Healthcare

Plymouth Group, Centerbridge Break Ground on 450,000 SF Life Sciences Project in Philadelphia

by Taylor Williams July 30, 2021

PHILADELPHIA — A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners LP has broken ground on Budd Bioworks, a 450,000-square-foot life sciences project in Philadelphia. The property will be located at the site of the former plant of The Budd Co., a defunct manufacturer of automotive parts, in Philadelphia’s “Cellicon Valley” area. Budd Bioworks represents Phase I of a larger, 2.4 million-square-foot life sciences development. The development team also plans to incorporate residential, restaurant and retail uses in subsequent phases of the repositioning of the larger Budd Co. campus. Colliers International has been tapped to lease the life sciences component of the project.

July 30, 2021

Development Healthcare Texas

McCarthy Breaks Ground on 365,000 SF Texas Children’s Hospital in Austin

by Taylor Williams July 29, 2021

AUSTIN, TEXAS — General contractor McCarthy Building Cos. has broken ground on the 365,000-square-foot Texas Children’s Hospital in Austin. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Page is the project architect. Construction is scheduled to be complete in the first quarter of 2024.

July 29, 2021

Acquisitions Healthcare Indiana Midwest North Dakota

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

by Kristin Harlow July 27, 2021

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.

July 27, 2021

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $5.8M Renovation at Hospital in Suburban Minneapolis

by Kristin Harlow July 27, 2021

COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.

July 27, 2021

Acquisitions Healthcare Texas

IRA Cos. Acquires Four Healthcare Buildings in San Antonio Totaling 55,457 SF

by Taylor Williams July 26, 2021

SAN ANTONIO — Investment firm IRA Cos. has acquired the Gastroenterology Consultants of San Antonio’s ambulatory surgery center and three of its medical office buildings in San Antonio. The properties total 55,457 square feet. All of the medical office buildings were fully leased to a single tenant at the time of sale. Alan Grilliette and Justin Brasell of Transwestern represented Gastroenterology Consultants of San Antonio as the seller in the transaction.

July 26, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

TUFF, Collaborative Real Estate Acquire 160,000 SF Life Sciences Facility in Pittsburgh

by Taylor Williams July 26, 2021

PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.

July 26, 2021

Healthcare Leasing Activity New Jersey Northeast

R.J. Brunelli Negotiates 45,600 SF Healthcare Lease in Eatontown, New Jersey

by Taylor Williams July 21, 2021

EATONTOWN, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. LLC has negotiated a 45,600-square-foot healthcare lease at Monmouth Plaza in the Central New Jersey borough of Eatontown. The tenant, Hackensack Meridian Health, plans to open a new outpatient and urgent care facility at the site in the second quarter of next year. Richard Brunelli of R.J. Brunelli & Co. represented the owner, Monmouth Plaza Enterprises LLC, in the lease negotiations. Danielle Brunelli of R.J. Brunelli & Co. procured the tenant, which was represented in negotiations by Jeffrey Babikian of CBRE.

July 21, 2021

Arizona Development Healthcare Western

McCarthy Building Cos. Completes 96-Bed Care Tower at Chandler Regional Medical Center in Arizona

by Amy Works July 20, 2021

CHANDLER, ARIZ. — McCarthy Building Cos. and Devenney Group Architects, together serving as the design-build team, have completed Tower D, a patient-care tower at Dignity Health Chandler Regional Medical Center in Chandler. The new facility is scheduled to open to patients in early August. Tower D will serve as the hospital’s main entrance and add 96 patient-care beds, bringing Chandler Regional’s total bed count to 429. The first floor houses the new main hospital entrance and lobby, patient admitting, cardiac rehabilitation, ambulatory therapy unit, gift shop and chapel. The second floor features a surgery registration area, pre-operation and post-anesthesia care units, and 24 thoracic patient rooms. The third and four floors house 36 intensive care rooms and 36 standard patient units, respectively. The fifth floor is shell space for future patient-care beds, while the basement houses the pharmacy, materials management department and a loading dock. Additionally, the construction project included a new parking structure with additional surface parking to accommodate more than 1,100 vehicles, along with renovations to existing space that will allow for eight new surgical suites and an expansion of outpatient services and operational departments. The design-build team will remain on site through spring 2020 to complete the …

July 20, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires 19,360 SF Medical Office Building Near Indianapolis

by Kristin Harlow July 20, 2021

WHITELAND, IND. — Montecito Medical Real Estate has acquired a 19,360-square-foot medical office building in Whiteland near Indianapolis. Completed this year, the property is located at 503 Greenwood Trace. It is fully leased to a physician group that offers primary care and a range of specialty medical services. The seller and sales price were undisclosed. In the past year, Montecito has acquired three medical office buildings in central Indiana.

July 20, 2021

Company News Development Healthcare Life Sciences New York Northeast Office Top Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson July 20, 2021

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

July 20, 2021

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