Healthcare

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Acquisitions California Healthcare Retail Western

La Maestra Family Clinic Buys Vacant Retail Center in El Cajon for Community Health Center Conversion

by Amy Works November 22, 2021

EL CAJON, CALIF. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the deal.

November 22, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

by Taylor Williams November 17, 2021

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.

November 17, 2021

Tustin-Rehabilitation-Hospital-Tustin-CA

Acquisitions California Healthcare Office Western

Cushman & Wakefield Brokers $18M Sale of Tustin Rehabilitation Hospital in Orange County

by Amy Works November 12, 2021

TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million. The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the end of the year. Travis Ives and Gino Lillio of Cushman & Wakefield’s US Healthcare Capital Markets team represented the seller in the deal.

November 12, 2021

Acquisitions Healthcare Illinois Midwest

CA Health and Science Trust Acquires 95,000 SF Medical Office Building in Elgin, Illinois

by Kristin Harlow November 5, 2021

ELGIN, ILL. — CA Health and Science Trust Inc. (CAHST) has acquired a 95,000-square-foot medical office building in Elgin for an undisclosed price. A publicly traded REIT was the seller. The four-story property is home to tenants such as Derick Dermatology, Suburban Orthopedics and Northwestern Medicine. The building is located at 1600 Randall Road near I-90 and is adjacent to Advocate Sherman Hospital. The latest investment from CAHST is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures for the acquisition, development and renovation of medical office and life sciences buildings.

November 5, 2021

Healthcare Loans Northeast Pennsylvania

G.S. Wilcox Arranges $44M Construction Loan for Lehigh Valley Healthcare Project

by Taylor Williams November 4, 2021

LEHIGH COUNTY, PA. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $44 million construction loan for a 70,000-square-foot healthcare project in Pennsylvania’s Lehigh Valley. The exact location of the single-tenant project was not disclosed. Wesley Wilcox of G.S. Wilcox arranged the fixed-rate loan, which carried a 23-year term, on behalf of the undisclosed borrower.

November 4, 2021

Acquisitions Colorado Healthcare Office Western

CBRE Arranges Sale of 57,250 SF Dry Creek Medical Office Building in Englewood, Colorado

by Amy Works November 3, 2021

ENGLEWOOD, COLO. — CBRE has brokered the sale of Dry Creek Medical Office Building, located at 125 Inverness Drive East in Englewood. Terms of the transaction were not released. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman of CBRE’s Denver office to represent the undisclosed seller in the deal. Built in 2000, Dry Creek Medical Office Building features 57,250 square feet of space. At the time of sale, the property was 87 percent leased to a variety of tenants, including two surgery centers, imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery specialists.

November 3, 2021

Acquisitions Healthcare North Carolina Office Southeast

JLL Negotiates $31.4M Sale of Three-Property Medical Office Portfolio in Metro Charlotte

by Julia Sanders November 2, 2021

CHARLOTTE, N.C. — JLL Capital Markets has negotiated the $31.4 million sale of a three-property medical office portfolio totaling 72,499 square feet in metro Charlotte. Mindy Berman, Pete Pittroff, Brannan Knott and Daniel Flynn of JLL represented the seller, The Keith Corp., a Charlotte-based commercial real estate firm, in the transaction. Chicago-based Remedy Medical Properties was the buyer. The portfolio includes the following: Mission Hospital McDowell Medical Office Building located at 430 Rankin Drive in Marion; Steele Creek Medical Office Building located at 13425 Hoover Creek Blvd. in Charlotte; and Tryon Medical Partners – Matthews at 630 Matthews Township Parkway in Matthews. The facilities were 97 percent leased at the time of sale to regional and national healthcare providers including health systems such as Novant Health and Mission Health (HCA), as well as physician practice groups such as Tryon Medical Partners and Charlotte Radiology. The Keith Corp. recently constructed or renovated the Steele Creek Medical Office Building and Mission Hospital McDowell Medical Office Building. The Keith Corp. and Sportsmed Properties developed the Steele Creek property.

November 2, 2021

Healthcare Midwest Ohio

KeyBank Launches $750M Healthcare Real Estate Fund

by Kristin Harlow November 2, 2021

CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.

November 2, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Negotiates Sale of 30,000 SF Medical Office Building in Edison, New Jersey

by Taylor Williams November 2, 2021

EDISON, N.J. — Colliers International has negotiated the sale of a 30,000-square-foot medical office building in Edison, located roughly midway between Newark and Trenton. At the time of sale, the property was 83 percent leased to five tenants. Kim Kretowicz of Colliers represented the undisclosed seller and procured the buyer, private equity real estate firm Thomas Park, in the transaction.

November 2, 2021

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