Healthcare

Davis to Develop 40,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow March 1, 2021

BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.

March 1, 2021

Healthcare North Carolina Southeast Top Stories

Novant Health Plans $222M Hospital Expansion in Winston-Salem, North Carolina

by Julia Sanders February 26, 2021

WINSTON-SALEM, N.C. — Novant Health, an integrated network of physician clinics, outpatient centers and hospitals, has invested $222 million for a new critical care building in Winston-Salem. The development is a part of expansions and renovations at Novant Health Forsyth Medical Center campus, located at 3333 Silas Creek Parkway. The new building will be constructed on the current site of the rehabilitation center, which is being demolished. The expansion will feature 60 critical care beds and 36 intermediate beds in the surgical suite. The patient rooms will be bigger than previously, providing more privacy and flexible space. In 2019, Novant Health invested over $180 million in the medical facility for development of Phase I, which is currently under construction and includes renovation of patient rooms and improvements on the women’s and children’s center. The critical care building is part of Phase II, which will raise the amount of pre- and post-operation space, as well as reduce travel time within the hospital. “Once complete, the critical care building will combine medical expertise and an optimally designed space that prioritizes patient experience and healing,” says Lari Harding, chair of the Novant Health Triad Region Board of Trustees. — Julia Sanders

February 26, 2021

Acquisitions Arizona Healthcare Western

Nutex Health Buys Gilbert Emergency Hospital in Arizona for $10.5M

by Amy Works February 25, 2021

GILBERT, ARIZ. — Houston-based Nutex Health, a service provider and management firm in the micro-hospital and freestanding emergency room industry, has acquired Gilbert Emergency Hospital, a medical facility located at 5656 S. Power Road in Gilbert. MPT Operating Partnership LP DBA MPT of Gilbert LLC sold the asset for $10.5 million. Built in 2005, the 31,452-square-foot medical office serves as a privately run emergency facility with 42 acute-care beds. The property is Nutex’s third facility in Arizona and 23rd facility in the United States. Philip Wurth and Alexandra Loye of Colliers represented the seller, while Christian Giles of Arizona Healthcare Realty represented the buyer in the deal.

February 25, 2021

Acquisitions Connecticut Healthcare Northeast

O,R&L Arranges Sale of 24,272 SF Medical Office Building in East Haven, Connecticut

by Taylor Williams February 24, 2021

EAST HAVEN, CONN. — Connecticut-based brokerage firm O,R&L Commercial has arranged the sale of a 24,272-square-foot medical office building in East Haven, located in the southern coastal part of the state. The property was fully leased at the time of sale. Frank Hird of O,R&L Commercial represented the seller and the buyer in the $2.5 million transaction. Both parties were limited liability companies.

February 24, 2021

Company News Healthcare Northeast Retail Rhode Island

CVS Reports $69.5B in Fourth-Quarter Revenue, Beats Analysts’ Expectations

by Taylor Williams February 16, 2021

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.

February 16, 2021

Acquisitions California Healthcare Office Western

Avison Young Brokers $4.4M Sale of Two-Building Medical Office Center in Downey, California

by Amy Works February 12, 2021

DOWNEY, CALIF. — Avison Young has arranged the sale of a vacant, two-building medical office property located at 8600 and 8630 Florence Ave. in Downey. An entity of The Whole Child (TWC) acquired the property from a Los Angeles-based private investor for $4.4 million. Built in 1969 on one acre, the 15,213-square-foot property, which was formerly used as a dialysis center, features a reception area, lunch room and restrooms. The buyer plans to use the larger building, which is just over 11,000 square feet, for its headquarters. Patrick Barnes of Avison Young represented the seller, while Gary Martinez of NAI Capital represented the buyer in the deal.

February 12, 2021

Acquisitions Colorado Healthcare Leasing Activity Net Lease Office Western

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

by Amy Works February 10, 2021

EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.

February 10, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Acquires 97,000 SF Historic Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams February 10, 2021

WATERTOWN, MASS. — Boston-based Berkeley Investments has purchased the historic Chase Mills building in the western Boston suburb of Watertown with plans to modernize the property’s utility systems and add life sciences space. Over the years, the 97,000-square-foot building, which is located at 64 Pleasant St. and currently houses the headquarters of architecture firm Sasaki, has also served as a paper factory and garment manufacturing plant. Sasaki sold the building, which it has owned and occupied since the 1950s, to Berkeley Investments for an undisclosed price.

February 10, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

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