Wednesday, January 15, 2025
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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $9M Expansion of Huron Regional Medical Center in South Dakota

by Kristin Harlow

HURON, S.D. — Kraus-Anderson has completed a $9 million renovation and expansion of Huron Regional Medical Center in Huron, a city in eastern South Dakota. The 23,500-square-foot expansion doubled the size of the clinic, providing enough space to serve more patients and house up to 20 physicians. A renovation of the emergency and imaging department added new infusion bays, treatment rooms and advanced hospital imaging, including MRI and 3D Mammography scanners. The property now rises two stories. Wold Architects was the project architect.

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AcquisitionsHealthcareMidwestWisconsin

CA Health & Science Trust Acquires Three-Story Medical Office Building Near Milwaukee

by Kristin Harlow

WAUWATOSA, WIS. — CA Health & Science Trust Inc. (CAHST) has acquired the Mayfair Health Professional Building in Wauwatosa near Milwaukee. The purchase price was undisclosed. The three-story medical office building, which is situated near Mayfair Mall, is more than 90 percent leased to medical practices offering orthopedic, physical therapy, diagnostic imaging and other services. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team, along with Mike Keane at Cushman & Wakefield’s alliance partner, The Boerke Co. Inc., represented the seller, ICA Real Estate Advisors. Citadel Property Advisors assisted with the transaction. CAHST is a private REIT focused on the acquisition and development of medical office and life sciences facilities across the U.S.

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Wellness-Center-West-Falls-Falls-Church-VA
DevelopmentHealthcareSoutheastVirginia

Trammell Crow, Diamond Realty Break Ground on 125,000 SF Medical Office Building in Falls Church, Virginia

by Amy Works

FALLS CHURCH, VA. — Trammell Crow Co. and Diamond Realty Investments have broken ground on The Wellness Center at West Falls, a six-story medical office building in Falls Church. Slated for delivery in late 2023, the 125,000-square-foot property is part of West Falls, a 1.2 million-square-foot mixed-use property master-developed by Hoffman & Associates. The Wellness Center at West Falls is designed specifically for medical users with the ability to accommodate clinical and surgical requirements for healthcare systems, specialty practice groups and independent practitioners. The building will feature a dedicated curbside patient pick-up and drop-off at the lobby, along with a covered parking garage that is connected to the building via a pedestrian-friendly street. Tenants will also have an opportunity for signage and branding on the ground floor and top floor. The project team includes Gensler as architect, Clark Construction Group as general contractor and Cushman & Wakefield as the leasing team.

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20414-N-27th-Ave-Phoenix-AZ
AcquisitionsArizonaHealthcareOfficeWestern

Talia Jevan Properties Sells Optum Center Office Building in Phoenix for $20M

by Amy Works

PHOENIX — Vancouver, Canada-based Talia Jevan Properties has completed the sale of Optum Center, a Class A multi-tenant office and medical building located at 20414 N. 27th Ave. in Phoenix. Cleveland-based Woodside Health Development acquired the property for $20 million. Built in 2008, the 81,907-square-foot Optum Center also includes a five-and-a-half level parking garage. At the time of sale, the property was 94 percent leased. The building features an extensive glass curtain wall and ribbon windows. Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley of Cushman & Wakefield represented the seller in the transaction.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Begins $36M Expansion of Mobridge Regional Hospital in South Dakota

by Kristin Harlow

MOBRIDGE, S.D. — The North Dakota office of Kraus-Anderson has begun a $36 million expansion and renovation of Mobridge Regional Hospital and Clinics in Mobridge, a city in South Dakota situated along the Missouri River. The campus includes a 25-bed critical access hospital, four federally certified rural health clinics, a 24-bed assisted living and seniors housing center and a rural ambulance service. The expansion project will include a new patient wing, surgery suite and ambulance garage, as well as 63,000 square feet of upgrades to the hospital’s emergency room department, surgery suite, imaging, dining area and support offices. Davis Partnership Architects is the project architect. Completion is slated for spring 2025.

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AcquisitionsHealthcareNortheastPennsylvania

Colliers Negotiates $14M Sale of Medical Office Building Near Pittsburgh

by Taylor Williams

PLEASANT HILLS, PA. — Colliers has negotiated the $14 million sale of a 33,172-square-foot medical office building in Pleasant Hills, a southern suburb of Pittsburgh. Gregg Broujos and Kim Kretowicz of Colliers represented the undisclosed seller and the buyer, Tampa-based Sila Realty Trust, in the transaction. At the time of sale, the building was fully leased to tenants such as Jefferson Hospital / Allegheny Health Network, Kids Plus Pediatrics, Miracle Dental Associates and Vision Care Associates-Eye Care Specialties of Pennsylvania.

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Aaron Porter, NAI Global, Interest Rate Capital Markets group quote
Content PartnerFeaturesHealthcareIndustrialLoansMidwestMultifamilyNAINortheastOfficeSoutheastTexasWestern

Rising Interest Rates and Inflation to Fuel Change in Property Markets

by Sarah Daniels

Beginning in the fourth quarter of 2020, commercial real estate buyers and sellers moved off the sidelines and began fueling an impressive investment sales rebound as many pandemic-related lockdowns and restrictions eased or ended. The rush to purchase hard assets hit its apex a year later when commercial property sales surged to a record $362 billion in the fourth quarter of 2021 alone, according to Real Capital Analytics, a part of MSCI Real Assets that tracks property transactions of $2.5 million or more. The strong market is continuing this year: Deals of $170.8 billion closed in the first quarter, a year-over-year increase of 56 percent, Real Capital reports. Buyers in the first quarter also pushed up prices 17.4 percent over the prior year, according to Real Capital’s Commercial Property Price Indices (CPPI). But given rising interest rates and other recent headwinds, will investors continue to drive robust investment activity and bid up prices? The 10-Year Treasury yield has spiked some 150 basis points to around 3 percent since the beginning of 2022, and fixed 10-year mortgage rates of between 3 percent and 4 percent are up about 100 basis points. For short-term variable loans, the benchmark secured overnight financing rate …

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DevelopmentHealthcareTexas

McCarthy Tops Out 365,000 SF Texas Children’s Hospital in Austin

by Taylor Williams

AUSTIN, TEXAS — General contractor McCarthy Building Cos. has topped out the new 365,000-square-foot Texas Children’s Hospital in Austin, construction of which began last summer. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Full completion is slated for 2024.

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HealthcareLoansTexas

MMCC Arranges $18.4M in Financing for Healthcare Facility in Temple, Texas

by Taylor Williams

TEMPLE, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.4 million in joint venture equity and acquisition financing for a 53-bed healthcare facility located in the Central Texas city of Temple. Kevan McCormack of MMCC arranged the debt portion of the financing through an undisclosed community bank on behalf of the undisclosed borrower, which intends to use a portion of the proceeds to convert the building into a long-term acute care hospital. California-based KPC Health will operate the facility upon completion of this project.

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AcquisitionsHealthcareMidwestWisconsin

JLL Arranges Sale of 111,827 SF Medical Office Portfolio in Wisconsin

by Kristin Harlow

WISCONSIN — JLL Capital Markets has arranged the sale of a four-property medical office portfolio in Wisconsin totaling 111,827 square feet for an undisclosed price. The properties are located in Glendale, Oak Creek, Mt. Pleasant and Green Bay. The portfolio is 98 percent leased. Tenants include Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. Evan Kovac, Mindy Berman, Tim Joyce, Matt DiCesare, Trent Jemmett and Jamie Fink of JLL represented the seller, Chicago-based Stage Equity Partners. Big Sky Medical was the buyer.

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