Healthcare

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

Acquisitions Healthcare Northeast Pennsylvania

Terravet Real Estate Buys Two Veterinary Hospital Buildings in Pittsburgh for $22.6M

by Taylor Williams April 14, 2022

PITTSBURGH — Terravet Real Estate Solutions, an investment firm focused on commercial properties occupied by veterinary users, has purchased two such facilities totaling 48,000 square feet in Pittsburgh. The sales price was $22.6 million. The buildings represent the real estate holdings of the Pittsburgh Veterinary Specialty & Emergency Center. Following this transaction, Terravet now owns and operates about 70,000 square feet of veterinary facilities in the Pittsburgh area and 1 million square feet nationwide.

April 14, 2022

Development Healthcare New York Northeast Retail

Simone Development Acquires Medical Office, Retail Complex in The Bronx for $32M

by Taylor Williams April 7, 2022

NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.

April 7, 2022

Acquisitions Healthcare Midwest Missouri

JLL Income Property Trust Acquires Kansas City Medical Office Portfolio for $22.2M

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — JLL Income Property Trust has acquired a medical office portfolio in metro Kansas City for $22.2 million. The portfolio comprises three properties spanning more than 50,000 square feet. Roeland Park is a nearly 30,000-square-foot building constructed in 2021. Its largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth. Northland Women’s Healthcare is a 10,000-square-foot property constructed in 2021 that is fully leased to the women’s healthcare provider. Blue Springs Pediatrics is a 10,500-square-foot building that was redeveloped in 2021. It is leased to a physician group that is a subsidiary of Children’s Mercy. JLL Income Property Trust now owns 12 healthcare properties totaling more than 1.1 million square feet that are valued in excess of $450 million and represent approximately 8 percent of its overall portfolio.

April 4, 2022

Healthcare Loans New York Northeast

Axiom Arranges $6M Loan for Refinancing of Queens Medical Office Building

by Taylor Williams April 1, 2022

NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $6 million loan for the refinancing of an 18,694-square-foot medical office building in Queens. The property is located at the intersection of Queens Boulevard and 56th Avenue, directly across the street from Queens Mall. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

April 1, 2022

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