Healthcare

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works September 10, 2021

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

September 10, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

Opentrons Signs 47,790 SF Life Sciences Lease at Innolabs in Queens

by Taylor Williams September 10, 2021

NEW YORK CITY — Opentrons, a provider of lab automation technology, has signed a 47,790-square-foot life sciences lease at Innolabs, a facility located in the Long Island City area of Queens. Pandemic Response Lab, a subsidiary of Opentrons, moved in to a 13,000-square-foot space in late August. Neochromosome, another subsidiary, and Opentrons will occupy the balance of the space beginning in early 2022. Bill Harvey, Jared Horowitz, Jordan Gosin and Emma Kistler of Newmark represented the landlord, a partnership between King Street Properties, The Carlyle Group and GFP Real Estate, in the lease negotiations.

September 10, 2021

Healthcare Leasing Activity Massachusetts Northeast Office

Avison Young Negotiates 18,600 SF Headquarters Lease in Metro Boston

by Taylor Williams September 10, 2021

BILLERICA, MASS. — Avison Young has negotiated an 18,600-square-foot office headquarters lease for pharmaceutical and biotech research firm PureHoney Technologies at 3 Federal Street in Billerica, a northwestern suburb of Boston. Kirk Weller and Jason Levendusky of Avison Young represented the tenant, which will relocate from 44 Manning Road in the fourth quarter, in the lease negotiations. Brian Tisbert of JLL represented the landlord, Rhino Capital.

September 10, 2021

Development Healthcare Life Sciences North Carolina Southeast

Property Income Advisors Redevelops 110,500 SF Life Sciences Campus in Raleigh

by Julia Sanders September 9, 2021

RALEIGH, N.C. — Property Income Advisors Inc. is redeveloping 540 Tech Center, a 110,500-square-foot life sciences property in Raleigh. Located at 4912-4924 Green Road, 540 Tech Center is a two-building property that allows for research and development, office, flex and warehouse users. 540 Tech Center’s amenities include multiple entry points, a 4.3 per 1,000 square feet parking ratio, one dock door per building and two onsite generators. Property Income Advisors changed the name of 540 Tech Center from its previous name, which was the address of the building. The firm also is currently making renovations to the property, including parking lot upgrades, landscape improvements, new monument signage, exterior paint, modernized restrooms and adding a new leasing center. The newly renovated buildings will have open ceilings and expansive floor plates with one of the twin buildings ready for tenant improvements to commence by the end of the year. As of October 2021, the property will be fully vacant. Built in 1983, the previous tenant was Conduent. Mac Hammer, Kent Honeycutt and Stacy Mbithi of Cushman & Wakefield will oversee leasing at the property.

September 9, 2021

Florida Healthcare Seniors Housing Southeast Top Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Acquisitions Healthcare North Carolina Office Southeast

Montecito Medical Acquires Medical Office Property in Pittsboro, North Carolina

by Julia Sanders September 8, 2021

PITTSBORO, N.C. — Montecito Medical, a Nashville-based investor of healthcare-related properties, has acquired Chatham Park Medical Office Building, a 25,610-square-foot medical office property in Pittsboro, about 36.1 miles south of Durham. The sales price and seller were not disclosed. Built in 2016, Chatham Park is fully leased to UNC Health, a Chapel Hill-based healthcare system that is affiliated with the University of North Carolina School of Medicine and operates 12 hospitals across North Carolina. UNC Health provides family medicine, rheumatology, therapeutic infusion, cardiology, ENT, gastro, ophthalmology, orthopedics, urology, rehab, imaging and laboratory services at the Chatham Park clinic. Situated about 17 miles from Chapel Hill, the medical property is located close to Chatham Park, a 7,000-acre master-planned development that broke ground in 2014. Upon full buildout Chatham Park will include 22,000 single-family homes as well as onsite schools, 50 miles of walking and biking trails and 44 acres of retail, multifamily, restaurants, office and hospitality space.

September 8, 2021

Healthcare Life Sciences Loans Massachusetts Northeast Office

PCCP Provides $39.8M Loan for Refinancing of Metro Boston Life Sciences, Office Portfolio

by Taylor Williams September 8, 2021

WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.

September 8, 2021

Development Healthcare Industrial New York Northeast

Eastman Cooke Completes 28,700 SF Adaptive Reuse Project in Manhattan

by Taylor Williams September 8, 2021

NEW YORK CITY — Locally based construction firm Eastman Cooke & Associates has completed an adaptive reuse project that converted a warehouse at 438 W. 51st St. into an ambulatory surgery center for Sovereign Medical Group. The five-story building was originally constructed in 1905. Designed by Stonehill Taylor, the project entailed a three-story roof extension, upgrades of vital operating systems and a complete installation of infrastructure systems. The development team also worked to preserve the façade and marry the cast iron beams supporting the building with structural steel. The new medical facility features examination and diagnostic areas, four operating rooms and pre- and post-surgical rooms.

September 8, 2021

Acquisitions Healthcare Midwest Minnesota

Davis Negotiates Sale of 19,124 SF Medical Office Building in Suburban Twin Cities

by Kristin Harlow September 7, 2021

SHAKOPEE, MINN. — Davis has negotiated the sale of Dean Lakes Health Building in Shakopee, a southwest suburb of the Twin Cities. The sales price was undisclosed. The 19,124-square-foot medical office building rises one story and is located at 4201 Dean Lakes Blvd. Allina Health, Edina Eye Physicians & Surgeons PA and Caravel Autism fully occupy the property. Jill Rasmussen of Davis represented the undisclosed seller. A partnership between Chicago-based Harrison Street and Minneapolis-based MedCraft Healthcare Real Estate was the buyer.

September 7, 2021

Healthcare Loans Office Washington Western

Essex Financial Group Arranges $75M Refinancing for Medical Dental Building in Seattle

by Amy Works September 3, 2021

SEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property. The seven-year loan features a fixed interest rate with three years of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower. Originally built in 1924, the 18-story office building has undergone several renovations with the most recent completed in 2014. At time of financing, the property was 91 percent occupied by 123 tenants. The property also features ground-floor retail space, which a coffee shop and local pharmacy occupy.

September 3, 2021

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