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Healthcare

AcquisitionsHealthcareIowaMidwestMinnesota

Davis Purchases Two-Building Healthcare Portfolio in Iowa, Minnesota for $34.1M

by Kristin Harlow

CORALVILLE, IOWA, AND MAPLEWOOD, MINN. — Davis Healthcare, on behalf of its Davis Medical Investment Fund, has acquired a two-building healthcare real estate portfolio known as CoralBirch for $34.1 million. The assets are located in Coralville, Iowa, and Maplewood, Minn. More than 70 percent of the space in the buildings is leased to high-credit hospital systems. With this acquisition, the fund owns 17 off-campus ambulatory care buildings totaling more than 750,000 square feet. The Coralville West Medical Building at 2769 Heartland Ave. rises three stories and totals 60,351 square feet. It is situated near the University of Iowa campus. Davis acquired the property for $24.2 million, or roughly $400 per square foot. At closing, the building was 97 percent leased with more than 65 percent of the space occupied by University of Iowa Healthcare, which offers primary care and internal medicine, obstetrics and gynecology, neurology, imaging and rehab and dermatology services. Additional tenants of the building are medical practices focused on obstetrics, radiology and rehab. Constructed in 2010, the building’s common areas and restrooms were renovated in 2022. Birch Run Medical Building at 1747 Beam Ave. totals 27,944 square feet. Davis purchased the single-story property for $9.9 million, or roughly …

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AcquisitionsHealthcareMarylandOfficeSoutheast

IPA Brokers $27.5M Sale of Medical Office Building in Greenbelt, Maryland

by John Nelson

GREENBELT, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $27.5 million sale of Maryland Trade Center III, a 192,000-square-foot medical office building in Greenbelt, a suburb of Washington, D.C. Robert Filley of IPA, along with Chez Eider of Marcus & Millichap, represented the seller, an entity doing business as Greenbelt Trade Center LLC. The duo also procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders. Brian Hosey served as Marcus & Millichap’s broker of record in Maryland for the transaction. Completed in 1989, Maryland Trade Center III is situated across from the Greenbelt Center shopping mall and within a half-mile of Luminis Health’s hospital and long-term recovery care center. Luminis Health recently selected the Class A building for its expansion of outpatient services. The property was 75 percent leased at the time of sale to tenants including Luminis Health, Greenbelt Oncology, Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology and Health First Medical Group. Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades. Amenities include a two-story atrium lobby, tenant-only fitness center and a daycare facility.

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DevelopmentHealthcareNew YorkNortheast

Suffolk Breaks Ground on 500,000 SF Healthcare Expansion Project in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — Boston-based general contractor Suffolk has broken ground on a 500,000-square-foot healthcare expansion project in White Plains, located north of New York City. According to New York YIMBY, the project carries a total construction cost of about $750 million. The expansion of White Plains Hospital will feature a 10-story building that will increase the facility’s licensed bed capacity from 292 to 436 and add 10 more operating rooms across a dedicated floor. These additions will serve to effectively double the size and capabilities of the hospital’s emergency care department. Completion is scheduled for 2028.

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AcquisitionsHealthcareTexas

Woodside Health Buys 126,059 SF Medical Office Building in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Woodside Health, a Cleveland-based private equity healthcare real estate firm, has purchased a 126,059-square-foot medical office building in the Central Texas city of Bryan. Built in 1999 and known as The Physicians Centre, the four-story building is attached to a private specialty hospital and was leased to 37 tenants at the time of sale. The seller and sales price were not disclosed.

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AcquisitionsHealthcareNew YorkNortheast

Jacobson Properties Arranges Sale of 25,648 SF Healthcare Property in Johnson City, New York

by Taylor Williams

JOHNSON CITY, N.Y. — New York-based brokerage firm Jacobson Properties has arranged the sale of a 25,648-square-foot healthcare property in Johnson City, located near the New York-Pennsylvania border. The building at 530 Columbia Drive houses medical office space and an ambulatory surgery center. Lisa Menin of Jacobson Properties represented the seller, a limited liability company, in the transaction. The buyer was an institutional healthcare real estate investment firm. Both parties requested anonymity.

