BALTIMORE — The University of Maryland Medical Center (UMMC) has broken ground on the Roslyn and Leonard Stoler Center for Advanced Medicine, a nine-story patient care tower located on the UMMC campus at 22 S. Greene St. in downtown Baltimore. The facility will serve as the new entrance to the UMMC and house the University of Maryland Marlene and Stewart Greenebaum Comprehensive Cancer Center (UMGCCC). The $219 million development is expected to be completed in mid-2025. The project, which will more than double the cancer center’s footprint, will feature 198,000 square feet of new space and 42,000 square feet of renovated space. UMMC is funding the tower with $100 million from the state of Maryland, along with private donations and UMMC capital funds. UMMC has raised more than $51 million from 130 donors as part of UMMC’s Building for Life Campaign to fund the project. Clark Construction will serve as general contractor for the project, which is estimated to be wrap up in 32 months.
Healthcare
SRS Real Estate Partners Negotiates $10.6M Sale of Medical Office Property in Colorado Springs
by Amy Works
COLORADO SPRINGS, COLO. — SRS Real Estate Partners has arranged the sale of a medical retail property located at 1910 Lelaray St. in Colorado Springs. A Colorado-based private investor sold the asset to a West Coast-based investor for $10.6 million. Built in 2009 on 2.1 acres, the property features 19,187 square feet of medical office space. Liberty Dialysis, a subsidiary of Fresenius, and Pikes Peak Nephrology fully occupy the two-tenant building. Stephen Sullivan, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller in the deal.
NEW ALBANY, OHIO — Minneapolis-based healthcare real estate firm Davis has sold New Albany Medical Building II on the Mount Carmel Surgical Hospital campus for $27.7 million. The 59,233-square-foot medical office building is located in the Columbus suburb of New Albany. Davis acquired the asset in late 2019. The building is now 95 percent leased to tenants such as New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics. Milwaukee-based Physicians Realty Trust was the buyer.
INDIANAPOLIS — Skender, working with Meyer Najem Construction, has begun structural construction of the new Indiana University Health (IU Health) Capitol View medical office building and parking garage in downtown Indianapolis. The project consists of a 250,000-square-foot medical office building and a 310,000-square-foot parking structure with 939 parking spaces. A pedestrian bridge connects the building to the parking structure. The project has been under construction since November and is now entering the structural phase of construction. Structural construction refers to components of the building that are essential to its stability such as foundations, floors, walls or beams. Completion is slated for summer 2023. The project team includes architect atelierRISTING, civil engineer Circle Design and structural engineer Lynch, Harrison & Brumleve. The team is pursuing LEED Silver certification for the property.
NEW ALBANY, IND. — Marcus & Millichap has brokered the $4.1 million sale of the Green Valley Commons medical office building in New Albany, just north of Louisville. All IN Pediatrics has occupied the 13,456-square-foot property ever since it was constructed as a build-to-suit for the company in 2005. All IN is the largest longstanding pediatric practice in the state of Indiana, according to Marcus & Millichap. Gus Poulos, Joseph DiSalvo and Alexander Nulf of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, a limited liability company.
FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on a 41,217-square-foot medical office building in Fort Worth. The Diabetic & Thyroid Center of Fort Worth will occupy 14,000 square feet of the property, which was designed by Bennett Benner Partners and will be built by Dennett Construction. The site includes an additional pad site for development and lease. Construction is slated for a January 2023 completion. Dodson Commercial Real Estate has been tapped to lease the remaining space.
HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not disclosed.
NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.
SMITHFIELD TOWNSHIP, PA. — Co-developers DEPG Associates and ARCTRUST have broken ground on a 40,000-square-foot medical office building in Smithfield Township, located in Lehigh Valley. The project, which represents the first of a larger, five-building development for St. Luke’s University Health, will be situated within the 120-acre Smithfield Gateway mixed-use development. Completion of the building is slated for January 2023, and the first phase of the larger project is scheduled for a 2024 delivery.
WICHITA, KAN. — Newmark has brokered the sale of Cypress Surgery Center in Wichita for $15.3 million. The 33,620-square-foot outpatient surgery building is located within the Cypress Medical Park. The property is fully leased to a joint venture between Surgery Partners and a group of 137 local physicians under a long-term lease. The surgery center houses six operating rooms, three pain rooms and two endoscopy suites. Ben Appel and Bert Sanders of Newmark represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate.