MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.
NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.
FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.
HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.
TAMARAC, FLA. — Marcus & Millichap has negotiated the $4.4 million sale of Towne Plaza, a 28,600-square-foot medical office property located at 7443-7495 N University Drive in Tamarac. Quinn Sousa and Ryan Shaw of Marcus & Millichap represented the seller, John Loeffler Trustee of Lillian Loeffler Trust, in the transaction. The buyer, a private doctor doing business in the sale as Evergreen 3 LLC, plans to occupy 10,000 square feet of the property and lease out the remaining space. Built in 1988, Towne Plaza has frontage on North University Drive and is accessible from the Florida Turnpike and Sawgrass Expressway. The multi-tenant medical office property is located next to the University Hospital and Medical Center. The property was 43 percent leased at the time of sale.
NEW YORK CITY — CIT Group Inc. has provided a $33.2 million acquisition loan for an eight-story medical office building located at 902 Quentin Road in Brooklyn. The property was built in 2013 and also features academic space. Tenants include NYU Langone Health and Touro College School of Health Sciences. Occupancy was 100 percent at the time of sale. The borrower was an affiliate of New York-based Seavest Healthcare Properties.
ORADELL, N.J. — Colliers International has brokered the sale of a 55,317-square-foot medical office building located at 690 Kinderkamack Road in Oradell, a city located in Bergen County. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
BRISTOL, PA. — CBRE has brokered the sale of 360 George Patterson Boulevard, a 50,000-square-foot life sciences building situated within Bridge Business Center in Bristol, located in Bucks County. At the time of sale, the building was fully leased to Abzena, a pharmacological research and manufacturing company that recently extended its lease through 2032. Stephen Marzullo, Adam Silverman, Robert Zwengler, Ken Zirk, Matthew Knowles and Anthony Hayes of CBRE represented the undisclosed seller in the transaction.
THE WOODLANDS, TEXAS — Nashville-based Montecito Medical Real Estate has acquired a 23,731-square-foot healthcare building in The Woodlands, about 30 miles north of Houston. The property was built in 2006 and was fully leased to Northwoods Urology (13,431 square feet) and Aspire Hospital (10,300 square feet) at the time of sale. The seller and sales price were not disclosed.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.