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AcquisitionsHealthcareNorth CarolinaOfficeSoutheast

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

by Julia Sanders

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.

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HealthcareMidwestOhio

KeyBank Launches $750M Healthcare Real Estate Fund

by Kristin Harlow

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.

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AcquisitionsHealthcareNew JerseyNortheast

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

by Taylor Williams

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.

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AcquisitionsHealthcareMidwestOhio

Fairfield Advisors Brokers $8M Sale of Medical Office Portfolio in Metro Akron

by Kristin Harlow

AKRON, OHIO — Fairfield Advisors has brokered the sale of the Crystal Clinic medical office portfolio in metro Akron for $8 million. The portfolio consists of 26,500 square feet and is utilized for orthopedic services, including surgery, imaging and physical therapy. With over 40 physicians, Crystal Clinic is one of the largest independently owned orthopedic practices in Ohio. Ben Whitney and Greg Trainor of Fairfield represented the seller in the transaction. Buyer and seller information was not provided.

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AcquisitionsCaliforniaHealthcareOfficeWestern

GPI Cos. Sells Medical Office Building in North Hollywood in Off-Market Transaction

by Amy Works

LOS ANGELES — GPI Cos. has completed the disposition of a medical office building located in Los Angeles’ North Hollywood neighborhood. Principal Real Estate Investors acquired the asset for an undisclosed price in an off-market transaction. Located at 4343 Lankershim Blvd., the three-story property features 32,418 square feet of medical office space. The property is fully leased to a local health institution and offers pain medicine and digestive disease services. Andrew Milne, Evan Kovac and Matt DiCesare of JLL Healthcare Capital Markets, along with Bryan Lewitt of JLL’s Los Angeles Healthcare Markets, represented the seller in the deal.

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Baycare
DevelopmentFloridaHealthcareSoutheast

BayCare Health Breaks Ground on $326M Hospital Project in Plant City, Florida

by Julia Sanders

PLANT CITY, FLA. — BayCare Health System has broken ground on South Florida Baptist Replacement Hospital, a $326 million expansion project of South Florida Baptist Hospital in Plant City. Built in 1953, the hospital has undergone 12 major expansions and renovations since opening, including the expansion of the Heart and Vascular Center in 2017. The new project includes 150 private patient rooms with the capacity to expand by an additional 30 rooms, two inpatient bed towers, an 85,000-square-foot medical office building, central energy plant and 1,073 parking spaces. There will be no disruptions with the patients, doctors or staff at the current hospital, according to BayCare Health. Barton Malow is the general contractor for the project and is anticipating a construction timeline of 26 months.

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600-Golden-Ridge-Rd-Golden-CO
AcquisitionsColoradoHealthcareLife SciencesWestern

Norvin Healthcare Properties Purchases 60,000 SF Post-Acute Facility in Golden, Colorado

by Amy Works

GOLDEN, COLO. — Norvin Healthcare Properties has acquired Post Acute Medical Rehabilitation Hospital of Golden from Golden Senior Housing I Propco LLC for an undisclosed price. Post Acute Medical (PAM) occupies the 60,000-square-foot in-patient rehabilitation facility, located at 600 Golden Ridge Road. PAM is currently completing a $4.2 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE U.S. Healthcare and Life Sciences Capital Markets represented the seller in the deal. Sabrina Solomiany, Zack Holderman and Cole Reethof of CBRE’s U.S. Healthcare and Life Sciences Debt & Structured Finance worked on behalf of the buyer to secure acquisition financing.

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DevelopmentHealthcareLeasing ActivityNew YorkNortheastOfficeTop Stories

Extell Development to Build 30-Story Medical Office Tower in Manhattan

by John Nelson

NEW YORK CITY — Extell Development Co. has unveiled plans to develop a 30-story medical office tower on Manhattan’s Upper East Side. The 400,000-square-foot, Class A property will be located at 403 E. 79th St. The site is near several of New York City’s top hospitals and medical research centers, including NewYork-Presbyterian and the main campus of Hospital for Special Surgery (HSS), an academic medical center focused on musculoskeletal health with locations throughout the tri-state area. HSS has signed a long-term lease for approximately 200,000 square feet spread across the first eight floors at the new tower. Mitti Liebersohn and Arthur Mirante of Avison Young represented HSS in the lease negotiations in collaboration with the HSS in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Vincent Carrega represented Extell Development. HSS will house orthopedic and rheumatology physician offices within its office space, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine Center that is set to open in 2024 at the HSS Kellen Tower. “We are pleased to partner with HSS, the foremost hospital for orthopedics and rheumatology, to …

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HealthcareLeasing ActivityLife SciencesNew YorkNortheastOffice

Feil Organization Negotiates 24,814 SF Life Sciences Lease in Manhattan

by Taylor Williams

NEW YORK CITY — The Feil Organization has negotiated a 24,814-square-foot life sciences lease at Seven Penn Plaza, a 411,000-square-foot building located adjacent to Madison Square Garden in Manhattan’s Chelsea neighborhood. The lease term is 10 years. David Turino handled lease negotiations on an internal basis for The Feil Organization, which owns and manages the building. Eva Shih of T3 Advisors represented the tenant, SOSV, a venture capital firm that runs the IndieBio development program for life sciences startups.

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DevelopmentHealthcareTexas

CBK Interests, Saber Street Break Ground on 126,113 SF Medical Office Building in West Houston

by Taylor Williams

HOUSTON — A partnership between two locally based boutique real estate firms, CBK Interests and Saber Street, has broken ground on the Kelsey-Seybold Clinic — Memorial Villages, a build-to-suit project for Houston-based provider Kelsey-Seybold. The project includes a 126,113-square-foot medical office building and a seven-story parking garage. Kirksey Architecture provided design and engineering services for the project, and Tellepsen has been selected as the general contractor. First Horizon Bank provided construction financing. Completion is slated for July 2022.

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