News Release: Stockdale Capital Partners Announces The Launch Of Its Open-Ended Healthcare Fund And Its Initial Acquisition, 2100 West 3rd Street Medical Center In Los Angeles

News Release: Stockdale Capital Partners Announces The Launch Of Its Open-Ended Healthcare Fund And Its Initial Acquisition, 2100 West 3rd Street Medical Center In Los Angeles

FOR IMMEDIATE RELEASE

SCP Healthcare Real Estate Income Fund to focus on core-plus, healthcare real estate opportunities across the U.S.

LOS ANGELES – April 04, 2023 – Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, vertically-integrated real estate investment firm, announced that it completed its acquisition of 2100 West 3rd Street Medical Center in Los Angeles on March 31st, 2023.

The medical office building is 147,078 square feet, and is 99% leased to major tenants including Children’s Hospital of Los Angeles, Providence Health & Services, and AltaMed Health Services Corporation.

The acquisition was completed as the seed investment in the firm’s new open-ended, core-plus healthcare fund which will be actively pursuing medical office acquisitions.

“Stockdale’s dedicated healthcare fund will continue our track record of delivering attractive returns for our investors and excellent medical office experiences for our clients and their guests,” said Andrew Saba, Managing Director of Stockdale. “We remain committed to deepening our existing partnerships and establishing new relationships across the healthcare delivery spectrum with providers nationwide.”

“We are excited about the launch of our new open-ended fund effort and believe now is an excellent time to be in the market to acquire best-in-class medical office assets,” said Daniel Michaels, Managing Partner of Stockdale. “We look forward to growing this vehicle successfully across the U.S., starting in Los Angeles with 2100 West 3rd St Medical Center.”

Stockdale has deep knowledge of the asset and market, having sold the property previously to HTA in 2019, which was later acquired by Healthcare Realty, the current seller. The transaction was completed in advance of Los Angeles’ ULA transfer tax, which imposes a 5.5% tax on transactions greater than $10 million effective April 1, 2023, providing a unique opportunity to acquire a stabilized medical office asset with excellent tenancy.

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About Stockdale Capital Partners

Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 30-year history of investing in commercial real estate across multiple asset classes throughout the Western U.S. The company is an owner-operator specializing in the redevelopment and repositioning of real estate assets with expertise in revitalizing urban properties of all types. The firm currently manages approximately $3 billion in AUM on behalf of several joint ventures, as well as discretionary closed-end and open-ended funds. For more information, please visit our website at http://www.stockdalecapital.com

Contact: David Gershwin
david@davidgershwin.com
323.791.2319

Thought Leaders: CBRE Q4 2022 National Healthcare & Life Sciences Real Estate Investor Update

Q4 2022

National Healthcare & Life Sciences Real Estate Investor Update

CBRE

Download the Real Estate Investor Update

Key Takeaways from the Q4 2022 Issue:

Medical Office
• Healthcare real estate transaction volume in Q4 2022 was recorded at $3.0 billion, in line with the $2.8 billion sold in Q3 (excluding the HR/HTA merger), but with a sharp 41% decline from Q4 2021. Yearly sale volume recorded $15.4 billion for 2022, propped up by a record first half of the year for sales.
• Top quartile cap rates, representing core transactions, increased 80 bps (from 5.2% to 6.0%) from Q3 to Q4 reflecting the impact interest rate movement is having on core pricing. Q4 average cap rate was 6.6% and the year ended with a trailing 12-month cap rate of 6.2%.

Life Sciences
• Vacancies rose across most markets, bringing the national average to 5.7% in Q4 from 5.1% in Q3. However, the vacancy rate is in-line from a year prior, suggesting rates are stabilizing to normal levels after the frenetic activity of 2021.
• After declining for three consecutive quarters, venture capital (VC) funding increased by 18.4% in Q4. VC funding totaled $21.7 billion for the year, down 34.4% from the peak in 2021 but only 3.7% below 2020 funding and well above pre-pandemic annual totals.

