SCOTTSDALE, ARIZ. — Alter, a commercial real estate developer, has announced plans for a $54 million sports medicine center for Banner Health at its Riverwalk at Talking Stick mixed-use development along Loop 101 at Indian Bend Road in Scottsdale. Preliminary design is underway for the three-story, 80,000-square-foot project, which will offer athletes dedicated sports medicine services. Completion is slated for fourth-quarter 2022. Pat Williams of JLL represented Banner Health, while Kurt Rosene of NOVO Development represented Alter in the project negotiations.
MANTUA TOWNSHIP, N.J. — Mantua Partners LLC and North Bridge Properties will develop a 10-acre medical office and retail project in Mantua Township, located outside Philadelphia in Southern New Jersey. Branded as Mantua Shopping Center & Medical Complex, the property will consist of approximately 77,500 square feet of medical office space and 18,000 square feet of retail space. Construction is scheduled to begin next spring and to be complete in the spring or summer of 2022. Soloff Realty & Development has been tapped to lease the project.
SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of 3501 MedCenter, a 145,096-square-foot medical office property in Amarillo. The property is situated on 11 acres and was originally built as a retail center in 1986 before being converted to healthcare in 1995. Alex Vidal of Marcus & Millichap represented the seller, a locally based partnership led by McCartt Commercial Real Estate Services, in the transaction. Vidal also sourced the buyer, Equity Velocity Fund, which acquired the asset at an occupancy rate of 91 percent.
OSWEGO, ILL. — IRA Capital, a Southern California-based private equity firm, has acquired the Edward-Elmhurst Health Center in Oswego, located about 45 miles southwest of Chicago. It is fully leased to Edward-Elmhurst Healthcare, which was created by the merger of Edward Hospital and Elmhurst Memorial. The 15,500-square-foot outpatient medical facility was constructed as a build-to-suit for the hospital system. Services at the property include imaging, women’s health, urgent care and lab services. The building is situated 14 miles from Edward Hospital in Naperville. The purchase price and seller were undisclosed.
SEATTLE — Amazon (NASDAQ: AMZN) has launched two pharmacy offerings — Amazon Pharmacy and Amazon Prime prescription savings benefit — enabling customers to purchase and complete prescription medication transactions, as well as access savings on medications when paying without insurance, through the Amazon website or its mobile app. Starting this week, customers age 18 or older will have access to Amazon Pharmacy services in 45 states, excluding Hawaii, Illinois, Kentucky, Louisiana and Minnesota. The pharmacy service will accept most forms of insurance and offer discounts on generic and brand-name medications when paying without insurance. As of close on Tuesday, Nov. 17, Amazon shares rose 0.15 percent to $3,135.66. However, stocks of national pharmacies tumbled following the company’s announcement. CVS/pharmacy dropped 8.6 percent, Walgreens lost 9.6 percent and Rite Aid dipped 16.3 percent. Additionally, GoodRx, which helps customers find the best prices on medications, slid 22.5 percent.
CARMICHAEL, CALIF. — Blue Sky has purchased a medical office property located at 6555 Coyle Ave. in Carmichael. A private investment group sold the asset for an undisclosed price. Situated on Mercy San Juan Medical Center campus, the building features 99,000 square feet of specialty medical office space. Dignity Health is a tenant at the property. Blue Sky acquires, builds, finances and operates facilities for and on behalf of mission-based organizations to deliver optimate cost savings and solutions. Bill Swettenham and Eric Ortiz of The Swettenham Ortiz Healthcare Team at Colliers International represented the buyer in the deal.
CONROE, TEXAS — VGXI Inc., a biotechnology firm that supports the gene therapy and DNA vaccine industries, will open a new life sciences and headquarters facility in Conroe, about 40 miles north of Houston. Local media outlets, including Community Impact Newspaper and the Houston Business Journal, report that the facility will span 240,000 square feet. The company’s new space will be located within Deison Technology Park and will allow VGXI to quintuple its current production capacity. BE&K Building Group is handling the design and build of the project. Construction is underway, and the facility is expected to be operational by the first quarter of 2022.
ITASCA, ILL. — Stan Johnson Co. has arranged the sale of a 50,000-square-foot medical office building in Itasca, a western suburb of Chicago, for $20.6 million. The Class A property is located at 870 N. Arlington Heights Road. It is fully leased to a publicly traded healthcare services company under a 15-year net lease. The single-story building sits on six acres and includes traditional office space in addition to specialty pharmacy spaces, walk-in freezers and clean rooms. Construction of the property finished in August of this year. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a regional developer. A private group focused on single-tenant acquisitions was the buyer.