Healthcare

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

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Negotiates Sale of 140,913 SF Life Sciences Building in Philadelphia

by Taylor Williams June 28, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 140,913-square-foot life sciences building located at 3701 Market St. in Philadelphia. Built in 2000, the property was leased to Penn Medicine and Drexel University at the time of sale. Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan and Jack Corcoran of CBRE represented the seller, University City Science Center, in the transaction. Steven Doherty and Nick Harris of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, San Francisco-based GI Partners, which purchased the eight-story building for an undisclosed price.

June 28, 2021

Acquisitions California Healthcare Office Western

Angelo Gordon & Co. Sells Medical Office Building in Northern California to Morgan Stanley for $64.4M

by Amy Works June 25, 2021

BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.

June 25, 2021

Development Healthcare Massachusetts Northeast Office

Quaker Lane, Turnbridge to Develop 160,000 SF Flex Building in Metro Boston

by Taylor Williams June 25, 2021

MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.

June 25, 2021

Development Healthcare New Jersey Northeast

Public-Private Partnership Begins Work on $750M Cancer Treatment Facility in New Brunswick, New Jersey

by Taylor Williams June 24, 2021

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.

June 24, 2021

Acquisitions Connecticut Healthcare Northeast

Montecito Medical Buys Two Healthcare Facilities Totaling 113,000 SF in Connecticut

by Taylor Williams June 24, 2021

FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.

June 24, 2021

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