Healthcare

UBS Realty Investors Divests of Five-Story Medical Office Building in Beverly Hills for $74.4M

by Amy Works March 26, 2021

BEVERLY HILLS, CALIF. — UBS Realty Investors has completed the disposition of a five-story medical office building located at 9033 Wilshire in Beverly Hills. LaSalle Investment Management acquired the asset for $74.4 million. University of Southern California’s Keck Medical Center anchors the 49,721-square-foot property, which was extensively renovated in 2011. SIM & Associates designed the building, which features a surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck. Kevin Shannon, Rob Hannah, Ken White, Laura Stumm and Steven Salas of Newmark represented the seller in the transaction.

March 26, 2021

Development Healthcare New Jersey Northeast

Rendina Breaks Ground on 82,000 SF Healthcare Project at Monmouth Mall in Eatontown, New Jersey

by Taylor Williams March 26, 2021

EATONTOWN, N.J. — Florida-based Rendina Healthcare Real Estate has broken ground on the RWJBarnabas Health Family Care & Wellness Center, an 82,000-square-foot project at Monmouth Mall in Eatontown, located near the Jersey Shore. The facility will feature custom-designed spaces for specialized pediatric care, women’s services and wellness resources. The building will also include a commercial-grade kitchen to support the wellness center. Completion is slated for November.

March 26, 2021

Healthcare Loans Northeast Pennsylvania

CIT Group Provides $39M Loan for Refinancing of Philadelphia Medical Office Building

by Taylor Williams March 25, 2021

PHILADELPHIA — New York City-based CIT Group Inc. (NYSE: CIT) has provided a $39 million loan for the refinancing of a 95,000-square-foot medical office building located at 3 Crescent Drive near the Philadelphia Navy Yard. The property was fully leased to provider Jefferson Health at the time of the loan closing. The borrower, Norvin Healthcare Properties, acquired the asset in December 2019. Michael Gigliotti, Ryan Ade and Peter Rotchford of JLL arranged the loan.

March 25, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Bergmeyer, JC&A Complete 180,000 SF Life Sciences Redevelopment Project in Metro Boston

by Taylor Williams March 24, 2021

WALTHAM, MASS. — Design firm Bergmeyer and construction management firm J. Calnan & Associates (JC&A) have completed a 180,000-square-foot life sciences redevelopment project in the western Boston suburb of Waltham. The property, which features traditional office and lab space, will serve as the new headquarters for robotics firm Boston Dynamics. Amenities include kitchens and a fitness center, as well as mothers’ and quiet rooms.

March 24, 2021

Healthcare Loans Massachusetts Northeast

Eastern Union Provides $31M in Financing for Two Skilled Nursing Facilities in Massachusetts

by Taylor Williams March 22, 2021

SALEM AND WILMINGTON, MASS. — Eastern Union has provided $31 million in financing for a pair of skilled nursing facilities totaling 265 beds in Massachusetts. The first property is a 123-bed facility in Salem, and the second is a 142-bed clinic in Wilmington. The overall package was structured with limited recourse, a three-year term, an 85 percent loan-to-value ratio and a floating interest rate. Proceeds will be used to refinance existing debt and fund capital improvements. Nachum Soroka and Jacob Shonland of Eastern Union handled the transaction. The borrower was not disclosed.

March 22, 2021

Development Healthcare Life Sciences Northeast Office

Lendlease, Ivanhoe Cambridge to Develop 320,000 SF Life Sciences Building at Boston Landing

by Taylor Williams March 19, 2021

BOSTON — A partnership between Lendlease and Ivanhoe Cambridge has acquired land at 60 Guest St. within Boston Landing, a mixed-use destination in the Allston/Brighton area, for the development of a 320,000-square-foot life sciences building. The parcel sold for $67 million. The project will be situated on 1.1 acres, rise nine stories and offer traditional office space in addition to lab and research/development space. SGA Architects is designing the building, construction of which is targeted to begin in June 2022. Coleman Benedict and Kerry Hawkins of JLL represented the seller of the land, NB Development Group, and procured the partnership as the buyer.

March 19, 2021

Acquisitions Healthcare New Jersey Northeast

Avison Young Negotiates $3.7M Sale of Medical Office Building in Sewell, New Jersey

by Taylor Williams March 18, 2021

SEWELL, N.J. — Avison Young has negotiated the $3.7 million sale of Offices at Harbor Pavilions, a 15,000-square-foot medical office building in Sewell, located outside of Philadelphia in the southern part of the state. The property was built in 2007 and is leased to Rowan University School of Osteopathic Medicine and Reconstructive Orthopedics. Scott Martin of Avison Young represented the seller, a local investor, and the buyer, a local doctor, in the transaction.

March 18, 2021

Acquisitions Healthcare Southeast Virginia

Cushman & Wakefield | Thalhimer Facilitates $1.9M Land Sale in Chester, Virginia for New Emergency Clinic

by Julia Sanders March 17, 2021

CHESTER, VA. — Cushman & Wakefield | Thalhimer has facilitated the $1.9 million sale of approximately six acres of land located on the corner of Route One at Moore’s Lake Road in Chester. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the sellers, Americana Park LLC and Trollingwood Land LLC. Bon Secours St. Francis Medical Center, a medical center located in Midlothian, Va., purchased the property for the development of a freestanding emergency clinic.

March 17, 2021

Development Healthcare Midwest Missouri

Ryan Cos. Breaks Ground on 46,000 SF Medical Office Building Near St. Louis

by Kristin Harlow March 17, 2021

ST. PETERS, MO. — Ryan Cos. US Inc. has broken ground on a 46,000-square-foot medical office building in St. Peters, about 30 miles northwest of St. Louis. The project is fully pre-leased to St. Peters Ambulatory Surgery Center, Advanced Bone & Joint, St. Luke’s Hospital Center for Diagnostic Imaging and Axes Physical Therapy. The development is situated at 5200 Executive Centre Parkway, about a half-mile from Barnes-Jewish St. Peters Hospital. Ryan Architecture + Engineering designed the building, and Ryan Cos. is serving as developer and builder. This is Ryan’s second project in St. Peters and sixth project in partnership with Surgery Partners. Completion is slated for March 2022.

March 17, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

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