COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.
SAN ANTONIO — Investment firm IRA Cos. has acquired the Gastroenterology Consultants of San Antonio’s ambulatory surgery center and three of its medical office buildings in San Antonio. The properties total 55,457 square feet. All of the medical office buildings were fully leased to a single tenant at the time of sale. Alan Grilliette and Justin Brasell of Transwestern represented Gastroenterology Consultants of San Antonio as the seller in the transaction.
PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.
EATONTOWN, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. LLC has negotiated a 45,600-square-foot healthcare lease at Monmouth Plaza in the Central New Jersey borough of Eatontown. The tenant, Hackensack Meridian Health, plans to open a new outpatient and urgent care facility at the site in the second quarter of next year. Richard Brunelli of R.J. Brunelli & Co. represented the owner, Monmouth Plaza Enterprises LLC, in the lease negotiations. Danielle Brunelli of R.J. Brunelli & Co. procured the tenant, which was represented in negotiations by Jeffrey Babikian of CBRE.
CHANDLER, ARIZ. — McCarthy Building Cos. and Devenney Group Architects, together serving as the design-build team, have completed Tower D, a patient-care tower at Dignity Health Chandler Regional Medical Center in Chandler. The new facility is scheduled to open to patients in early August. Tower D will serve as the hospital’s main entrance and add 96 patient-care beds, bringing Chandler Regional’s total bed count to 429. The first floor houses the new main hospital entrance and lobby, patient admitting, cardiac rehabilitation, ambulatory therapy unit, gift shop and chapel. The second floor features a surgery registration area, pre-operation and post-anesthesia care units, and 24 thoracic patient rooms. The third and four floors house 36 intensive care rooms and 36 standard patient units, respectively. The fifth floor is shell space for future patient-care beds, while the basement houses the pharmacy, materials management department and a loading dock. Additionally, the construction project included a new parking structure with additional surface parking to accommodate more than 1,100 vehicles, along with renovations to existing space that will allow for eight new surgical suites and an expansion of outpatient services and operational departments. The design-build team will remain on site through spring 2020 to complete the …
WHITELAND, IND. — Montecito Medical Real Estate has acquired a 19,360-square-foot medical office building in Whiteland near Indianapolis. Completed this year, the property is located at 503 Greenwood Trace. It is fully leased to a physician group that offers primary care and a range of specialty medical services. The seller and sales price were undisclosed. In the past year, Montecito has acquired three medical office buildings in central Indiana.
TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …
WALTHAM, MASS. — Abcam, a United Kingdom-based developer and distributor of biological reagents and tools for research, drug discovery and diagnostics, has signed a 100,000-square-foot life sciences lease in the western Boston suburb of Waltham. The company will occupy space at The Gauge, a former research and development facility that was recently repositioned to attract life sciences users. Paul Delaney and John Coakley of Cresa represented Abcam in the lease negotiations. Mike O’Leary and Duncan Gratton of Cushman & Wakefield represented the landlord, Hilco Redevelopment Partners.
NEW YORK CITY — Global development and investment firm Related Cos. has entered into an agreement with Miami-based caregiving agency CareMax Inc. (NASDAQ: CMAX) to build and operate new medical facilities across the country. The facilities will offer a comprehensive suite of medical services for senior citizens. The new partnership has a stated goal of developing healthcare facilities that include, but are not limited to, locations within or proximate to affordable housing communities that are owned by Related Cos. The new entity will begin its venture with the development of three medical centers in New York City that will be located in The Bronx, the Far Rockaway area of Queens and East Harlem. All three of these facilities are expected to be operational by some point next year. Related and CareMax plan to begin development of at least 15 new centers in 2022, 25 new facilities in 2023 and 35 new centers in 2024. As part of the agreement, Related has purchased $5 million of Class A common stock from CareMax at a price of $10 per share. The stock price of CareMax opened at $13.27 per share on Wednesday, July 13, up from its mid-September initial public offering price …
DECATUR, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.3 million sale of a single-tenant medical office building in the central Illinois town of Decatur. The occupant, Memorial Health System, has roughly 10 years remaining on its lease. Dan Waszak of Quantum represented the seller, a Midwest-based real estate investor and developer. A California-based fund was the buyer.
