Healthcare

Cushman & Wakefield Arranges $7.4M Sale of Loma Starr Medical Office Property in San Diego

by Amy Works November 28, 2022

SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.

November 28, 2022

Development Healthcare Texas

McCarthy Completes 85,000 SF Cancer Research Center in Tyler, Texas

by Taylor Williams November 23, 2022

TYLER, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed The Northeast Texas Cancer & Research Institute, an 85,000-square-foot healthcare project in Tyler, about 100 miles east of Dallas. The center is located on the CHRISTUS Mother Frances Hospital campus and features specialized areas for cancer treatment provider Texas Oncology, including 30,000 square feet of clinic space for medical, radiation and gynecologic oncology services, as well as nearly 3,000 square feet of space dedicated to research. Construction began in May 2021 and topped out in March.

November 23, 2022

Acquisitions Healthcare New Jersey Northeast

NAI Hanson Negotiates Sale of 62,535 SF Medical Office Building in Clifton, New Jersey

by Taylor Williams November 23, 2022

CLIFTON, N.J. — NAI Hanson has negotiated the sale of a 62,535-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the buyer, Rendina Healthcare Real Estate, in the transaction. First Equity Development Co. sold the property, which recently underwent a capital improvement program, for an undisclosed price.

November 23, 2022

Development Healthcare Loans North Carolina Southeast Top Stories

Gantry Arranges $180M in Construction Financing for VA Medical Clinic Near Raleigh

by Jeff Shaw November 22, 2022

GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …

November 22, 2022

Development Healthcare Illinois Midwest

IMPACT Strategies Begins Construction of 20,000 SF Outpatient Clinic in Godfrey, Illinois

by Kristin Harlow November 16, 2022

GODFREY, ILL. — IMPACT Strategies has begun construction of the new BJC Outpatient Center in Godfrey, about 30 miles north of St. Louis. The 20,000-square-foot outpatient clinic marks IMPACT’s eighth project for BJC HealthCare. St. Louis-based SCOUT Capital Group is the developer and Archimages Architects is the project architect. Midwest BankCentre provided funding. Completion is slated for summer 2023.

November 16, 2022

Acquisitions Healthcare Midwest South Dakota

Cushman & Wakefield Negotiates $7.6M Sale of Medical Office Building in South Dakota

by Kristin Harlow November 15, 2022

DAKOTA DUNES, S.D. — Cushman & Wakefield has negotiated the $7.6 million sale of Tower Medical Plaza in eastern Nebraska’s Dakota Dunes. The property totals 35,130 square feet and is fully leased by seven tenants, including Beth Bruening PC, Dunes Family Pharmacy, ENT Consultants, Fyzical, Kevin L. Preston DO, Dunes Pain Specialists and MercyOne. The building is attached to the Dunes Surgical Hospital. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. on the transaction. Florida-based Catalyst Healthcare Real Estate purchased the asset from SSC MOB1.

November 15, 2022

Development Healthcare Texas

Pisula Development Completes 56,100 SF Medical Office Building in Shenandoah, Texas

by Taylor Williams November 15, 2022

SHENANDOAH, TEXAS — Locally based firm Pisula Development has completed Vision Park Medical Office Building, a 56,100-square-foot healthcare project in Shenandoah, about 40 miles north of Houston. The three-story building, which carried a price tag of $15.1 million, sits on 3.2 acres and includes 234 parking spaces. The building is currently 80 percent leased to tenants such as Woodlands Center for Specialty Surgery and Physicians Group of The Woodlands.

November 15, 2022

California Development Healthcare Office Western

Manna Development Group Completes Spec Medical Office Building in Encinitas, California

by Amy Works November 15, 2022

ENCINITAS, CALIF. — Manna Development Group has completed construction of a multi-tenant medical office building in Encinitas. Located at 777 N. El Camino Road, the property is the first speculatively built non-owner/user medical office building in 15 years in the city, according to the developer. Totaling 12,200 square feet, the property will feature a 5,675-square-foot ground floor and a 6,502-square-foot second floor. Both floors can be divided into multiple suites. Additionally, the asset will offer reserved and on-site parking. The building is slated for delivery in mid-November. Peter Curry, Brooks Campbell and Owen Curry of Cushman & Wakefield are handling leasing efforts for the property.

November 15, 2022

Acquisitions Georgia Healthcare Office Southeast

CBRE Brokers Sale of 149,202 SF Northwest Medical Center in Atlanta

by John Nelson November 14, 2022

ATLANTA — CBRE has arranged the sale of Northwest Medical Center, four-story medical office building located in the Buckhead neighborhood of Atlanta. A joint venture between Harrison Street and HealthAmerica Realty Group sold the 149,202-square-foot property for an undisclosed price. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the sellers and procured the buyer — Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company. The center was 81 percent leased at the time of sale, to tenants offering services including internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, dentistry, concierge medicine, oral surgery, ENT, plastic surgery, periodontics and imaging.

November 14, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

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