ALBANY AND TROY, N.Y. — Jacobson Properties and Pyramid Brokerage Co. have negotiated the sale of a four-building, 119,602-square-foot medical office portfolio in Upstate New York. Three of the buildings are located in Albany, and the other is located in Troy, a suburb of the state capital. A national healthcare REIT purchased the portfolio, which was fully occupied at the time of sale, for an undisclosed price. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage negotiated the deal.
RUTHERFORD, N.J. — Colliers International has negotiated the sale of 71 Union Avenue, a 32,226-square-foot, transit-served office and healthcare property in the Northern New Jersey community of Rutherford. The seller was an affiliate of Aspen Advisors, and the buyer was undisclosed. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
LENOX TOWNSHIP, MICH. — Healthcare real estate developer NexCore Group and Beaumont Health have opened a new outpatient campus in Macomb County’s Lenox Township, about 40 miles northeast of Detroit. Southfield-based Beaumont is the state’s largest health system. The building rises three stories and spans 109,630 square feet. The facility includes a digital directory, patient education center, lab, pharmacy, café and collaboration areas. NexCore entered into a long-term ground lease with Beaumont, which acquired the land. Dallas-based HKS Architects was the project architect and Sterling Heights, Mich.-based Roncelli served as general contractor.
CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …
PHILADELPHIA — Keystone Property Group has landed a new life sciences tenant at The Curtis, the metro Philadelphia-based developer’s 912,245-square-foot facility in Philadelphia that is a redevelopment of a former printing press. Aro Biotherapeutics Co., a developer of genetic medicines, has committed to an undisclosed amount of space at the 12-story building. Bob Zwengler, Anthony Pell, Matt Knowles and Paul Touhey of CBRE represented the tenant in the lease negotiations. Tim Conrey, Lisa Berger Baskin and K.J. Kulik of Scheer Partners represented Keystone.
BETTENDORF, IOWA — Southern California-based private equity firm IRA Capital has acquired the Genesis Center for Digestive Health in Bettendorf, one of the Quad Cities. The purchase price was undisclosed. The 14,000-square-foot medical office building is fully leased to Genesis Health. Constructed in 2004, the highly specialized endoscopy center features three operating rooms alongside a full gastroenterology clinic, which includes physician offices, exam rooms and procedure rooms. Gastroenterology Associates previously occupied the building before becoming part of Genesis in June. IRA acquired the property through a sale-leaseback with Genesis, which operates six hospitals and employs over 5,500 people in the region.
WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.
FORT WORTH, TEXAS — Texas Oncology will open a 22,300-square-foot cancer care center at Alliance Town Center on the north side of Fort Worth. Corgan and E4H are serving as the architects of the project, and DPR Construction is the general contractor. Construction is underway, and the facility is scheduled to open some time next year. Once open, patients and their care teams at the existing Texas Oncology center in nearby Keller will transfer to the new facility.
COUNCIL BLUFFS, IOWA — National healthcare real estate developer NexCore Group has broken ground on a 23,000-square-foot, build-to-suit medical office building for OrthoNebraska in Council Bluffs near Omaha. The orthopedic specialty clinic is located at 1260 Valley View Drive near I-80. NexCore will own the project in a joint venture with real estate investment management firm Harrison Street. OrthoNebraska will be the sole tenant. The project team includes general contractor McCarthy Building Cos. and architecture firm Leo A. Daly. Completion is slated for the second quarter of 2022.
CHANDLER, ARIZ. — Stratton Road Realty LLC has purchased Dobson Town Place, a single-story medical office building located in south Chandler. Off Five LLC sold the asset for $10.3 million, or $232 per square foot. At the time of sale, the 44,000-square-foot property was 100 percent leased to a mix of medical, professional office and retail tenants on triple-net leases. Dobson Town Place was built in 2007 and 2008. James Taylor of Orion Investment Real Estate represented the seller in the deal.