Healthcare

Boureston Development Sells Woodbridge Square Medical Office Building in Irvine for $27.6M

by Amy Works April 26, 2022

IRVINE, CALIF. — Boureston Development has completed the disposition of Woodbridge Square, a multi-tenant medical office building in Irvine. Anchor Health Properties acquired the property for $27.6 million. Located at 4980 Barranca Parkway, the 36,104-square-foot building was 94 percent leased at the time of sale to 18 medical, dental and laboratory tenants. Sean Fulp, Mark Schuessler, Ryan Plummer, John Scruggs, Kevin Shannon, Paul Jones and Ken White of Newmark represented the seller in the transaction.

April 26, 2022

Development Healthcare Texas

Velocis, Prime Healthcare to Develop $35M Medical Office Complex in Fort Worth

by Taylor Williams April 26, 2022

FORT WORTH, TEXAS — A partnership between Dallas-based private equity firm Velocis and Prime Healthcare Properties has acquired 8.5 acres in the Willow Park area of Fort Worth for the development of a medical office complex. The $35 million project will consist of two buildings that will be constructed on speculative bases and will total 100,000 square feet. Grace Hebert Curtis Architects is designing the project. Wier & Associates is the civil engineer, Brasfield & Gorrie is the general contractor. JLL will lease the buildings. Construction is slated to begin this year and to be complete in 2023.

April 26, 2022

Development Healthcare Kansas Life Sciences Midwest

Scorpion Biological Services to Build $650M Biomanufacturing Facility in Manhattan, Kansas

by Kristin Harlow April 22, 2022

MANHATTAN, KAN. — Scorpion Biological Services, a subsidiary of Heat Biologics Inc., is building a new 500,000-square-foot biomanufacturing facility in Manhattan. The $650 million project will create 500 new jobs in the area within the next seven years, according to Gov. Laura Kelly. The facility will support the development of vaccines that enable an accelerated response to global biological threats. The company also intends to provide commercial level development, manufacturing and bioanalytical testing services at every stage for biopharmaceutical products on a fee-for-service basis to the global healthcare industry. The project came together as a result of partnerships between the Kansas Department of Commerce, Kansas State University, Kansas State University Innovation Partners, the City of Manhattan, the Manhattan Chamber of Commerce, Pottawatomie County, Pottawatomie County Economic Development Corp., Manhattan Area Technical College, Evergy, CRB and Realty Trust Group. A timeline for construction was not provided.

April 22, 2022

Acquisitions Healthcare Illinois Midwest

JLL Arranges $600M Sale of Healthcare Portfolio Across 10 States

by Kristin Harlow April 20, 2022

CHICAGO — Chicago-based JLL has arranged the sale of a 27-property healthcare portfolio totaling 1.2 million square feet for $600 million. The assets are located in Arizona, California, Colorado, Illinois, Indiana, Florida, Massachusetts, Minnesota, Oklahoma and Texas. The portfolio includes 15 medical office buildings, five micro-hospitals, four behavioral hospitals, two inpatient rehabilitation hospitals and one heart and surgical hospital. Nine of the properties are in Arizona. The portfolio is 97 percent occupied by tenants such as Advocate Aurora Health, Rush University Medical Center, Memorial Hermann, Ascension, Banner Health, Tenet Health, Lutheran Health Network, Baylor Scott & White Health and Edward-Elmhurst Healthcare. A JLL Healthcare Capital Markets team led by Mindy Berman, Evan Kovac, Andrew Milne and Brian Bacharach represented the seller, Harrison Street. NorthWest Healthcare Properties was the buyer.

April 20, 2022

Acquisitions Colorado Healthcare Office Western

Cushman & Wakefield Brokers Sale of 241,200 SF Flex Portfolio in Colorado Springs

by Amy Works April 20, 2022

COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of Interquest I-IV, a four-building flex, office and healthcare portfolio located at 9925, 9945, 9950 and 9960 Federal Drive in Colorado Springs. An undisclosed seller sold the asset to a Denver-based private partnership for an undisclosed price. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller. Constructed in phases in 2001 and 2008/2009, the buildings offer a total of 241,232 square feet of flex, office and healthcare space. At the time of sale, the portfolio was 76 percent leased to a healthcare and technology tenants. Interquest I (9945 Federal Drive) and Interquest II (9925 Federal Drive) have LEED Silver certification.

April 20, 2022

Acquisitions Arizona Healthcare Office Western

Meridian Sells Grunow Memorial Medical Center in Phoenix for $17.9M

by Amy Works April 20, 2022

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

April 20, 2022

Healthcare Leasing Activity New Jersey Northeast

JLL Negotiates 60,000 SF Healthcare Lease in Montvale, New Jersey

by Taylor Williams April 19, 2022

MONTVALE, N.J. — JLL has negotiated a 60,000-square-foot healthcare lease in the Northern New Jersey community of Montvale. The tenant, Valley Health System, will move into North Market, an 86,000-square-foot building in the preconstruction phase of development. Frank Recine of JLL represented the landlord, The S. Hekemian Group, in the lease negotiations. Robert Rudin and Peter Hamburger of Cushman & Wakefield represented the tenant. North Market will also include 26,000 square feet of retail space.

April 19, 2022

Acquisitions Healthcare Texas

JLL Income Property Trust Buys Medical Office Building in Metro Houston for $18.4M

by Taylor Williams April 18, 2022

SUGAR LAND, TEXAS — JLL Income Property Trust has purchased Sugar Land Medical Plaza, 37,000-square-foot medical office building located on the southwestern outskirts of Houston, for $18.4 million. The property was built in 2020 and was fully leased at the time of sale to a roster of local healthcare providers that have a weighted average remaining lease term of nine years. The seller was not disclosed.

April 18, 2022

Development Healthcare Midwest Minnesota

Allina Health to Build Multi-Specialty Center, Primary Care Clinic in Lakeville, Minnesota

by Kristin Harlow April 18, 2022

LAKEVILLE, MINN. — Allina Health has unveiled plans to build a multi-specialty center and primary care clinic in Lakeville, about 20 miles south of Minneapolis. Together, the two projects total 100,000 square feet. The 75,000-square-foot multi-specialty center will house an ambulatory surgery center and provide residents with services such as orthopedics, oncology and women’s health. The 25,000-square-foot primary care clinic will be situated near Cedar Avenue and Dodd Road. Both projects are slated to open in summer 2023. Brian Bruggeman and Louis Suarez of Colliers represented Allina Health in its site selection.

April 18, 2022

Acquisitions Healthcare Midwest Missouri

Montecito Medical Acquires 15,000 SF Surgery Center in St. Joseph, Missouri

by Kristin Harlow April 18, 2022

ST. JOSEPH, MO. — Montecito Medical has acquired the St. Joseph Outpatient Surgery Center building in St. Joseph, about 55 miles north of Kansas City. The purchase price and seller were undisclosed. The nearly 15,000-square-foot property is fully leased to St. Joseph Outpatient Surgery Center. Four physician assistants, 19 surgeons and 12 anesthesia providers practice at the facility. The surgeons perform procedures in a variety of specialties, including orthopedics; gastroenterology; plastic surgery; ears, nose and throat (ENT) and podiatry. The facility includes four operating rooms, two procedure rooms and recovery rooms. Montecito Medical is a privately held company specializing in healthcare-related real estate acquisitions and funding for development.

April 18, 2022

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