Healthcare

Medical Office REIT Buys Torrey Hills Medical Plaza in San Diego for $37.3M

by Amy Works January 15, 2021

SAN DIEGO — A publicly traded REIT has acquired Torrey Hills Medical Plaza, a Class A medical office building and attached parking garage in San Diego. Virtus Real Estate Capital and Coast Income Properties sold the property for $37.3 million. Situated on 2.6 acres at 4765 Carmel Mountain Road, the 47,596-square-foot asset features a connected, two-level parking garage. Fresenius Medical Care anchors the two-story building, which is 91 percent leased. Andrew Milne, Evan Kovac, Trent Jemmett, Paul Braun, Chris Ross and Kelly Moriarty of JLL Healthcare Capital Markets represented the seller in the transaction.

January 15, 2021

Acquisitions Florida Healthcare Office Southeast

Mohr Capital Acquires 78,449 SF Medical Office Building in Orlando

by Alex Tostado January 14, 2021

ORLANDO, FLA. — Mohr Capital has acquired a two-story, 78,449-square-foot medical office building in Orlando. The property is situated within Lee Vista Business Park at 6272 Lee Vista Blvd., nine miles southeast of downtown Orlando. The facility houses a distribution warehouse, office space for executives, specialty pharmacy and a team of specialty-trained pharmacists and nurses. Accredo Health Group Inc., a specialty pharmacy operator and subsidiary of global healthcare insurance firm Cigna Corp., fully occupies the asset with more than six years remaining on its lease. The facility was first developed in 2006 for CuraScript Inc., which merged with Accredo in 2012. Rodrigo Godoi internally represented the Dallas-based buyer in the transaction. Ron Rogg of CBRE represented the seller, a tenant in common (TIC) entity, in the transaction. The sales price was not disclosed.

January 14, 2021

Acquisitions Healthcare Midwest Ohio

Montecito Acquires 91,300 SF Medical Office Building in Sandusky, Ohio

by Kristin Harlow January 14, 2021

SANDUSKY, OHIO — Montecito Medical Real Estate has acquired a three-story, 91,300-square-foot medical office building in Sandusky, about 60 miles west of Cleveland. The purchase price and seller were undisclosed. The facility serves as the flagship location for Northern Ohio Medical Specialists (NOMS) and is fully leased to the organization. The building was constructed in 2009 and expanded in 2018 with the addition of an ambulatory surgery center. NOMS is a major provider across Northern Ohio, with 45 locations and more than 260 providers in 30 different medical specialties.

January 14, 2021

Healthcare Leasing Activity Office Texas

Southwestern Health Resources Signs 150,000 SF Office Lease in Metro Dallas

by Taylor Williams January 13, 2021

FARMERS BRANCH, TEXAS — Regional healthcare provider Southwestern Health Resources has signed a 150,000-square-foot lease at Browning Place, a 627,560-square-foot office complex in the northern Dallas metro of Farmers Branch. Amenities at the complex include an onsite bank branch, jogging trail, café and a fitness center. Duane Henley of Transwestern represented the landlord, Browning Place LLC, in the lease negotiations. Paul Whitman and Pat McDowell with JLL represented the tenant.

January 13, 2021

Acquisitions Healthcare Life Sciences Office Texas

Lexicon Pharmaceuticals Sells 260,950 SF Life Sciences Campus in Metro Houston

by Taylor Williams January 12, 2021

THE WOODLANDS, TEXAS — Biopharmaceutical firm Lexicon Pharmaceuticals has sold its 260,950-square-foot life sciences campus in The Woodlands, about 30 miles north of Houston. The campus comprises five buildings. Dan Boyles and Jon Silberman of NAI Partners represented Lexicon Pharmaceuticals, which is relocating to another property in The Woodlands, in the deal. The name and representative of the buyer were not disclosed.

January 12, 2021

Development Florida Healthcare Southeast

Skanska to Construct $187M Healthcare Building in Downtown Orlando

by Alex Tostado January 8, 2021

ORLANDO, FLA. — Skanska USA will construct Health Jewett Orthopedic Institute, a two-building, 371,000-square-foot healthcare facility in downtown Orlando that will include a medical pavilion and outpatient surgery center. Construction is expected to cost $187 million., The development will feature an eight-story building with 75 in-patient rooms and 10 operating rooms, as well as an adjoining six-story medical office building with another 12 operating rooms and two floors of ambulatory services. EYP Architecture & Engineering designed the facility. The medical pavilion and outpatient surgery center are expected to deliver in 2022 and the rest of the center will open in 2023. The facility will be part of the OrlandoHealth network.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Meridian Buys 187,690 SF El Dorado Medical Plaza in Tucson

by Amy Works January 8, 2021

TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Arranges $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 8, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 8, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Jamestown Sells 50 Percent Interest in 1.4 MSF Office, Life Sciences Building in Boston

by Taylor Williams January 7, 2021

BOSTON — Jamestown LP has sold a 50 percent interest in The Innovation & Design Building, a 1.4 million-square-foot office and life sciences property in Boston’s Seaport District. Jamestown originally purchased the building in 2013 and has since invested more than $200 million in its revitalization, with construction of additional office and lab space scheduled to begin later this year. The property now serves as a business hub for companies including Reebok and Autodesk, as well as life sciences users like Ginkgo Bioworks and Living Proof. The buyer was Related Fund Management, the investment management affiliate of Related Cos. and its Boston office, Related Beal. Robert Griffin, Edward Maher, Samantha Hallowell and Dominick Romano of Newmark brokered the deal, which represents a $710 million recapitalization.

January 7, 2021

Acquisitions Healthcare Illinois Midwest

Avison Young Negotiates Sale of 98,000 SF Medical Office Building in Peoria, Illinois

by Kristin Harlow January 7, 2021

PEORIA, ILL. — Avison Young has negotiated the sale of a 98,000-square-foot, five-story medical office building in Peoria for an undisclosed price. Known as the Illinois Medical Center, the building is located at 1001 Main St. on the campus of the University of Illinois College of Medicine. The fully leased, Class A property serves as an outpatient center for multiple hospital-aligned physician groups. OSF Healthcare, a 13-hospital healthcare system serving Illinois and the Upper Peninsula of Michigan, is the anchor tenant. Mike Wilson and Erik Foster of Avison Young represented the seller, a mix of physician groups within the facility. The duo worked in conjunction with Avison Young’s Pat Wilson and Jim Kornick. Remedy Medical Properties was the buyer.

January 7, 2021

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