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AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

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HealthcareLeasing ActivityLife SciencesNortheastOfficePennsylvania

Keystone Lands New Life Sciences Tenant at 912,245 SF Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — Keystone Property Group has landed a new life sciences tenant at The Curtis, the metro Philadelphia-based developer’s 912,245-square-foot facility in Philadelphia that is a redevelopment of a former printing press. Aro Biotherapeutics Co., a developer of genetic medicines, has committed to an undisclosed amount of space at the 12-story building. Bob Zwengler, Anthony Pell, Matt Knowles and Paul Touhey of CBRE represented the tenant in the lease negotiations. Tim Conrey, Lisa Berger Baskin and K.J. Kulik of Scheer Partners represented Keystone.

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AcquisitionsHealthcareIowaMidwest

IRA Capital Acquires 14,000 SF Medical Office Building in Bettendorf, Iowa

by Kristin Harlow

BETTENDORF, IOWA — Southern California-based private equity firm IRA Capital has acquired the Genesis Center for Digestive Health in Bettendorf, one of the Quad Cities. The purchase price was undisclosed. The 14,000-square-foot medical office building is fully leased to Genesis Health. Constructed in 2004, the highly specialized endoscopy center features three operating rooms alongside a full gastroenterology clinic, which includes physician offices, exam rooms and procedure rooms. Gastroenterology Associates previously occupied the building before becoming part of Genesis in June. IRA acquired the property through a sale-leaseback with Genesis, which operates six hospitals and employs over 5,500 people in the region.

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HealthcareLeasing ActivityMassachusettsNortheast

Vascular Care Group Signs 9,843 SF Healthcare Lease in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.

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DevelopmentHealthcareTexas

Texas Oncology to Open 22,300 SF Cancer Care Center in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Texas Oncology will open a 22,300-square-foot cancer care center at Alliance Town Center on the north side of Fort Worth. Corgan and E4H are serving as the architects of the project, and DPR Construction is the general contractor. Construction is underway, and the facility is scheduled to open some time next year. Once open, patients and their care teams at the existing Texas Oncology center in nearby Keller will transfer to the new facility.

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DevelopmentHealthcareIowaMidwest

NexCore Breaks Ground on 23,000 SF Medical Office Build-to-Suit in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — National healthcare real estate developer NexCore Group has broken ground on a 23,000-square-foot, build-to-suit medical office building for OrthoNebraska in Council Bluffs near Omaha. The orthopedic specialty clinic is located at 1260 Valley View Drive near I-80. NexCore will own the project in a joint venture with real estate investment management firm Harrison Street. OrthoNebraska will be the sole tenant. The project team includes general contractor McCarthy Building Cos. and architecture firm Leo A. Daly. Completion is slated for the second quarter of 2022.

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AcquisitionsArizonaHealthcareNet LeaseOfficeRetailWestern

Stratton Road Realty Acquires Dobson Town Place Medical Office Building in Chandler for $10.3M

by Amy Works

CHANDLER, ARIZ. — Stratton Road Realty LLC has purchased Dobson Town Place, a single-story medical office building located in south Chandler. Off Five LLC sold the asset for $10.3 million, or $232 per square foot. At the time of sale, the 44,000-square-foot property was 100 percent leased to a mix of medical, professional office and retail tenants on triple-net leases. Dobson Town Place was built in 2007 and 2008. James Taylor of Orion Investment Real Estate represented the seller in the deal.

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Budd-Bioworks-Philadelphia
DevelopmentHealthcareLife SciencesNortheastOfficePennsylvania

Plymouth Group, Centerbridge Break Ground on 450,000 SF Life Sciences Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners LP has broken ground on Budd Bioworks, a 450,000-square-foot life sciences project in Philadelphia. The property will be located at the site of the former plant of The Budd Co., a defunct manufacturer of automotive parts, in Philadelphia’s “Cellicon Valley” area. Budd Bioworks represents Phase I of a larger, 2.4 million-square-foot life sciences development. The development team also plans to incorporate residential, restaurant and retail uses in subsequent phases of the repositioning of the larger Budd Co. campus. Colliers International has been tapped to lease the life sciences component of the project.

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Texas-Children's-Hospital-Austin
DevelopmentHealthcareTexas

McCarthy Breaks Ground on 365,000 SF Texas Children’s Hospital in Austin

by Taylor Williams

AUSTIN, TEXAS — General contractor McCarthy Building Cos. has broken ground on the 365,000-square-foot Texas Children’s Hospital in Austin. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Page is the project architect. Construction is scheduled to be complete in the first quarter of 2024.

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AcquisitionsHealthcareIndianaMidwestNorth Dakota

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

by Kristin Harlow

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.

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