Debt
• Most recently, the FDIC takeover of Silicon Valley bank has created a ripple effect through the banking system leading to liquidity issues at several regional banks as some customers pulled their funds. Banks are now under increased scrutiny and find themselves in a fight to regain the confidence of depositors. The uncertainty has driven up demand for risk-free bonds, which in turn has driven down indices 50 – 70 basis points in a week. The situation will undoubtedly be monitored closely by real estate investors, as the volatility not only impacts borrower confidence in the lending community, but also lender appetite for loans.

For more information, please contact:

CBRE Healthcare & Life Sciences Capital Markets

Lee Asher
Vice Chairman
+1 404 504 5965
lee.asher@cbre.com

Zack Holderman
Senior Vice President
+1 858 337 9412
zack.holderman@cbre.com

Jordan Selbiger
First Vice President
+1 404 923 1259
jordan.selbiger@cbre.com

Trent Jemmett
Senior Director
+1 858 646 4740
trent.jemmett@cbre.com

Cole Reethof
Associate Director
+1 404 504 7864
cole.reethof@cbre.com

Josiah Gunter
Associate Director
+1 404 504 7936
josiah.gunter@cbre.com

Jesse Greshin
Senior Analyst
+1 860 808 4810
jesse.greshin@cbre.com

cbre.com/cm-healthcare

Transactions: The year’s biggest MOB deal could be a foreclosure

Although Ventas did not delineate the MOBs that are included, a search of the RevistaMed database found that Santerre is listed as the owner of about 100 properties. The largest is the 169,000 square foot Elm Plaza at 908 N. Elm St. in Hinsdale, Ill. (Photo courtesy of OfficeSpace.com.)

Ventas plans to take ownership of an 88-asset medical portfolio, plus senior and hospital assets

By Murray W. Wolf

Most healthcare real estate (HRE) professionals seem to agree that, primarily due to higher interest rates, 2023 medical office building (MOB) sales volume will pale in comparison to recent years. So Friday’s announcement that an 88-asset MOB portfolio is about to change hands is big news – and could very well end up being the year’s largest transaction.

But, ironically, higher interest rates are exactly what are driving the deal.

Chicago-based Ventas Inc. (NYSE: VTR), the nation’s second largest healthcare real estate investment trust (REIT), announced Friday (March 31) that it intends to foreclose on a large HRE portfolio that was put up as collateral for a 2019 loan.

Continue reading “Transactions: The year’s biggest MOB deal could be a foreclosure”

News Release: W. P. Carey Announces $468 Million Industrial Portfolio Investment in Canada

Brings Year-to-Date Investment Volume to Approximately $650 Million

NEW YORK, April 4, 2023 /PRNewswire/ — W. P. Carey (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the approximately $468 million sale-leaseback of a critical portfolio of four pharmaceutical R&D and manufacturing campuses with Apotex Pharmaceutical Holdings, Inc. (Apotex), a global pharmaceutical company and the largest generic drug manufacturer in Canada.

The portfolio represents the vast majority of Apotex’s global operations, comprising 11 properties covering 2.3 million square feet spread across four campuses located in attractive industrial submarkets within the Greater Toronto Area. Structured as a triple-net master lease with rent payable in US dollars and fixed rent escalations over a 20-year term, the sale-leaseback transaction closed concurrently with private equity firm SK Capital’s majority buyout of Apotex, financing a portion of the buyout.

“We’re thrilled to close this sale-leaseback and welcome Apotex as a top tenant. In addition to its existing scale, we believe Apotex will continue to benefit from the deep expertise of its private equity sponsor in the pharmaceutical manufacturing sector. This investment is a great example of our ability to partner with private equity firms to leverage sale-leaseback proceeds to optimize the capital stack for new acquisitions. We look forward to growing our partnership with Apotex and SK Capital alike,” said Tyler Swann, Managing Director, W. P. Carey.

