Healthcare

Kraus-Anderson Begins $15M Expansion of Healthcare Facility in Madison, Minnesota

by Kristin Harlow September 24, 2020

MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.

September 24, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DLJ Real Estate, Leggat McCall Top Out 290,000 SF Life Sciences Project in Metro Boston

by Taylor Williams September 23, 2020

SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has topped out a 290,000-square-foot life sciences project at 100 South St. in Somerville, located on the northern outskirts of Boston. The project is part of the Boynton Yards development and will house lab and retail space as well as a four-story underground parking garage. Architecture firms SGA and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Construction began in June 2019 and is expected to be complete next summer.

September 23, 2020

Development District of Columbia Healthcare Office Southeast

Diversified Healthcare Trust Completes $26M Renovation of Medical Office Building in D.C.

by Alex Tostado September 18, 2020

WASHINGTON, D.C. — Diversified Healthcare Trust has completed a $26 million renovation of 1145 19th St. NW in Washington, D.C., a 133,000-square-foot medical office building. The renovations include a new glass façade, lobby lounge, fitness center, business center and an upgraded HVAC system. The property is situated less than one mile from downtown D.C. The RMR Group managed the renovations, Davis Construction was the general contractor and SmithGroup Architecture was the designer. Nick Zuppas and Andrew Papantoniou of Zuppas Medical Realty are leading the leasing efforts for the building.

September 18, 2020

Development Healthcare Texas

McCord to Develop 101,000 SF Medical Office Building in Houston’s Redemption Square

by Taylor Williams September 17, 2020

HOUSTON — McCord Development will build a 101,000-square-foot medical office building within Redemption Square, a mixed-use district within the 4,200-acre Generation Park master-planned development in northeast Houston. Designed by Kirksey Architecture, the five-story building will feature a glass façade with views of the adjacent West Lake Park, ground-floor locker rooms with showers and access to Generation Park’s network of hiking trails. McCord expects to begin construction next year and to complete the project in 2023.

September 17, 2020

Acquisitions California Healthcare Office Western

Meridian, Harrison Street Acquire 110,400 SF Building for Medical Office Conversion in Irvine, California

by Amy Works September 15, 2020

IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.

September 15, 2020

Acquisitions Healthcare Maryland Southeast

Heritage Partners Sells Build-to-Suit Medical Facility in Metro D.C. for $39.3M

by John Nelson September 14, 2020

GLENARDEN, MD. — Heritage Partners has sold Children’s National Prince George’s County, a 60,000-square-foot medical outpatient facility situated within Woodmore Towne Centre in Glenarden. The Annapolis, Md.-based developer sold the newly constructed property to Municipal Acquisitions for $39.3 million, and Municipal Acquisitions has subsequently restructured the lease with the tenant. The deal allows Children’s National Hospital, a Washington, D.C.-based healthcare system, to transition from a tenant under a triple-net-lease to the owner of the building and the land. Municipal Acquisitions and Children’s National financed the acquisition using tax-exempt and taxable bonds. The three-story, build-to-suit property opened in July and houses a pediatric ambulatory surgery center and space for pediatric clinics and offices. Jonathan Hipp of Avison Young brokered the deal.

September 14, 2020

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Ensemble Real Estate Acquires Three Life Sciences Buildings in Philadelphia for $83M

by Taylor Williams September 14, 2020

PHILADELPHIA — California-based Ensemble Real Estate Investments has acquired a trio of life sciences buildings within Philadelphia’s Navy Yard for $83 million. The properties total 366,803 square feet and are occupied by WuXi Advanced Therapies Inc. Ensemble, which has five offices across the country, now owns five life sciences buildings totaling approximately 550,000 square feet within the Navy Yard. The seller(s) was not disclosed.

September 14, 2020

Development Healthcare Midwest Minnesota

Davis to Develop 78,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow September 14, 2020

ST. LOUIS PARK, MINN. — Davis has unveiled plans to develop the 78,000-square-foot Xchange Medical building in St. Louis Park, a western suburb of Minneapolis. Ear Nose & Throat Specialty Care and Surgical Care Affiliates will anchor the three-story, Class A medical office building. The two tenants will occupy 60 percent of the project, which will include a covered patient drop-off area, a healing garden and a total of 324 parking spaces. Xchange Medical will be built on a 4.6-acre site that Davis assembled from four separate parcels that currently house vacant office and warehouse buildings, an auto repair shop and a parking lot. Davis has owned the parcels since 2015. The buildings will be demolished to make way for the project, which the St. Louis Park City Council unanimously approved in August. Davis expects to break ground in October with completion slated for late 2021.

September 14, 2020

Development Healthcare Illinois Midwest

MedProperties to Build 78,000 SF Medical Office Building Within $500M Redevelopment of Former McDonald’s Campus

by Kristin Harlow September 11, 2020

OAK BROOK, ILL. — MedProperties has received approval from the Oak Brook Village Board of Trustees to build a 78,000-square-foot medical office building within Oak Brook Commons, the $500 million redevelopment of the former McDonald’s campus in suburban Chicago’s Oak Brook. The seven-story outpatient facility will be known as Oak Brook Commons Medical. Plans call for a lobby area, immediate care clinic, comprehensive imaging suite and 281 covered parking spaces. Medical specialties will be determined at a later date to meet the needs of the community. The larger Oak Brook Commons development will be built in three phases, encompassing retail, restaurants, office, 72 condominium units, 250 apartment units, a 252-room hotel and a park. The medical office building will be part of Phase I with a completion date expected in 2022. Antunovich Associates is the project architect.

September 11, 2020

Healthcare Lee & Associates New Jersey Northeast

Atlantic Health Systems Signs 37,030 SF Healthcare Lease in Bridgewater, New Jersey

by Taylor Williams September 9, 2020

BRIDGEWATER, N.J. — Atlantic Health Systems has signed a 37,030-square-foot healthcare lease at Bridgewater Medical Building, a 95,000-square-foot property located at 1125 Route 22 W. in the Northern New Jersey city of Bridgewater. A joint venture between regional developer Atkins Co. and Capital Solutions Inc. acquired the building, which formerly served as the regional headquarters of Bank of America, in 2017. Bryn Cinque and Jim Bailey of Colliers International represented Atlantic Health Systems, which serves approximately 5 million people across 11 counties in New Jersey, in the lease negotiations.

September 9, 2020

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