Healthcare

Marcus & Millichap Arranges $7.8M Sale of Medical Office Building in Spokane Valley, Washington

by Amy Works April 23, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million. Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross. Clayton Brown, Christopher Edwards and Ruthanne Romero of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

April 23, 2021

Acquisitions Healthcare Office Texas

Rycore Capital Acquires 58,517 SF Medical Office Building in Houston

by John Nelson April 23, 2021

HOUSTON — An affiliate of locally based investment firm Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building located near the Texas Medical Center in Houston. The sale included a 3.6-acre parcel for future development. Kevin McConn and Brian Bacharach of JLL represented the seller, Ridgeline Capital Partners, in the transaction. Matt Kafka and Cameron Cureton of JLL arranged acquisition financing on behalf of Rycore Capital. The property was 88 percent leased at the time of sale to tenants such as UT Physicians, Quest Diagnostics, LabCorp. and Harris Health System.

April 23, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires 12,294 SF Medical Office Building in Suburban Indianapolis

by Kristin Harlow April 23, 2021

ZIONSVILLE, IND. — Montecito Medical has acquired a 12,294-square-foot medical office building in Zionsville, a northwest suburb of Indianapolis. The purchase price and seller were undisclosed. Completed in 2020 and fully leased, the building serves as the new location for a primary care provider in Zionsville. The asset is located at 10649 Bennett Parkway near I-465. The transaction marks Montecito’s fourth medical office asset that it has acquired in the area.

April 23, 2021

Healthcare Loans New Jersey Northeast

Thorofare Provides $13M Acquisition Loan for Medical Office Building in West Orange, New Jersey

by Taylor Williams April 20, 2021

WEST ORANGE, N.J. — Thorofare Capital has provided a $13 million bridge loan for the acquisition of a 70,000-square-foot medical office building in the Northern New Jersey community of West Orange. The property is located within a mile of a 577-bed hospital. The loan was structured with a five-year term and includes proceeds for tenant improvements and other capital expenditures. The borrower was an undisclosed institutional owner-operator.

April 20, 2021

Acquisitions Healthcare Indiana Midwest

Hanley Investment Group Arranges $9.8M Sale of Medical Portfolio in Indiana, Texas

by Kristin Harlow April 20, 2021

INDIANA AND TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a four-property Fresenius Medical Care portfolio in Indiana and Texas for $9.8 million. The outpatient dialysis clinics are located in Auburn, Fort Wayne and Marion, Ind. as well as one in Dayton, Texas. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a Midwest-based private partnership. Brian Appel of Appel & Henick LLP handled legal affairs on behalf of the seller and negotiated lease extensions for the three Indiana properties. The 7,176-square-foot facility in Auburn sold to a St. Louis-based private buyer. Vince Vatterott and Michael Kocur of Westwood Net Lease Advisors represented the buyer. A Marin County, Calif.-based institutional group purchased the 7,580-square-foot property in Fort Wayne. Daniel Barnes of Lee & Associates represented the buyer. Brad Canova of Horvath & Tremblay represented the Denver-based private investor in the purchase of the 9,300-square-foot Marion facility. Lastly, Chris Shoemaker of Shoemaker Commercial Real Estate represented the California-based private investor in the acquisition of the 5,931-square-foot property in Dayton.

April 20, 2021

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Bristol Myers Squibb Signs 113,000 SF Life Sciences Lease Expansion in Boston

by Taylor Williams April 19, 2021

BOSTON — Bristol Myers Squibb has signed a 113,000-square-foot life sciences lease expansion at 250 Water St. at Cambridge Crossing, a 43-acre mixed-use project at the intersection of Cambridge, Somerville and Boston. The global pharmaceutical company is adding the remaining available space to its initial lease, which was announced in August of last year. Developer DivcoWest recently topped off the 480,000-square-foot building and expects to deliver it in 2022.

April 19, 2021

Healthcare Illinois Midwest

Blueprint Expands Platform into Medical Office Brokerage

by Kristin Harlow April 19, 2021

CHICAGO — Chicago-based Blueprint Healthcare Real Estate Advisors has expanded its platform into medical office brokerage. Coinciding with the announcement is the addition of medical office veterans Eric Lee and Chris Lashmet to lead the practice. Known for its activity in the seniors housing and care space, Blueprint says the expansion is an effort to provide innovative advisory services to the healthcare sector while also best serving its core senior living clients. Blueprint’s medical office practice will include services such as investment sales; sale-leaseback structuring for physician groups; strategic real estate advisory for health systems and investors; joint venture structuring with developers; and capital raising for ground-up development.

April 19, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Begins Construction on $1B Fenway Center Life Sciences Project in Boston

by Taylor Williams April 19, 2021

BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …

April 19, 2021

2445-Technology-Forest-Blvd.-The-Woodlands

Healthcare Leasing Activity Life Sciences Office Texas

NAI Partners Negotiates 25,288 SF Life Sciences Lease in Metro Houston

by Taylor Williams April 15, 2021

THE WOODLANDS, TEXAS — NAI Partners has negotiated a 25,288-square-foot life sciences lease for biotechnology firm Lexicon Pharmaceuticals at 2445 Technology Forest Blvd. in The Woodlands, about 30 miles north of Houston. Dan Boyles and Jon Silberman of NAI Partners represented the tenant in the lease negotiations. The duo also recently arranged the sale of Lexicon Pharmaceuticals’ former headquarters building in The Woodlands.

April 15, 2021

Features Healthcare Office

Medical Coworking Space Can Bolster Office Occupancy

by Taylor Williams April 15, 2021

By Sunny Somaiya, co-founder, WellnessSpace As we navigate what working life and office spaces will look like in a post-pandemic world, one thing is certain — they will not be the same as before. With many companies realizing during the pandemic that their employees can be just as or even more productive working from home, demand for office space may remain low for the foreseeable future. Remote work should thus continue to be a popular option. However, for businesses that require office space but face unprecedented uncertainty about their futures, renting traditional office space may not be the best solution. This is particularly true for private medical and wellness practices, and that is where coworking spaces come in. Coworking spaces have been around for many years and are undergoing a transformation of their own. They provide a great middle-ground choice for businesses that are looking for spaces but want to increase flexibility and avoid signing long-term leases. While traditional coworking spaces appeal to entrepreneurs and business owners, niche coworking spaces have risen in popularity in recent years to meet the demands of specific individuals. Medical and wellness coworking spaces represent a new breed that satisfy an unmet demand for flexible …

April 15, 2021

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