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HealthcareIllinoisLeasing ActivityMidwest

NAI Hiffman Negotiates 87,461 SF Medical Office Lease Renewal in New Lenox, Illinois

by Kristin Harlow

NEW LENOX, ILL. — NAI Hiffman has negotiated an 87,461-square-foot medical office lease renewal for Silver Cross Hospital at 1890 Silver Cross Blvd. in New Lenox, a southwest suburb of Chicago. The 174,855-square-foot, six-story building is known as Pavilion A. Silver Cross healthcare providers occupy the first two levels as well as eight suites on the upper four levels. Other tenants in the building include the Shirley Ryan AbilityLab at Silver Cross and independent healthcare providers. Perry Higa of NAI Hiffman represented Silver Cross in the lease renewal, and Steve Brooks and Katie McReynolds of NexCore Group represented the owner, Prudential Real Estate Investors. The lease was completed far in advance of its expiration in fourth-quarter 2026.

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DevelopmentHealthcareMidwestMinnesota

HealthPartners Breaks Ground on 400,000 SF Hospital in Stillwater, Minnesota

by Kristin Harlow

STILLWATER, MINN. — HealthPartners has broken ground on its new HealthPartners Lakeview Hospital in Stillwater, an eastern suburb of the Twin Cities. Kraus-Anderson is the construction manager for the six-story, 400,000-square-foot hospital and clinic campus. The project is slated to open in early 2028. The new location will offer expanded specialized services such as a family birth center, TRIA Orthopedics Clinic, cardiac catheterization lab, cancer care and improved emergency and critical care. The campus will include walking trails and nature views from patient rooms. HealthPartners acquired the project site in 2017, but design planning halted at the pandemic’s onset. Planning resumed in 2022, and the architects were chosen by late 2023. Over the past 18 months, efforts have concentrated on design development and community engagement.  

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DevelopmentHealthcareSoutheastVirginia

Partnership Breaks Ground on 87,790 SF Medical Office Building in Midlothian, Virginia

by John Nelson

MIDLOTHIAN, VA. — A partnership between Remedy Medical Properties, Kayne Anderson Real Estate and Bon Secours has broken ground on a new three-story, 87,790-square-foot medical office building (MOB) in Midlothian, a suburb of Richmond. The healthcare property will sit on a 7.8-acre site on the campus of Bon Secours St. Francis Medical Center. The new MOB will feature an 11,193-square-foot ambulatory surgery center that Compass Surgical Partners will operate. The design-build team for the new facility includes architect PSH Plus, general contractor Kjellstrom & Lee and civil engineer Timmons. The development team expects to complete the project in late 2026.

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AcquisitionsHealthcareTexas

IRA Capital Buys 148,950 SF Healthcare Property in Webster, Texas

by Taylor Williams

WEBSTER, TEXAS — California-based private equity firm IRA Capital has purchased Houston Physicians’ Hospital, a 148,950-square-foot healthcare property in Webster, a southeastern suburb of Houston. The facility, which recently underwent a 39,000-square-foot expansion, includes an advanced surgical hospital and two aquatic care centers. At the time of sale, the facility was 100 percent leased to a joint venture between the physicians, Memorial Hermann Health System and United Surgical Partners International.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Begins $13M Expansion at Huron Regional Medical Center in South Dakota

by Kristin Harlow

HURON, S.D. — Kraus-Anderson has begun a $13 million expansion at Huron Regional Medical Center in South Dakota. Designed by Wold HFR Design, the 7,500-square-foot addition will feature four new operating rooms, staff lockers and a lounge. The project also includes an 11,581-square-foot renovation of the existing OR suite, endoscopy rooms and pre- and post-operating rooms; and a new 19,081-square-foot sterile processing area and support spaces. Completion is slated for November 2026.

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