The transaction, which closed on April 3, brings W. P. Carey’s total year-to-date investment volume to approximately $650 million, the vast majority of which relates to industrial properties.

W. P. Carey Inc.

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $24 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,449 net lease properties covering approximately 176 million square feet and a portfolio of 84 self-storage operating properties, as of December 31, 2022. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Swann are examples of forward-looking statements. A number of factors could cause W. P. Carey’s actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of COVID-19; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, please reference its filings with the U.S. Securities and Exchange Commission.

News Release: NexCore Group breaks ground on Intermountain Health Aurora Crossroads Campus Medical Office Building

The 85,000 square foot facility will serve as the primary hub for Intermountain Health as they expand in one of Denver’s fastest growing markets.

Officials of NexCore Group and Intermountain Health were on hand for the Mar. 21st ground breaking event.

“NexCore is excited to provide a facility designed to provide quality, comprehensive care in this fast-growing area,” said Tom Kelly, Senior Vice President, Real Estate Development for NexCore. “The Aurora Crossroads Medical Campus will become the epicenter of healthcare in the area as part of Intermountain Health’s robust ambulatory care network strategy.”

The new medical office building will increase patient access to care in the area, housing comprehensive services including 8 primary care physicians, diagnostic imaging, lab, an ambulatory surgery center, an endoscopy center, and a variety of specialists such as OB/GYN, Orthopedics, General Surgery, and Cardiology. Plans also include proposed connectivity to the future hospital.

NexCore was selected by Intermountain Health through a competitive process to execute on their vision to expand into the Aurora market, providing patients with a differentiated, integrated care experience. “This is the perfect opportunity for NexCore to deliver a healthcare facility that brings excellence, convenience and comprehensive care to the community,” remarks Todd Varney, NexCore’s Chief Development Officer and Managing Partner. “At NexCore we build better outcomes – better outcomes for our health system providers, patients, and the surrounding community – and there’s no place we would rather deliver on that promise than in the area surrounding our headquarters.”

For a video of the Intermountain Health Aurora Crossroads Medical Office Building ground break please visit: https://vimeo.com/nexcoregroup/imhauroragb

Limited space is still available for lease to complementary independent physicians. For leasing information, please contact Kristen Neumann at kristen.neumann@nexcoregroup.com or 303-710-1909.

For more information or for comment, please contact Kirstin Barbour at kirstin.barbour@nexcoregroup.com or 303-501-6713.

NexCore Group LLC is a national healthcare real estate investment and development company that focuses on acquiring, developing, owning, and managing purpose-built facilities for healthcare, senior living, and science and technology. Since its founding in 2004, NexCore has successfully completed over $5.5 billion in real estate transactions throughout 25 states, developed and acquired over 15.2 million square feet of healthcare, science, and senior living communities, and currently manages over $3.3 billion in assets spanning 7.6 million square feet. NexCore is headquartered in Denver, with regional offices in Bethesda, Charlotte, Dallas, Detroit, Houston, Indianapolis, Los Angeles, Orlando, Phoenix, and Seattle.

News Release: Newmark Completes Two Office Sales in Downtown Los Angeles for $157 Million

LOS ANGELES, April 4, 2023  — Newmark[1] announces it has completed two separate Downtown Los Angeles office property sales, totaling approximately $157 million. The first property, Union Bank Plaza, a 675,945-square-foot mixed use office tower, sold for $111 million. The second property, 801 South Grand, a 215,097-square-foot office tower, sold for approximately $46 million.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Directors Laura Stumm and Michael Moll, and Associate Director Alex Beaton represented the sellers in both transactions – KBS on the sale of Union Bank Plaza to buyer Waterbridge and CIM on the sale of 801 South Grand to buyer Elat Properties.

