Healthcare

Northwood Investors Adds Two New Concepts to Metropolitan Shopping Center in Midtown Charlotte

by John Nelson October 19, 2022

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.

October 19, 2022

Acquisitions California Healthcare Office Western

Agora Realty Buys 75,000 SF Medical Office Building in Tarzana, California for $30M

by Amy Works October 19, 2022

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.

October 19, 2022

Acquisitions California Healthcare Office Western

Spectrum CRE Brokers $11.3M Sale of Santa Clarita Medical Center in California

by Amy Works October 19, 2022

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.

October 19, 2022

Park-Meadows-Medical-Center-Lone-Tree-CO

Acquisitions Colorado Healthcare Office Western

HR Assets Buys 34,685 SF Park Meadows Medical Center in Lone Tree, Colorado

by Amy Works October 14, 2022

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.

October 14, 2022

Museo-Institute-for-Medical-Arts-Building

Healthcare Leasing Activity Texas

Houston Cardiovascular Associates Signs 40,000 SF Medical Office Lease

by Taylor Williams October 14, 2022

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.

October 14, 2022

Acquisitions Healthcare North Carolina Office Southeast

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

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.

October 12, 2022

Development Healthcare Hospitality Mixed-Use Nevada Office Retail Top Stories Western

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

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