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AcquisitionsGeorgiaHealthcareSoutheastTop Stories

Piedmont Healthcare to Purchase Georgia Hospital Portfolio from HCA for $950M

by John Nelson

ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …

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AcquisitionsHealthcareMidwestOhio

Montecito Acquires 69,800 SF Surgical Facility in Suburban Cleveland

by Kristin Harlow

BEACHWOOD, OHIO — Montecito Medical has acquired Beachwood Medical Center in Beachwood, a suburb of Cleveland. Built in 2019, the surgical facility spans 69,800 square feet and is fully leased to an operating entity owned predominantly by Lake Health and University Hospitals. The facility specializes in orthopedics, urology, the spine, general surgery and pain management. Most of the hospital’s surgeries are performed on an outpatient basis, with elective procedures representing 75 percent of the surgical volume. The two-story facility, which also offers physical therapy, advanced imaging and a 24/7 emergency department, includes eight operating rooms, two procedure rooms and 25 patient beds. The purchase price and seller were undisclosed.

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CaliforniaHealthcareLoansOfficeWestern

JLL Arranges $42.5M Refinancing for Wilshire West Medical Tower in Los Angeles

by Amy Works

LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles. Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan. Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.

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CaliforniaHealthcareLoansOfficeWestern

Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California

by Amy Works

TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance. The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008. Kevin Mulvaney of Bellwether Enterprise’s Los Angeles office arranged the loan with MetLife.

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Welltower Medical Office
DevelopmentHealthcareNorth CarolinaOfficeSoutheast

Welltower Completes Two Medical Office Buildings in Charlotte Totaling 280,000 SF

by Julia Sanders

CHARLOTTE, N.C. — Welltower Inc. has completed two medical office buildings in Charlotte totaling 280,000 square feet. Atrium Health, which owns the adjacent Carolinas Medical Center, signed a 15-year triple-net lease for the two buildings. Charlotte-based Pappas Properties LLC developed the properties and will remain strategic partners with Toledo, Ohio-based Welltower for the planned nine-acre, healthcare anchored mixed-use campus, as well as future developments. The two medical office buildings include a nine-level, 1,440-space parking deck that will be shared with the entire mixed-use campus. Atrium’s Sanger Heart and Vascular Institute and Atrium Health General Clinics including neurosciences, gastroenterology, infectious disease and palliative care opened in April 2021.

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DevelopmentHealthcareTexas

JLL Tops Out 365,000 SF Memorial Hermann The Woodlands Medical Center in Metro Houston

by Taylor Williams

THE WOODLANDS, TEXAS — JLL’s Project & Development Services division has topped out Memorial Hermann The Woodlands Medical Center, a 365,000-square-foot medical office project located about 30 miles north of Houston. Construction of the nine-story building began in early 2020 and is expected to be complete in spring 2022. Austin Commercial is serving as the general contractor of the project. PhiloWilke served as the architect, and SSA was the engineer. JLL’s Project & Development Services division is leading development of the project along with Memorial Hermann Hospital System’s executive team.

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AcquisitionsHealthcareIndustrialMassachusettsNortheast

Clarion Partners Buys 58,935 SF Biomanufacturing Facility in Braintree, Massachusetts

by Taylor Williams

BRAINTREE, MASS. — New York-based Clarion Partners has purchased a 58,935-square-foot biomanufacturing facility at 55 Messina Drive in Braintree, a southern suburb of Boston. The property features six wet labs, temperature-controlled rooms, a new water filtration system and 18.5-foot ceiling heights. The facility was fully leased to Zimmer Biomet, a global leader in musculoskeletal healthcare, at the time of sale. Scott Dragos of CBRE brokered the deal. The seller was not disclosed.

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DevelopmentHealthcareLife SciencesMassachusettsNortheastOffice

Greatland Realty Partners Breaks Ground on 180,000 SF Life Sciences Project Near Boston

by Taylor Williams

LEXINGTON, MASS. — Locally based developer Greatland Realty Partners has broken ground on Revolution Labs, a 180,000-square-foot life sciences project in Lexington, a northwestern suburb of Boston. Revolution Labs will feature purpose-built laboratory infrastructure, full-service onsite amenities and multi-functional outdoor spaces. SGA is the project architect, and Callahan Construction Managers is the general contractor. JLL is handling leasing for the property. The development team expects the property to be available for occupancy by the third quarter of 2022.

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HealthcareLoansTexas

CIT Provides $19.3M Acquisition Loan for Sugar Creek Health Center in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — New York City-based CIT Group Inc. has provided a $19.3 million acquisition loan for Sugar Creek Health Center, an 84,646-square-foot medical office building located in the southwestern Houston suburb of Sugar Land. The property is leased to providers of ambulatory surgery, imaging, orthopedics, women’s health, dentistry and optometry services. The borrower was an affiliate of Austin-based Virtus Real Estate Capital.

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Museo-Medical-Office-Building-Houston
DevelopmentHealthcareTexas

Testa Rossa Properties Tops Out 10-Story Medical Office Building in Houston

by Taylor Williams

HOUSTON — Locally based developer Testa Rossa Properties has topped out Museo Medical Office Building, a 10-story, 364,000-square-foot healthcare project located at 5115 Fannin St. in Houston. Designed by PJMD Architects and Dallas-based Huitt-Zollars, the project will house users such as Texas Laparoscopic Consultants and Mann Eye Institute. Completion is slated for the fall.

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