“Both of these Downtown Los Angeles office sales got done ahead of the new Mansion Tax, which was an important driver. These transactions clearly demonstrate the tremendous basis advantage available for contrarian investors, which will allow them to be extremely competitive to attract new tenants,” said Shannon.

Standing 40-stories tall, Union Bank Plaza is a trophy office tower situated on a 3.6-acre oversized site that spans one city block, the largest single tower site in downtown Los Angeles. Located at 445 South Figueroa Street, the asset was 62% leased at the time of sale to a tenant roster anchored by Union Bank, which occupies 30% of the property. The property also features 27,157 square feet of retail.

Union Bank Plaza benefitted from an extensive capital improvement plan that was completed in 2021, adding lush landscape and hardscape to the site, modern lobby and corridor renovations, a new conference facility with indoor-outdoor features and building system upgrades. Located adjacent to the 110 Freeway and within blocks of the 7th street metro station, the property’s location offers tenants convenient access to numerous retail locations and public transportation.

801 South Grand was 74% leased at the time of sale to a diverse tenant roster with a weighted average lease term of 5.4 years. Built in 1986 and renovated in 2014, the property is situated on 1.35 acres and features 11 office stories, 594 parking stalls and over 8,000 square feet of retail space. The property offers a mix of high-end creative and traditional corporate space that caters to a wide depth of tenancy. Proximate to the 110 Freeway and blocks from the 7th Street Metro station, 801 South Grand sits in a transit-oriented location with superior access to South Park’s top amenities. The property is directly adjacent to Whole Foods Market and within proximity to L.A. Live, Crypto.com Arena and numerous retailers and restaurants. The property benefits from South Park’s strong residential growth that includes more than 28,000 units in the pipeline.

Though down from pre-pandemic levels, Los Angeles was the second leading market for volume of office investment sales, trailing only Manhattan, New York. According to Newmark’s 4Q22 Capital Markets Report, sales declined year-over-year across property sectors, while hospitality was the only sector to increase quarter-over-quarter. There were small seasonal increases in December 2022 deal closings, except for multifamily.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

[1]
Dba Newmark Knight Frank in California

News Release: Meridian Purchases 18 Acres in Santa Fe, NM

FOR IMMEDIATE RELEASE:

Construction Commences on 95,000 SF Medical Office Building

WALNUT CREEK, Calif. – Meridian, a full-service real estate owner, operator, and developer of healthcare and life science real estate, is pleased to announce that the firm has closed escrow on the purchase of an 18-acre parcel of vacant land in Santa Fe, New Mexico, with the intent to develop a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center. Construction commenced at the end of March 2023, with completion slated for July 2024.

The land is located at 4200 Beckner Road, in close proximity to Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district.

“This is Meridian’s first project in Santa Fe, and we are very excited about this site and the opportunity,” said Meridian Chief Executive Officer, Mike Conn. “Northern New Mexico is a growing demographic, and we identified a need for affordable, outpatient healthcare services in Santa Fe. Meridian’s mission is to provide greater access to care at a more affordable cost, and we look forward to building this facility for the community of Santa Fe. The City of Santa Fe has been fantastic to work with and has helped us navigate the entitlements and permitting process to make this project successful. They have been first-class at all levels of land use, permitting, and engineering. In addition, our trusted partners include Skiles Group as the general contractor, Page Southerland Page, Inc. architects, Tierra West civil engineers and surveyors, and Orion Enterprises as our entitlement consultant.”

“The project will consist of a 95,000-square-foot, three-story building with approximately 520 parking stalls. The overall investment in this site exceeds $100 million and will bring significant jobs and tax revenue to the City of Santa Fe. The façade will include a multi-color scheme, with decorative main entry towers, a sky bridge, one linear accelerator vault with room for future expansion, and a prefabricated paneling system to create depth and articulation to the building elevations. The interior of the building will house up to 50 infusion bays, a lab, and advanced imaging with interventional radiology. The outpatient facility is planned to include primary care, general surgery, cardiology, pulmonary, medical oncology, infusion, radiation oncology, imaging, lab, pharmacy, breast surgery, orthopedics, physical therapy, urology, gastroenterology, neurology, rheumatology, neurosurgery, and gynecologic oncology,” said Conn.

