Healthcare

Ventas Acquires 800,000 SF Life Sciences Campus in San Francisco for $1B

by Taylor Williams October 19, 2020

SAN FRANCISCO — Chicago-based REIT Ventas Inc. (NYSE: VTR), through its Life Sciences and Healthcare Real Estate Fund, has acquired an 800,000-square-foot life sciences campus in San Francisco for roughly $1 billion. The San Francisco Business Journal reports that the property is the Genesis South office and life sciences hub, which consists of two office and lab buildings totaling roughly 720,000 square feet, as well as a 72,000-square-foot building. The Class A campus is located on the city’s south side and consists of three newly built or renovated buildings. The campus was 96 percent leased at the time of sale with a weighted average lease term of more than six years. The property is purpose-built for advanced research functions and is predominantly features lab space supporting biotechnology and other life sciences research. Nearly half of the tenant roster consists of publicly traded companies with market capitalizations of $10 billion or higher that are backed by venture capital or private equity firms. The price represents a capitalization rate of approximately 5 percent. The seller was a partnership between Boston-based Bain Capital and San Diego-based Phase 3, according to IPE Real Assets, which provides global intelligence for institutional real estate investment. In …

October 19, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Lincoln Property Co. Receives Approval for 200,000 SF Life Sciences Project Near Boston

by Taylor Williams October 16, 2020

LEXINGTON, MASS. — Dallas-based Lincoln Property Co. has received approvals to move forward with the development of a 200,000-square-foot life sciences project at 91 Hartwell Ave. in the Boston metro of Lexington. Designed by Boston-based architecture firm DiMella Shaffer, the property will consist of 95,000 square feet of lab space, 125,000 square feet of office space and a 502-space parking structure. The development team also includes Paul Finger Associates, LEC Environmental and Nitsch Engineering.

October 16, 2020

Acquisitions California Healthcare Industrial Loans Office Western

Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M

by Amy Works October 16, 2020

TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.

October 16, 2020

Acquisitions Healthcare Life Sciences New Jersey Northeast Office

NKF Negotiates Sale of 181,210 SF Life Sciences Facility in Warren, New Jersey

by Taylor Williams October 15, 2020

WARREN, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of a 181,210-square-foot life sciences facility in Warren that is fully leased to Celgene/Bristol Myers Squibb. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of NKF represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the buyer, Thor Equities. The property recently underwent a value-add program that included a new roof and HVAC upgrades.

October 15, 2020

Acquisitions Healthcare Massachusetts Northeast

Marcus & Millichap Brokers Sale of 39,424 SF Medical Office Complex in Milford, Massachusetts

by Taylor Williams October 15, 2020

MILFORD, MASS. — Marcus & Millichap has brokered the sale of Hill Medical Offices, a 39,424-square-foot complex in Milford, located east of Worcester. The three-building medical office property sold for $4.3 million. Adam Cohen and Harrison Klein of Marcus & Millichap represented the seller, a personal trust, in the transaction. Klein also secured the buyer, a private investor. Both parties requested anonymity.

October 15, 2020

Development Healthcare Northeast Pennsylvania

Mediplex Property Group Delivers 20,000 SF Medical Office Building Near Philadelphia

by Taylor Williams October 14, 2020

ABINGTON, PA. — Mediplex Property Group has delivered a 20,000-square-foot medical office building in Abington, located north of Philadelphia. The two-story building is fully leased to Abington Neurological Associates, LabCorp, Wink Optical & Eyecare and RMA-Jefferson Health. Pennsylvania-based firms Linn Architects and Axis Construction Management served as the architect and construction manager of the project, respectively. Bryn Mawr Trust Corp. provided construction financing.

October 14, 2020

Associated-Medical-Professionals-Syracuse

Acquisitions Healthcare New York Northeast

Colliers Arranges $13.5M Sale of Medical Office Buildings in Syracuse

by Taylor Williams October 13, 2020

SYRACUSE, N.Y. — Colliers International has arranged the $13.5 million sale of a 33,836-square-foot medical office building in Syracuse. The property is leased to regional healthcare provider Associated Medical Professionals, which houses its urology and oncology centers in the building. The sale also included a medical office building in Auburn, New York, that is also occupied by Associated Medical Professionals. Eric Grad of Colliers brokered the deal in conjunction with Britt Raymond and Kyle Fant of SRS Real Estate Partners. The seller was a locally based developer, and the buyer was a Missouri-based family office specializing in medical office properties.

October 13, 2020

Healthcare Leasing Activity Texas

Cano Health Signs 14,938 SF Medical Office Lease in San Antonio

by Taylor Williams October 7, 2020

SAN ANTONIO — Cano Health, a provider of healthcare services for seniors that is owned by Humana, has signed a 14,938-square-foot medical office lease at Buena Vista Plaza in San Antonio. The property is located at 100 S. Zarzamora St., just west of downtown. Shawn Ackerman of Henry S. Miller Brokerage represented the landlord, Fallas Borrower IV LLC, in the lease negotiations. Aamil Safani of Cushman & Wakefield represented the tenant.

October 7, 2020

Acquisitions Healthcare Texas

Ridgeline, Harrison Street Acquire 70,000 SF Medical Office Building in Irving

by Taylor Williams October 6, 2020

IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.

October 6, 2020

Acquisitions Healthcare Indiana Midwest NAI

NAI Robert Lynn Acquires 23,346 SF Dialysis Center in Munster, Indiana

by Kristin Harlow October 6, 2020

MUNSTER, IND. — Robert Lynn Investments, a division of commercial real estate services firm NAI Robert Lynn, has acquired a 23,346-square-foot dialysis center located at 10120 Calumet Ave. in Munster, about 30 miles south of Chicago. The purchase price was undisclosed. This is the first acquisition for Robert Lynn’s Med Strategy Fund I, a $30 million equity fund dedicated to the aggregation of medical properties. American Renal Associates is the primary tenant within the building. Frank Roti of Marcus & Millichap represented the seller.

October 6, 2020

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