Healthcare

Medistar Tops Out 19-Story Student Housing Tower at Texas A&M Innovation Plaza Campus in Houston

by Taylor Williams July 13, 2021

HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …

July 13, 2021

Acquisitions Healthcare Indiana Midwest

Fairfield Advisors Arranges $88M Sale of Medical Office Building in Newburgh, Indiana

by Kristin Harlow July 9, 2021

NEWBURGH, IND. — Fairfield Advisors has arranged the $88 million sale of St. Vincent’s Orthopedic Hospital and Medical Office Building in southern Indiana’s Newburgh. Completed in 2019, the 136,000-square-foot building contains 10 operating rooms, 48 beds and a number of medical office suites. The facility is located at 10388 Warrick Trail. The tenant, St. Vincent’s Hospital, is part of the Ascension Health Network. Greg Trainor and Ben Whitney of Fairfield represented the seller, a physician group that developed the property. The buyer was undisclosed.

July 9, 2021

Acquisitions California Healthcare Office Retail Western

Matthews Arranges $5.4M Sale of Medical Office, Retail Building Near Los Angeles

by Amy Works July 9, 2021

SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.

July 9, 2021

Healthcare Market Reports Texas Texas Market Reports

Build Today, Sell Tomorrow: Three Ways Healthcare Developers in Texas Can Maximize Marketability

by Taylor Williams July 9, 2021

By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. Healthcare real estate has proven to be one of the most resilient asset classes, able to bend but not break in the midst of global economic upheaval. Investors have become keenly aware of this fact, perhaps even more so during the latest downturn brought on by COVID-19. According to the 2021 U.S. Medical Office Trends report by CBRE, year-over-year investment volume for medical office properties fell 12.7 percent between the fourth quarters of 2019 and 2020. However, that’s far better than the 27.6 percent, 40.2 percent and 42.8 percent declines in investment sales volume that were respectively felt by the multifamily, office and retail sectors. Medical office buildings (MOBs) even beat out the white-hot industrial sector, which saw a 15.9 percent fall in annual investment volume last year. For developers eager to satiate this investor appetite for medical real estate, what is it that experienced buyers and newcomers to the space actually want in a healthcare asset? Ultimately it comes down to three things: location, size and use of space. Go Where the People Go “If you build it, they will come” may have worked for Kevin Costner’s cornfield baseball diamond, …

July 9, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Brokers $4.8M Sale of Medical Office Property in Miami

by Julia Sanders July 7, 2021

MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.

July 7, 2021

Development Healthcare Midwest Minnesota

Davis to Develop 44,000 SF Medical Office Building in Maple Grove, Minnesota

by Kristin Harlow July 2, 2021

MAPLE GROVE, MINN. — Davis will develop Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, a northwest suburb of the Twin Cities. Construction of the two-story project is scheduled to begin in late July. MNGI Digestive Health has signed a lease to occupy the entire 22,000-square-foot second floor. Davis will own the building and provide property management and leasing services. Completion is slated for August 2022. The project team includes Plymouth-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Davis is a national healthcare real estate firm.

July 2, 2021

Development Healthcare Oklahoma Texas

Saint Francis Health System to Undertake $250M Renovation, Expansion at Tulsa Hospital

by Taylor Williams July 1, 2021

TULSA, OKLA. — Saint Francis Health System will undertake a $250 million renovation and expansion of its Saint Francis Hospital South campus in Tulsa. The healthcare provider has tapped Cushman & Wakefield’s project development and services team to lead the project. Specifically, the team plans to deliver a 51,000-square-foot renovation of imaging spaces and four operating rooms and a 232,600-square-foot expansion that will add four operating rooms, a six-story tower with 124 patient rooms and a 600-space parking garage. Completion of the renovation and expansion is slated for March 2025.

July 1, 2021

Connecticut Healthcare Loans Northeast

M&T Provides $7.1M Loan for Refinancing of Connecticut Assisted Living Facility

by Taylor Williams July 1, 2021

FARMINGTON, CONN. — M&T Realty Capital has provided a $7.1 million FHA-insured loan for the refinancing of a 73-unit assisted living facility in Farmington, a suburb of Hartford. Paula Quigley and Steve Muth of M&T Realty Capital originated the loan through HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

July 1, 2021

Acquisitions Healthcare New York Northeast

Jacobson, Pyramid Arrange Sale of 42,374 SF Medical Office Building Near Syracuse

by Taylor Williams July 1, 2021

LIVERPOOL, N.Y. — Healthcare brokerage firm Jacobson Properties and Pyramid Brokerage Co. of Binghamton have arranged the sale of West Taft Road Medical Center, a 42,374-square-foot medical office building in Liverpool, a suburb of Syracuse. An entity doing business as West Taft Road Associates LLC sold the asset to an international private equity firm specializing in healthcare real estate for an undisclosed price. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage Co. represented the seller in the transaction.

July 1, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Breaks Ground on 375,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams June 30, 2021

CAMBRIDGE, MASS. — Developer DivcoWest has broken ground on a 375,000-square-foot life sciences building at 441 Morgan St. within Cambridge Crossing, a 43-acre mixed-use development located at the junction of Cambridge, Boston and Somerville. Designed by Ennead Architects and Jacobs Consultants, the building will consist of 10 floors of lab space plus two penthouse floors and five outdoor terraces. DivcoWest expects to complete construction of the shell of the building in early 2023 and to subsequently begin interior build-outs of tenant spaces.

June 30, 2021

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