Conn added, “Meridian has partnered with a phenomenal medical group, Nexus Health, to make this project happen. Dr. Scott Herbert was a pleasure to work with and an excellent partner through a complicated and challenging transaction that involved a double escrow and sensitive interactions with local hospital systems.” A public REIT provided the majority of capital along with substantial physician investment to aid with the recruitment and retention of doctors.”

“We are so pleased to bring this incredible facility to the community of Santa Fe,” said Dr. Scott Herbert, Practice President, Nexus Health. “Nexus Health is establishing itself as the outpatient center of choice for this community. We pride ourselves on providing quick access to care and an alternative to the traditional corporate hospital model for care delivery. Why go to a hospital for care unless you have to?”

Dr. Herbert continues, “The Nexus Health facility on Beckner Road is scheduled to open in July 2024, and we look forward to serving Northern New Mexico. It truly took a team approach to get this project over the line. I want to thank the City of Santa Fe, all our joint venture partners, all of the participating providers and staff, and Meridian for bringing our vision for this tremendous facility to fruition. We hope this will be model for future multi-specialty healthcare facilities for years to come.”
There will be a groundbreaking ceremony in early May, in which the community will be invited to participate. Nexus Health, Meridian, and various city officials will be in attendance to talk about the project and what it means for the City of Santa Fe, Northern New Mexico and the surrounding Las Solares master plan.

Meridian is still actively looking to partner with healthcare providers and large physician groups for more real estate opportunities throughout California, the Pacific Northwest, Mountain States, the Southwest and Texas.

About Meridian

Founded in 1999, Walnut Creek, California-based Meridian is a full-service real estate owner, operator, and developer specializing in high-quality, brand-enhancing developments with distinctive expertise in healthcare and life science real estate. Meridian’s services are broad in scope, but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction management. Meridian has offices in Phoenix, Seattle, Dallas, Denver, Albuquerque, Walnut Creek and Newport Beach, California. For more information, see www.mpcca.com.

About Nexus Health

Nexus Health is an independent, physician-owned, physician-led practice that is putting patients first. Nexus aims to challenge the traditional model of today’s healthcare delivery model that is dominated by corporations and insurance companies. Nexus is focused on patients, access to care, and less on the corporate bottom-line. Nexus Health is a network of highly regarded providers who want to maintain an independent outpatient, non-hospital-based practice, with over a dozen specialties coming online in the next two years. In the summer of 2024, our brand-new 95,000 ft. medical office building located at the south side of Santa Fe will be complete. This will house the providers from various specialties under one roof, including oncology, orthopedics, primary care, and various surgical and nonsurgical specialties. They will be supported by the latest state-of-the-art equipment and systems to care for family healthcare needs. For more information, see www.nexushealth-nm.com.

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Contact:
Anne Monaghan
Monaghan Communications
949.677.2933 cell

News Release: CareTrust REIT Grows in Texas and Expands into Kansas with New Operator

April 03, 2023 05:02 PM Eastern Daylight Time

SAN CLEMENTE, Calif.–(BUSINESS WIRE)–CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired two skilled nursing facilities: AdventHealth Care Center Burleson, a 178-bed facility located in Burleson, Texas, and AdventHealth Care Center Overland Park, a 102-bed facility located in Overland Park, Kansas. The Overland Park facility represents CareTrust’s entry into the Kansas market.

