Healthcare

Sanders Trust Sells Medical Office Portfolio for $240M

by John Nelson November 3, 2020

BIRMINGHAM, ALA. — The Sanders Trust has sold a portfolio of 11 medical office buildings and inpatient rehabilitation facilities for $240 million. The assets total 474,100 square feet and are located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The names of the individual properties were not disclosed. Harrison Street was Sanders Trust’s joint venture partner for nine of the 11 properties. The assets were purchased in the past three and a half years and were fully leased at the time of sale. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Co., purchased the portfolio on behalf of a public pension fund client. Chris Bodnar and Lee Asher of CBRE’s Healthcare and Life Sciences Capital Markets team represented Sanders Trust and Harrison Street in the portfolio transaction.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Gilbane Building Tops Out 500,000 SF Life Sciences Project in Metro Boston

by Taylor Williams November 3, 2020

WALTHAM, MASS. — General contractor Gilbane Building Co. has topped out 225 Wyman Street, a 500,000-square-foot life sciences project in the western Boston suburb of Waltham. Designed by Gensler, the property will offer space for both laboratory/research and development users as well as traditional office users. Amenities will include green space with walking trails, a three-acre courtyard, fitness center, conference center, dining facility and a 1,500-space covered parking garage with electric vehicle charging stations. Hobbs Brook Management LLC is the developer of the project, which is expected to be complete in March 2022.

November 3, 2020

Alabama Development Healthcare Southeast

Daniel Corp. Breaks Ground on 144,000 SF Medical Office Building in Birmingham

by John Nelson November 2, 2020

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on Grandview Medical Plaza II, a four-story, 144,000-square-foot medical office building in Birmingham. White Plains, N.Y.-based Seavest Healthcare Properties is the developer and owner. Grandview Medical Plaza II is situated next to Grandview Medical Plaza I, an eight-story, 208,000-square-foot building that is also owned by Seavest. Grandview Medical Plaza II will be situated within the 103-acre Cahaba Center at Grandview campus, which is located nine miles southeast of downtown Birmingham. Daniel Corp. expects to deliver Grandview Medical Plaza II in early 2022.

November 2, 2020

Acquisitions Healthcare Texas

Community Health Systems Sells Two Hospitals Totaling 419 Beds in West Texas

by Taylor Williams November 2, 2020

ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.

November 2, 2020

Healthcare Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Specialized Labor, Tenant Demand Fuel Growth of Boston’s Life Sciences Market

by Taylor Williams October 30, 2020

By Brendan Carroll, research director, Cushman & Wakefield Through the first three quarters of 2020, the Boston life sciences market is seeing record occupancy, a continuation of large new-building leases, stable rents at record levels, high levels of pre-committed new construction and an insatiable appetite for inventory in new submarket clusters. Cushman & Wakefield defines laboratory properties as facilities optimized for the physical scientific research of biotechnology products. COVID-19’s Impact Following a pause of leasing activity in the first quarter of 2020, lease negotiations for laboratory facilities resumed quickly in the second quarter, hitting a level that commercial office properties have still yet to see. While optimism quickly returned for the region’s office-using businesses, widespread execution of remote office-using job functions has proven to be more effective for many of these workforces than market leaders previously envisioned. The consensus among real estate observers suggests a long-term decrease in the percent of in-office workers for traditional office-using functions. However, the importance of the continued use of physical spaces for biotechnology research will not be affected, as this function cannot be accommodated through current and easily envisioned remote work practices. These are highly specialized jobs performed by employees with highly targeted skill …

October 30, 2020

Acquisitions Healthcare Texas

MedCore Partners Sells 22,000 SF Medical Office Plaza in Sunnyvale, Texas

by Taylor Williams October 28, 2020

SUNNYVALE, TEXAS — MedCore Partners has sold Sunnyvale Medical Plaza, a 22,000-square-foot medical office property located at the corner of U.S. Highway 80 and South Collins Road in Sunnyvale, an eastern suburb of Dallas. The property was fully leased at the time of sale to several local providers, including primary care and cardiology practices. The buyer was not disclosed.

October 28, 2020

Healthcare Leasing Activity Texas

Prism Health North Texas Signs 12,835 SF Healthcare Lease in Downtown Dallas

by Taylor Williams October 27, 2020

DALLAS — Prism Health North Texas, which supports patients living with HIV/AIDS, has signed a 12,835-square-foot healthcare lease at 4004 Worth St. in Dallas. The space is located on the Baylor Scott & White campus in the downtown area. Eliza Solender of Solender/Hall represented the tenant in the lease negotiations. Chris Lipscomb, Laney Underwood and Brooke Sutherland of Transwestern represented the landlord, Healthcare Realty Trust Inc.

October 27, 2020

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Acquires Tatum Highlands Medical Office Complex in Phoenix

by Amy Works October 27, 2020

PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.

October 27, 2020

Acquisitions Healthcare Midwest Wisconsin

IRA Capital Acquires North Hills Health Center in Suburban Milwaukee for $60M

by Kristin Harlow October 22, 2020

MENOMONEE FALLS, WIS. — IRA Capital has acquired North Hills Health Center in Menomonee Falls, located about 20 miles northwest of Milwaukee, for $60 million. The medical campus comprises two Class A buildings totaling 119,000 square feet that are fully leased to Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin. Froedtert provides a range of outpatient services at the North Hills facility, including an imaging center, fertility clinic, sleep center, women’s health center, pulmonary rehab facility, occupational medicine clinic and walk-in urgent care. The buildings also house two of the health system’s subsidiaries, Inception Health and Exceedent. The seller was undisclosed. The acquisition marks IRA’s 17th healthcare real estate purchase in the past six months totaling over $350 million.

October 22, 2020

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