NEWTON, MASS. — Dana-Farber has opened a 140,000-square-foot cancer treatment center at the site of the former Atrium Mall, located at 300 Boylston St. in Newton, a western suburb of Boston. The Bulfinch Companies led the redevelopment of the two-story facility, which offers a range of cancer therapy practices, clinical trials and supportive services for adult patients and families throughout the region. Bulfinch acquired the property in 2012 with plans to convert it into a medical and wellness facility.
Colliers Negotiates Life Sciences Lease for Gene Therapy Firm in Philadelphia’s University City Area
PHILADELPHIA — Colliers International has negotiated a life sciences lease at 3675 Market St. in Philadelphia’s University City neighborhood. Joseph Fetterman and Clifford Brechner of Colliers represented the tenant, gene therapy firm Spirovant Sciences, which will use the space for its expanded headquarters and lab operations, in the lease negotiations. A partnership between Ventas and Wexford Science + Technologies developed the 14-story, 340,000-square-foot building, which houses lab and traditional office space and is located near a variety of retail and restaurant options.
MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.
LAS VEGAS — SR Construction, as design-build contractor, has completed a five-story patient tower at Centennial Hills Hospital in Las Vegas. The new tower features 72 patient beds, plus two floors of shell for additional intensive care, intermediate and medical surgical units. Centennial Hills Hospital opened The Birthplace within the new tower, adding two labor and delivery suites along with 36 mother-baby suites. Additionally, the hospital opened its new 36-bed nursing unit at the tower. SR Construction broke ground on the tower in October 2019 and completed all construction phases for the project in November, four months ahead of the scheduled delivery date.
NEW YORK CITY — Knighthead Funding, a direct lender with offices in Connecticut and South Florida, has provided a $42 million construction loan for an 84,746-square-foot medical office building that will be located in the Astoria neighborhood of Queens. The borrower was a local partnership doing business as Astoria Crescent Owner LLC. Mount Sinai Health System, which has a hospital across the street, has signed a 30-year lease as the building’s anchor tenant, which brings its preleased occupancy rate to 65 percent. An expected completion date was not disclosed.
STERLING HEIGHTS, MICH. — Montecito Medical Real Estate has acquired an ophthalmic clinic and surgery center in Sterling Heights for an undisclosed price. Built in 1990, the 16,709-square-foot property is occupied by Vision Institute of Michigan. The group’s ambulatory surgery center accounts for roughly one-fourth of the building’s total square footage. This transaction marks Montecito’s first acquisition in Michigan. Collin Hart and Marc Flynn of ERE Healthcare Real Estate Advisors brokered the deal.
REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.
FARGO, N.D. — MedProperties Realty Advisors has acquired a Post Acute Medical (PAM) inpatient rehab facility in Fargo for an undisclosed price. The 42-bed hospital spans 57,000 square feet. It is fully leased to PAM on an absolute net basis for 18 years. The property is the only inpatient rehab facility in the state, and it also serves portions of Minnesota and South Dakota, according to MedProperties. Siemens Financial provided debt for the acquisition. P.J. Camp and Mathew Tarpley of Hammond Hanlon Camp LLC arranged the transaction. The seller information was not disclosed.
LEHIGHTON, PA. — Lehigh Valley Health Network (LVHN) will open a 100,000-square-foot hospital in Lehighton in central Pennsylvania. The facility will be situated on a 34.5-acre site and will feature 18 inpatient beds, a 12-bay emergency department, two operating rooms, two procedure rooms and four observation rooms with plans for future expansion. The opening is scheduled for spring 2022. Matt Macdonald of Markward Group represented LVHN and the seller in the disposition of the land.
SOMERVILLE, MASS. — BioMed Realty, a subsidiary of Blackstone that focuses on life sciences real estate, has acquired a 162,000-square-foot office building and a 7.5-acre development tract within the Assembly Row mixed-use destination. The property is located in Somerville on the northern fringe of Boston. The site will be developed in phases and ultimately add 1.3 million square feet of life sciences space to the local supply. A construction timeline was not disclosed.