The acquisition of the Burleson facility will be a “tack-on” to CareTrust’s existing lease with Austin, Texas-based operator Momentum Skilled Services, which will replace the outgoing operator. The Burleson acquisition increases CareTrust’s relationship with Momentum to two facilities. “We are excited to expand our relationship with Momentum,” said James Callister, CareTrust’s Chief Investment Officer. “They are a top-quality operator that we hope to continue to grow with,” he added. One of Momentum’s principals, Sharlyn Threadgill, remarked, “We have looked forward to growing our portfolio with CareTrust and hope there will be more opportunities to come. We look forward to building on Advent’s legacy of care for the good residents and patients in Burleson.”

In connection with the acquisition of the Overland Park facility, CareTrust has entered into a new tenant relationship with an affiliate of Summit Healthcare Management, LLC, a new Kansas-based skilled nursing operator owned by Ben Bryant, an experienced operator of skilled nursing and seniors housing facilities in the Midwest. “Ben’s experience and well-established relationships in the Midwest help make him and the Summit Healthcare team an excellent fit to operate the Overland Park facility and we are excited to add them to our portfolio and hope to grow together from here,” said Eric Gillis, CareTrust SVP Investments.

Summit Healthcare’s founder, Ben Bryant, remarked, “CareTrust’s expertise in handling this transaction allowed our team to focus on a seamless transition of operations at the facility and we are extremely grateful for the CareTrust team and their trust in us and guidance throughout this process.”

CareTrust’s initial investment in the facilities, inclusive of capex commitments and transaction costs, was approximately $17.2 million. Initial annual cash rent for the facilities will be approximately $1.63 million. The initial term of Momentum’s master lease with CareTrust was also extended by four years in connection with the transaction. The lease with Summit Healthcare provides for an initial term of fifteen years with two, five-year renewal options and includes annual, CPI-based escalators. The acquisition was funded using cash-on-hand.

About CareTrust™

CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.

Contacts
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com

News Release: Meridian Names Mike Conn Chief Executive Officer

FOR IMMEDIATE RELEASE:

WALNUT CREEK, Calif. – Meridian, a full-service real estate owner, operator and investor in high-quality, brand-enhancing healthcare and life science developments, is excited to announce a leadership change appointing former company Chief Development Officer Mike Conn to the position of Chief Executive Officer.

The announcement comes as Meridian commences its 25th year and prepares for the opportunities ahead over the next 25 years. Conn’s promotion to CEO formally recognizes his efforts in successfully establishing Meridian’s brand as a formidable healthcare force in the industry and intentionally signals the executive team’s succession plan.

Conn joined Meridian in 2012 after more than a decade as a real estate broker and general contractor, and quickly demonstrated his operational acumen and commitment to Meridian’s core values. He quickly rose through the ranks and was promoted to Chief Development Officer in 2020. During Conn’s tenure, Meridian has grown from an organization focused on smaller healthcare build-to-suits in California to a well-respected developer operating across the continuum of care throughout the western United States. Meridian’s projects now encompass opportunistic value add, core plus, complex adaptive reuse and large multi-specialty build-to-suits.

With 25 years of experience in construction, real estate and development, Conn has been responsible for all aspects of development and investment, including site acquisition, entitlements, joint ventures, deal structuring, and execution. In addition, he has overseen the sourcing and procurement of new projects, as well as the overall performance of the assets. Throughout his career, Conn has led the development or investment in over five million square feet of projects valued at nearly $2 billion. Conn holds a Bachelor of Science degree in Mechanical Engineering from the University of California at Santa Barbara and is a California Real Estate Broker, General Contractor (licensed in California and Arizona), and LEED Accredited Professional.

Meridian’s former CEO, John Pollock, will remain a Managing Director and serve as the company’s Chief Financial Officer. Pollock will assist Conn in his new role and key initiatives aimed at Meridian’s continued growth. “I am very excited to pass the baton to Mike,” said Pollock. “Mike has been involved with some of the most complex development projects and deal structures throughout the last decade. Yet, he always finds a way to succeed while maintaining his guiding principles of honesty, integrity, and doing the right thing. Meridian and our stakeholders will benefit from Mike’s leadership, comprehensive experience and deep knowledge.”

