HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.
CYPRESS, TEXAS — Denver-based developer NexCore Group has broken ground on North Cypress Physician Office Building III, a 110,374-square-foot medical office building in the northwestern Houston suburb of Cypress. The four-story property will be located at 10425 Huffmeister Road on the HCA Houston Healthcare North Cypress campus. The facility is expected to open to the public in approximately one year.
NEW YORK CITY AND WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital’s existing operating structure. Midland States Bank will retain the existing Love Funding servicing portfolio. Additional terms of the transaction were not disclosed.
JERSEY CITY, N.J. — Locally based provider Englewood Health will open a 53,222-square-foot medical office at 2 Journal Square, a 325,000-square-foot building in Jersey City. The space will include medical offices for orthopedics, pain medicine, primary care, diabetes, OB/GYN, cancer, cardiology, pulmonology, urology and colorectal surgery. In addition, there will be onsite urgent care, breast screening and imaging, an infusion center and a laboratory. Greg Barkan, Remy deVarenne and Sam Bernhaudt of CBRE represented Englewood Health in the 15-year lease agreement. GAIA Real Estate owns the building and recently completed a multimillion-dollar renovation of it.
GREENVILLE, EASLEY AND SIMPSONVILLE, S.C. — Stan Johnson Co. has arranged the $30.5 million sale-leaseback of a four-property medical office portfolio in Upstate South Carolina. The properties are situated at 5 Stevens St. and 601 Halton Road in Greenville, 220 S. Pendleton St. in Easley and 1 Colony Centre Way in Simpsonville. Teresa Lovely and Jeff Matulis of Stan Johnson Co. represented the seller and tenant, Jervey Eye Group, which executed long-term leases at the time of sale. Indiana-based Cornerstone Cos. Inc. acquired the portfolio, which was built between 2000 and 2018.
By Ethan Garner, CCIM, senior vice president & regional lead, JLL As consumers rapidly adapt to technology, the footprint of the standard clinic is likely to adapt with it. Almost all clinics are requiring online check-in right now, and some are even requiring patients to wait in their cars until they are ready to be seen in an exam room. The waiting room has suddenly become an unnecessary place to store chairs and magazines. Contactless check-in and check-out procedures will affect the design of the administrative areas. It’s possible these functions could be reduced dramatically in size or removed entirely and outsourced. We believe we speak for nearly every consumer of healthcare when we say that there is hope on the horizon in terms of not having to fill out 100 forms every time you step foot in an office. Healthcare providers are understandably preoccupied with managing this crisis, fighting rising costs and curbing declining revenues. These trends will all be worth watching as they unfold over the next six to 12 months and as providers look to leverage technology to reverse that trend in a big way. If providers can increase the profit centers within the clinic — the …
REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …
WEST VALLEY CITY, UTAH — CBRE has facilitated the sale of 4100 Bangerter, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction, including the names of the buyer and seller and acquisition price, were not released. Located on 7.1 acres at the intersection of 4100 South and Bangerter Highway, the building features 108,456 square feet of space. The buyer plans to convert the property, which was vacant at the time of sale, into a series of condominiums equipped for medical, lab and office space. Marty Plunkett, Vickey Walker, Craig Thomas and Melissa McIntyre of CBRE’s Salt Lake City office represented the seller in the transaction.
WEST HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has arranged the sale of a 3,398-square-foot medical office building in West Haven for an undisclosed price. Carl Russell of Pearce Commercial represented the buyer and future occupant, Internal Medicine of Greater New Haven, in the transaction. Jed Backus of Backus Real Estate LLC represented the seller.
CAMBRIDGE, MASS. — Pharmaceutical giant Bristol Myers Squibb has signed a 360,000-square-foot life sciences lease at Cambridge Crossing in metro Boston, according to multiple news outlets including industry publication fiercebiotech.com and The Boston Business Journal. The former reports that Bristol Myers Squibb will occupy a building located at 250 Water St. beginning in early 2023. DivcoWest is the developer of the 2.1 million-square-foot campus, which is under construction and will also feature traditional office and retail space, as well as open green space.
