Healthcare

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Acquisitions Healthcare Indiana Midwest

Cushman & Wakefield Arranges $8.9M Sale of Medical Office Property in Indianapolis

by Kristin Harlow February 2, 2022

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of North Meridian Professional Center in Indianapolis for $8.9 million. The medical office property consists of three buildings totaling 72,309 square feet. Two of the buildings were constructed in the 1980s while the third was built in 2002. The property is 80 percent leased to a variety of medical and dental tenants. Gino Lollio, Travis Ives, Jon Owens and Joshua Graham of Cushman & Wakefield represented the seller, Florida-based Cantor Partners. Stablegate Investment Management was the buyer.

February 2, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Healthcare Loans New York Northeast

Webster Bank Provides $22.3M Loan for Refinancing of Long Island Healthcare Property

by Taylor Williams January 31, 2022

AMITYVILLE, N.Y. — Webster Bank has provided a $22.3 million loan for the refinancing of a 146-bed behavioral hospital in the Long Island community of Amityville. The facility spans 146,000 square feet and provides care for patients with acute psychiatric disorders. Anthony Sardo, Elliott Throne and C.J. Kodani of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as 81 Louden Real Estate Group LLC.

January 31, 2022

Courtyard-Medical-Professional-Center-Hemet-CA

Acquisitions California Healthcare Office Western

Progressive Real Estate Arranges $5.6M Sale of Courtyard Medical & Professional Center in Hemet, California

by Amy Works January 27, 2022

HEMET, CALIF. — Progressive Real Estate Partners has arranged the sale of Courtyard Medical & Professional Center, located at 910-960 N. State St. in Hemet. A Newport Beach-based private investor acquired the asset for $5.6 million. Greg Bedell of Progressive Real Estate Partners represented the seller, while Henry Liu of CBD Investments represented the buyer in the transaction. Built in 1981, the 39,796-square-foot Courtyard Medical & Progressive Center was fully occupied at the time of sale.

January 27, 2022

Acquisitions Healthcare Illinois Midwest

Barber Murphy Brokers Sale of 7,392 SF Medical Office Building in Shiloh, Illinois

by Kristin Harlow January 26, 2022

SHILOH, ILL. — Barber Murphy has brokered the sale of a 7,392-square-foot medical office building in Shiloh, about 20 miles east of St. Louis. The sales price was undisclosed. Barber Murphy represented the seller, Chouteau Ventures II LLC. R&R Real Properties Inc. purchased the building, which is located at 1116 Hartman Lane.

January 26, 2022

Colorado Development Healthcare Office Restaurant Retail Western

Evergreen Devco Plans Three Buildings at Nine Mile Corner Mixed-Use Project in Erie, Colorado

by Amy Works January 25, 2022

ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.

January 25, 2022

Acquisitions California Healthcare Office Western

IPA Brokers Sale of 41,191 SF Shasta Orthopedics Medical Office Building in Redding, California

by Amy Works January 25, 2022

REDDING, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Shasta Orthopedics Medical Office Building in Redding. Terms of the transaction were not released. Anthony Lunceford, Joe Massa and Michael Grenaway of IPA represented the undisclosed seller and buyer in the deal. Adam Christofferson served as Marcus & Millichap’s broker of record in California. The Shasta Orthopedics Medical Office Building features 41,191 square feet of space and is within a two-mile radius of Shasta Regional Medical Center, Mercy Medical Center Redding and Vibra Hospital of Northern California.

January 25, 2022

Healthcare Loans Texas

Ariel Property Advisors Arranges $21.7M Acquisition Loan for Houston Healthcare Portfolio

by Taylor Williams January 24, 2022

HOUSTON — New York City-based Ariel Property Advisors has arranged a $21.7 million acquisition loan for a portfolio of five freestanding emergency rooms located throughout the Houston area totaling 34,587 square feet. Eli Weisblum and Paul McCormick of Ariel Property Advisors arranged the loan, which was structured with a five-year term, a 4.5 percent interest rate and a 75 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

January 24, 2022

Acquisitions Healthcare Industrial Midwest Minnesota

CBRE Brokers $14.8M Sale of Medical Office, Industrial Building in St. Paul

by Kristin Harlow January 21, 2022

ST. PAUL, MINN. — CBRE has brokered the sale of University Crossing in St. Paul for $14.8 million. The 84,150-square-foot medical office and industrial technology building is located at 2200 University Ave. The fully leased property was built in 1990. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, Essjay Investments Co. LLC. Capital Partners LLP was the buyer.

January 21, 2022

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