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AcquisitionsHealthcareKentuckyLoansSoutheast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

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AcquisitionsHealthcareTexasTop Stories

Tenet Healthcare to Sell Five Metro Birmingham Hospitals to Orlando Health for $910M

by Hayden Spiess

BIRMINGHAM, ALA. — Dallas-based Tenet Healthcare Corp. has agreed to sell its 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for roughly $910 million. Orlando Health is the buyer in the all-cash transaction.  The sale will include five hospitals located in the Birmingham metro — Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center and Citizens Baptist Medical Center. Affiliated physician practices and other related operations are also included in the transaction. The sale is expected to close this fall, subject to customary regulatory approvals, clearances and closing conditions.  Under the agreement, Conifer Health Solutions, a subsidiary of Tenet Healthcare Corp., will enter into a new and expanded 10-year contract to provide revenue cycle management services to the hospitals and related operations.  According to a press release issued by Tenet, its equity interest in the Brookwood Baptist Health joint venture generated pre-tax income of approximately $12 million over the 12-month period that ended June 30.  Tenet has been a seller in recent years. In 2015, Georgia-based WellStar Health System purchased five metro Atlanta hospitals and related operations from Tenet for $575 million, marking the seller’s exit from the Georgia market. …

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DevelopmentHealthcareMidwestMinnesota

Davis Breaks Ground on 14,000 SF Medical Office Building for Midwest ENT in Lakeville, Minnesota

by Kristin Harlow

LAKEVILLE, MINN. — Davis has broken ground on a 14,000-square-foot medical office building for Midwest Ear, Nose and Throat Specialists (Midwest ENT) in the Minneapolis suburb of Lakeville. The single-tenant facility at 11020 161st St. W will complement Midwest ENT’s other locations in metro Twin Cities, including specialty centers in Eagan, Woodbury, Vadnais Heights and Hudson. The Lakeville property is slated for completion in the first quarter of 2025. The project team includes Synergy Architecture Studio, Timco Construction Inc., structural engineer KOMA and civil engineer and landscape architect Loucks. 

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AcquisitionsCaliforniaFloridaHealthcareOfficeOregonTexasWestern

IRA Capital, Oaktree Acquire 600,000 SF Medical Office Portfolio Across Four States

by Amy Works

IRVINE, CALIF. — Irvine-based IRA Capital, in partnership with funds managed by Oaktree Capital Management, has purchased 12 medical outpatient buildings totaling 600,000 square feet. The transaction includes two separate institutional sellers and features a mix of single and multi-tenant medical buildings in California, Texas, Florida and Oregon. Terms of the transaction were not released. The Class A portfolio is anchored by health systems and medical providers including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

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AcquisitionsArkansasHealthcareSoutheast

Sila Realty Trust Acquires Healthcare Facility in Fort Smith, Arkansas for $28.3M

by John Nelson

FORT SMITH, ARK. — Sila Realty Trust Inc., a publicly traded net lease healthcare REIT based in Tampa, has purchased a 50-bed inpatient healthcare facility in Fort Smith, a city on the Arkansas-Oklahoma border. An undisclosed seller sold the approximately 62,500-square-foot healthcare property for $28.3 million. Built in 2021, the facility was fully leased at the time of sale to Mercy Rehabilitation Hospital, a joint venture between Mercy Hospital Fort Smith and Lifepoint Health. The rehabilitative property is tailored for individuals recovering from stroke, brain injury, neurological conditions, trauma, spinal cord injury, amputation and orthopedic injury. Year-to-date, Sila Realty Trust has purchased eight Class A healthcare properties for an aggregate price of $164 million.

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AcquisitionsDevelopmentHealthcareHospitalityOfficeWashingtonWestern

Kauri Investments Buys Medical Office Building in Bellevue, Washington for 150-Room Hotel Redevelopment

by Amy Works

BELLEVUE, WASH. — Seattle-based Kauri Investments has acquired a freestanding medical office building, located at 1300 116th Ave. in the Seattle suburb of Bellevue, for $6.7 million. The seller and existing tenant, Eye Clinic of Bellevue, will lease back the 5,519-square-foot building until the ophthalmology practice moves into a more modern facility. Once the lease ends, Kauri plans to redevelop the asset, which is on a large parcel, into a 150-key hotel. Kauri Investments currently owns six other hotel sites Washington and Oregon. Pat Mutzel of Cushman & Wakefield’s private capital group in Seattle brokered the off-market transaction.

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Ascension Resurrection Hospital, Chicago
AcquisitionsHealthcareIllinoisMidwestSeniors HousingTop Stories

Prime Healthcare Agrees to Acquire 14 Ascension Healthcare Properties in Metro Chicago, Plans $250M in Improvements

by Jeff Shaw

CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties.  According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …

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DevelopmentHealthcareNew YorkNortheast

Westchester Medical Breaks Ground on $220M Healthcare Project in Valhalla, New York

by Taylor Williams

VALHALLA, N.Y. — Westchester Medical Center Health Network has broken ground on The Critical Care Tower, a $220 million healthcare project that will be located on the provider’s campus in Valhalla, about 30 miles north of Manhattan. Dubbed the “Tower to Heal,” the five-story, 162,000-square-foot building will be situated adjacent to Westchester Medical Center’s main tower and will house 128 private patient rooms. The project is expected to create almost 800 construction jobs and about 125 permanent jobs. Completion is slated for 2026.

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ConnecticutHealthcareLeasing ActivityNortheast

Summit Health Signs 19,853 SF Lease Renewal, Expansion in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Summit Health has signed a 19,853-square-foot lease renewal and expansion in Greenwich. The healthcare provider will retain its existing 14,243 square feet of space at the building at 644 W. Putnam Ave. and take another 5,610 square feet on the second floor. Kevin McCarthy of Cushman & Wakefield represented the tenant in the lease negotiations. Tim Rorick of Newmark represented the landlord, a partnership between Simone Development Cos. and Fareri Associates.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Negotiates $2.6M Sale of Medical Treatment Center in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — Marcus & Millichap has negotiated the $2.6 million sale of MedMark Medical Center, a 12,750-square-foot medical office building in Lafayette, about 60 miles northwest of Indianapolis. MedMark, operated by BayMark Health Services Inc., is a provider for opioid use disorders in the U.S. Located at 4705 Meijer Court, the property was built in 2005 and renovated in 2018. Julia Evinger of Marcus & Millichap represented the seller, a regional private investor, and procured the buyer, a regional hospitality group. The deal traded at a cap rate of 6.6 percent. The tenant has three-and-a-half years remaining on its lease along with one five-year renewal option.

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