DOWNERS GROVE, ILL. — Northmarq has arranged a $2.2 million loan for the refinancing of a 7,894-square-foot medical office building in the Chicago suburb of Downers Grove. Illinois Bone and Joint Institute occupies the property at 1034 Warren Ave. Erik Kunz of Northmarq arranged the loan through a life insurance company. The 10-year, fixed-rate loan features a 25-year amortization schedule.
ORLAND PARK, ILL. — Remedy Medical Properties has begun development of a $25 million medical office building in the Chicago suburb of Orland Park. The 42,000-square-foot project is a build-to-suit for Silver Cross Hospital and Premier Suburban Medical Group. Located at the northeast corner of LaGrange Road and 171st Street, the two-story building is slated for completion in early 2024. The property will house numerous primary and specialty care services, comprehensive imaging services, an 18-station infusion center, endoscopy suite and after-hours care. Perry Higa of NAI Hiffman represented Silver Cross Hospital and Premier Suburban Medical Group in purchasing two land sites totaling nearly 11 acres from SSM Health. Leopardo is the general contractor, Jensen & Halstead Ltd. is the architect and Kimley-Horn is the civil engineer.
LEXINGTON, KY. — Capital Real Estate Group’s (CREG) U.S. Healthcare Investment Sales practice has arranged the sale of a four-building medical office portfolio in Lexington totaling 29,800 square feet. An undisclosed private equity group purchased the property for approximately $8.8 million. Allen Inman and Andrew Larwood of CREG represented the seller in the transaction. The properties were fully leased at the time of sale to Kentucky Eye Institute (KEI), an ophthalmology practice with 11 locations in Central Kentucky. KEI comprises 13 physicians who provide consultative and surgical eye care.
CHICAGO AND BOCA RATON, FLA. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 13-property medical office portfolio for $131 million. The portfolio spans 300,328 square feet across eight states, including a medical building in Clarksville, Tenn.; a two-story, 28,218-square-foot building leased to Precision Spine Care in Tyler, Texas; a building occupied by Optum-Marsh in Indianapolis; a property occupied by an orthopedic practice named the Jordan Young Institute in Virginia Beach, Va.; and a 14,170-square-foot, two-story building leased to Halo Chico Breast Center in Chico, Calif. JLL brokered the acquisition of the portfolio from an undisclosed seller. Each of the buildings is fully leased on a long-term basis to medical practices including orthopedics, gastroenterology, radiology, imaging and surgery. “The properties in the portfolio are ideally located in strong, growing markets with excellent demographics,” says Peter Westmeyer, founder and CEO of Remedy. “The Clarksville medical building, for example, is located in close proximity to Nashville — an area experiencing significant growth. The Precision Spine practice in Tyler is one of the few spine and pain management practices in the area, enabling it to garner significant market share. All of this bodes well for the …
BREA, CALIF. — AdelFi Credit Union has completed the disposition of Imperial Mariner, a four-building office and medical office campus in Brea. Healthcare Property Advisors acquired the campus for $80 million. The 288,189-square-foot Imperial Mariner was built between 2002 and 2008. At the time of sale, the property was 89 percent leased to 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. The campus is situated on 17.4 acres at 915-975 W. Imperial Highway and 950 Mariner St. The site’s zoning allows for further medical office development or future redevelopment into industrial use. Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen of JLL Capital Markets represented the seller in the deal. Additionally, John Chun, Sam Godfrey and Anthony Sardo of JLL’s debt advisory team advised HPA on a $44 million acquisition loan with Farmers & Merchants Bank.
TINTON FALLS, N.J. — Monmouth Medical Center, an affiliate of RWJBarnabas Health, will open a 138,000-square-foot cancer care facility in the Northern New Jersey community of Tinton Falls. The project, which is expected to add about 300 new jobs to the local economy, represents the first phase of redevelopment of the former site of the Myer Center, a Cold War-era industrial facility that was demolished several years ago. Construction of the new facility, which will also offer imaging, radiation and ambulatory surgery services, is set to begin in the first quarter. Plans for Phase II are still being finalized.
NEW YORK CITY — Northwell Health has signed a 12,000-square-foot lease at Plaza 57 Medical, a 16-story building in Midtown Manhattan. The tenant plans to take occupancy of the entire 10th floor in the third quarter of next year. Paul Wexler, Josef Yadgarov and Elliot Dennis of Wexler Healthcare Properties represented Northwell Health and the landlord, The Moinian Group, in the lease negotiations.
O’FALLON, MO. — Tarlton Corp. has broken ground on a two-story, 66,000-square-foot outpatient health center for SSM Health in the St. Louis suburb of O’Fallon. The center will offer extensive imaging, adult and pediatric urgent care services, laboratory services and a retail pharmacy. In addition, SSM Health will partner with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide onsite primary, specialty and pediatric services. Slated for completion in mid-2024, the facility will be situated near the Streets of Caledonia, a lifestyle center incorporating a mix of retail and residential space. ACI Boland Architects is providing architectural services, while Cochran Engineering, KPFF Consulting Engineers and Ross & Baruzzini are providing engineering services.
WICHITA, KAN. — CIT, a division of First Citizens Bank, has provided a $27.8 million loan for the acquisition of a medical office portfolio in Wichita. A joint venture between Kayne Anderson Real Estate and Remedy Medical Properties was the borrower. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints. Abay Medical Plaza is leased to four tenants, with the largest being Abay Neuroscience Center.
BRIGHTON, MICH. — Trinity Health Michigan has unveiled plans for a replacement hospital in metro Detroit’s Livingston County that will enhance patient access and create an integrated campus of medical and surgical care at its existing medical center in Brighton. The three-year project has a price tag of $238.2 million. The four-story, 174,000-square-foot hospital will consist of 56 acuity adaptable beds, 18 short-stay beds and eight licensed operating rooms. The existing medical center facility will also undergo renovations. Construction is scheduled to begin in early 2023. Acuity adaptable rooms enable patients to stay in one centralized room throughout their entire stay rather than being transferred to other units, while short-stay units are targeted for patients requiring brief hospitalization. The project represents a multi-year effort to relocate inpatient and outpatient services from the aging Trinity Health Livingston hospital in Howell to the campus of Trinity Health Medical Center-Brighton. When complete in 2025, the new hospital will bring together healthcare providers and services to offer a continuum of care in one location for Livingston County and surrounding communities. The new hospital will offer the following medical services: primary care, general medicine, gynecological surgery, urology, cardiology and intensive cardiac rehab, orthopedics, minimally invasive …
