Healthcare

Davis, Boston Development Break Ground on 224,000 SF Life Sciences Project in Metro Boston

by Taylor Williams August 25, 2021

WATERTOWN, MASS. — Two locally based firms, The Davis Cos. and Boston Development Group, have broken ground on a 224,000-square-foot life sciences project in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a larger campus that will ultimately include 450,000 square feet of space across two buildings. The first building will offer six private tenant spaces and amenities such as a fitness center, bike storage room and retail/café space. Completion is slated for mid-2023.

August 25, 2021

Acquisitions Healthcare Maine Northeast

Davis Acquires 107,228 SF Medical Office Building in Portland, Maine

by Taylor Williams August 23, 2021

PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

August 23, 2021

Acquisitions Florida Healthcare Southeast

Alliance Consolidated Acquires Two Net-Leased Veterinarian Properties in Cape Coral, Florida for $2.1M

by Julia Sanders August 23, 2021

CAPE CORAL, FLA. — Alliance Consolidated Group of Cos. has acquired a two-property veterinary portfolio including Kindness Animal Hospital West and Kindness Animal Hospital East in Cape Coral. The undisclosed seller sold the properties for $2.1 million. Pathway Vet Alliance LLC will remain as the existing tenant in both properties. Pathway Vet Alliance is part of a national veterinary hospital group with over 300 facilities across the country. In 2018, the organization acquired Kindness Animal Hospital, and in turn, retained the practice’s name as well as the two locations in the Cape Coral portfolio. Kindness Animal Hospital West is a 5,500-square-foot facility located at 717 Cape Coral Parkway West. Kindness Animal Hospital East spans 2,060 square feet at 1711 South East 47th Terrace. Kindness Animal Hospital has been serving the Cape Coral community for over 30 years. The two locations offer veterinary services including exotic and avian animal specialty, spaying/neutering, vaccinations, grooming, pet boarding, dentistry, laser/ultrasound procedures and emergency care. Alliance Consolidated Group of Cos. is a Bannockburn, Ill.-based real estate investment firm that specializes in net-leased medical buildings.

August 23, 2021

Development Florida Healthcare Hospitality Mixed-Use Southeast

Joint Venture Breaks Ground on 255-Room Legacy Hotel & Residences Hotel at Miami Worldcenter

by Julia Sanders August 20, 2021

MIAMI — The joint venture, Blue Legacy Ventures, has broken ground on Legacy Hotel & Residences Hotel, a mixed-use tower in Miami with 255 hotel rooms, 310 residences and a $100 million medical center. Legacy Hotel & Residence is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development in downtown Miami. The tower sits on 1.3 acres. All 310 residences in the tower sold out in May. The Legacy’s residences range in size from 350 square feet to 850 square feet with studios to two-bedroom units. The units sit atop the hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio. The skyscraper’s amenities will also include ground-floor retail, a one-acre pool deck, a seven-floor rooftop atrium with a restaurant bar and lounge, an elevated pool and a members-only international business lounge. Blue Zones and Adventist Health also signed a partnership agreement to operate the medical center once it’s completed. Blue Zones is a subsidiary of Adventist Health Blue Zones. Miami-based Royal Palm Cos. is a co-developer on the project. The 10-floor medical and well-being center will occupy 120,000 square feet within Legacy Hotel & Residences. The center will be powered by artificial intelligence and …

August 20, 2021

Acquisitions Healthcare Midwest Ohio

Stage Equity Partners Acquires 15,100 SF Medical Office Building Near Toledo, Ohio

by Kristin Harlow August 19, 2021

PERRYSBURG, OHIO — Stage Equity Partners LLC has acquired a 15,100-square-foot medical office building in Perrysburg, about 10 miles southwest of Toledo. McLaren St. Luke’s fully occupies the building under a long-term lease. McLaren St. Luke’s is a local hospital and a subsidiary of McLaren Health Care Corp., one of the largest healthcare systems in the Midwest. Built in 2018, the Perrysburg property was designed for McLaren St. Luke’s primary care practice, including its sole residency and pharmacy training programs. The one-story building includes a waiting and reception area, 24 exam rooms, two procedure rooms, 12 administrative offices, a resident’s work area and classroom. Marcus & Millichap brokered the sale for an undisclosed price. Chicago-based Byline Bank provided acquisition financing.

August 19, 2021

Healthcare Massachusetts Northeast

Newmark Secures Recapitalization of 200,000 SF Medical Office Portfolio in Northeast

by Taylor Williams August 19, 2021

BOSTON — Newmark has secured the recapitalization of a portfolio of six medical office buildings totaling approximately 200,000 square feet that are located throughout various markets in New England and the Mid-Atlantic. Ben Appel, Michael Greeley, Jay Miele and John Nero of Newmark procured an undisclosed institutional equity partner for owner Aspect Health. The new joint venture also plans to develop more healthcare facilities in these regions.

August 19, 2021

Acquisitions Healthcare Midwest Wisconsin

IRA Capital Buys Ambulatory Surgery Center Near Milwaukee in Sale-Leaseback

by Kristin Harlow August 18, 2021

WAUWATOSA, WIS. — IRA Capital has purchased an 11,200-square-foot ambulatory surgery center in Wauwatosa, about six miles west of Milwaukee. The purchase price was not disclosed. The property is fully occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The facility offers various outpatient services, including anesthesiology, general surgery and orthopedic surgery. IRA acquired the building in a sale-leaseback that was structured with SCA, which operates 230 ambulatory surgery centers across 35 states.

August 18, 2021

Helen-Caloggero-Womens-Family-Center-Orange-CA

California Development Healthcare Western

PMB Plans Medical Building on Providence St. Joseph Hospital Campus in Orange, California

by Amy Works August 17, 2021

ORANGE, CALIF. — PMB has unveiled plans for Helen Caloggero Women’s & Family Center, located on the Providence St. Joseph Hospital campus in Orange. The company will begin demolition for the 137,000-square-foot center this month. Located at 363 S. Main St., the four-story medical office building will house a range of services and amenities, including a mother and baby assessment center; maternal diabetes and wellness; maternal fetal testing; pelvic health and rehabilitation; perinatal education; OB/GYN clinical offices; pediatric clinical offices; certified midwives; women’s mental health services; conference/education rooms; birthing center; a pharmacy; and a Blue Bowl Superfoods outlet. Additionally, visitors and tenants will have access to an underground parking garage. The project team includes Boulder Associates as architect and Synder Langston as general contractor. San Diego-based PMB RES will serve as the property manager, and PMB and Madison Marquette will handle leasing. Completion of the facility is slated for fourth-quarter 2023.

August 17, 2021

Healthcare Life Sciences Market Reports Multifamily Northeast Northeast Market Reports Office

How Multifamily Owners Can Cater to the Northeast’s Growing Base of Life Sciences Renters

by Taylor Williams August 17, 2021

By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …

August 17, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

TMRW Life Sciences Inks 38,000 SF Lease Expansion at 250 Hudson Street in Manhattan

by Taylor Williams August 16, 2021

NEW YORK CITY — TMRW Life Sciences, which provides management systems and solutions for in vitro fertilization, has signed a 38,000-square-foot lease at 250 Hudson Street in Manhattan. The tenant currently occupies a portion (5,500 square feet) of the seventh floor of the 15-story building and will relocate from that space to occupy the entire sixth floor and part of the ground floor. Mitti Liebersohn of Avison Young represented TMRW Life Sciences in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

August 16, 2021

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