florida-based Rendina Healthcare Real Estate and Artemis Partners. At the time of sale, the property was fully leased to 10 tenants.

October 3, 2022

Healthcare Market Reports Midwest Midwest Market Reports Minnesota

Expanding Providers Boost Minneapolis Medical Office Market

by Kristin Harlow September 29, 2022

By Jill Rasmussen, Davis The Minneapolis – St. Paul medical office building (MOB) market remains strong with calculated strategic growth from both hospital systems and independent clinics. The MOB sector has been resilient during the pandemic, economic challenges and local civil unrest. Providers have been focused on expanding into new market areas to locate close to their patient base, providing full-service medical hubs offering outpatient surgery and specialty services to communities while offering lower-cost care away from a hospital campus. The overall market remains very stable with a current vacancy rate of 8.6 percent on-campus and 10.6 percent off-campus. There remains high interest in off-campus locations for most non-acute care for location access and cost savings. Base rents continue to increase both on- and off-campus due to demand and higher new construction pricing. Base rates have reached nearly $22 per rentable square foot (rsf) on average on-campus and $21/rsf for off-campus existing product. New MOB construction rates have increased from $24.50/rsf to $28+/rsf due to interest rate hikes and supply chain/labor issues, but new construction projects continue to move ahead based on provider’s strategic initiatives. Annual base rent increases are trending up due to current inflation levels from a historical …

September 29, 2022

Acquisitions Arizona Healthcare Office Western

Joint Venture Purchases Simon Medical Plaza in Phoenix for $14.8M

by Amy Works September 28, 2022

PHOENIX — A joint venture between Cypress West Partners and an institutional real estate advisor has acquired Simon Medical Plaza, a fully leased medical office building in Phoenix. Completed in 2020, Simon Medical Plaza is a two-story facility that a variety of healthcare tenants occupy. Services available at the property include pediatric healthcare, imaging services, podiatry, dentistry, physical therapy, ophthalmology, chiropractor services, counseling and elder services. Aldon Cole and Aiden Hayes of JLL Capital Markets secured a $7.6 million five-year, floating-rate loan through CIT, a division of First Citizens Bank, for the acquisition.

September 28, 2022

Acquisitions Healthcare NAI New Jersey Northeast

NAI Hanson Brokers Sale of 63,000 SF Medical Office Building in Clifton, New Jersey

by Taylor Williams September 28, 2022

CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 63,000-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the undisclosed buyer in the transaction. The seller was an entity doing business as Bliss Valley Associates LLC. The buyer plans to build an outpatient surgery center on the top floor of the four-story building and lease the remaining space.

September 28, 2022

Acquisitions Healthcare Midwest Ohio

Marcus & Millichap Negotiates $15.9M Sale of Medical Office Building in Strongsville, Ohio

by Kristin Harlow September 27, 2022

STRONGSVILLE, OHIO — Marcus & Millichap has negotiated the $15.9 million sale of the Cleveland Clinic Southpark Center in Strongsville, a southern suburb of Cleveland. The medical office building, located at 16761 Southpark Center, spans 166,524 square feet. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. An Ohio-based real estate investment trust purchased the medical office building. The property sold above list price at a cap rate of 4.95 percent.

September 27, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

Acquisitions Healthcare Texas

Seavest Acquires Six Emergency Hospitals Totaling 190,000 SF in Dallas-Fort Worth

by Taylor Williams September 19, 2022

DALLAS — New York-based investment firm Seavest Healthcare Properties has acquired six emergency hospitals totaling 190,000 square feet that are located throughout the Dallas-Fort Worth metroplex. Specifically, the facilities, which typically feature 24/7 emergency services and eight to 12 beds for overnight stays, are located in Burleson, Colleyville, Keller, Murphy, Rockwall and Grand Prairie. Seavest acquired the properties, which are operated by Baylor Scott & White, in a joint venture with global asset management firm Heitman LLC. The seller was not disclosed.

September 19, 2022

Development Healthcare Southeast Tennessee

OGA, Heritage Medical Deliver $30.6M Medical Office Building Near Nashville

by John Nelson September 19, 2022

MT. JULIET, TENN. — Nashville-based Oman-Gibson Associates (OGA) and partner Heritage Medical Associates have completed construction of a $30.6 million medical office building located at 325 Old Pleasant Grove Road in Mt. Juliet, a suburb of Nashville. The 87,000-square-foot building is home to more than 25 Heritage Medical physicians representing multiple specialties, including primary care, allergy, dermatology, ear, nose and throat (ENT), endocrinology/diabetes, gastroenterology, laboratory and rheumatology/arthritis. The three-story facility features three procedure rooms, an imaging suite, infusion chairs, allergy shot stations, two-story entrance, all-glass waiting area, window-filled corridors and a dedicated parking area. Heritage Medical combined its existing Mt. Juliet office and Summit Medical Center offices into the new facility. In 2019, OGA and Heritage Medical partnered on a 63,500-square-foot medical office building in the Nashville suburb of Brentwood, Tenn.

September 19, 2022

Newer Posts

Older Posts