“Meridian and its parent company, Marcus and Millichap Company of Palo Alto, California, are truly first-class organizations,” said Conn. “I am incredibly honored and humbled to be asked by John Pollock to step into such an important role in the organization. I have certainly learned a lot working with John over the years, and he has proven to be a great mentor and friend.”

Conn continues, “I look forward to Meridian’s continued evolution and assisting the next generation of leaders within the organization. Our most important assets will define our success: our people and our partnerships. Meridian will continue to expand our core mission and values while aiming to provide greater access to care at a more affordable cost.”

Meridian currently owns and manages healthcare properties throughout the western United States and continues to aggressively pursue acquisitions and developments in the region. Meridian is primarily focused on opportunistic, value add, core plus, adaptive reuse and build-to-suits with major healthcare systems and physician partners.

About Meridian

Founded in 1999, Meridian is a full-service real estate developer and investor specializing in high-quality, brand-enhancing developments with distinctive expertise in healthcare real estate. Meridian’s services are broad in scope, but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction management. For more information, see www.mpcca.com.

# # #

Contact:
Anne Monaghan
Monaghan Communications
949.677.2933 cell

News Release: ProPharma Announces New Global Headquarters in Raleigh, NC as Hub for Innovation and Talent

RALEIGH, NC, April 3, 2023: ProPharma Group (ProPharma), the leading global provider of regulatory, clinical and compliance services for the life sciences industry and a portfolio company of Odyssey Investment Partners, announces the opening of a new global headquarters in Downtown Raleigh, North Carolina. ProPharma’s new global headquarters will serve as the company’s primary location for its global operations, as well as a hub for research, development, and innovation initiatives.

The new headquarters will be located in a historic 1924 structure, home to the iconic Father and Sons Antiques for over 20 years. The offices will house employees across clinical operations, data science, project management, quality, talent acquisition, and a variety of corporate-level functions. The space spans three floors and includes ample room for expansion to accommodate future growth and collaboration.

propharma-raleigh-nc-headquarters-high-qualityAs a disruptor in the Clinical Research consulting and services space, and as the world’s first Research Consulting Organization (RCO), ProPharma strives with the move to also break the geographic mold for the Clinical Research services industry, which has historically made Durham, North Carolina, its home base. The move to downtown Raleigh will be a differentiator in attracting and retaining top talent who are brought in by the vibrant city culture.

Michael Stomberg, ProPharma’s Chief Executive Officer, said: “The growth in downtown Raleigh over the past few years has been monumental, and we’re excited to add another dimension to the city’s expanding commerce and life sciences scene. We are also proud to be the first ever Research Consulting Organization to call downtown Raleigh it’s home.”

Previously located in Overland Park, KS, the move to Raleigh, NC, reflects the company’s commitment to expanding its global presence and investing in its workforce in one of the world’s leading life sciences hubs. With over 2,500 global employees, ProPharma is well-positioned to attract top industry talent to further its purpose of improving the health and safety of patients. The new global headquarters offers ample room for expansion, accommodating ProPharma’s future growth plan of adding approximately 75-100 new roles to the Raleigh, NC headquarters over the next two years.

Update
April 12th, 2023: ABC11 in Raleigh/Durham aired a segment on ProPhama’s new Downtown Raleigh Headquarters.

About ProPharma

For the past 20 years, ProPharma has improved the health and wellness of patients by providing advice and expertise that empowers biotech, med device, and pharmaceutical organizations of all sizes to confidently advance scientific breakthroughs and introduce new therapies. As the world’s largest RCO (Research Consulting Organization), ProPharma partners with its clients through an advise-build-operate model across the complete product lifecycle. With deep domain expertise in regulatory sciences, clinical research solutions, quality and compliance, pharmacovigilance, medical information, and R&D technology, ProPharma offers an end-to-end suite of fully customizable consulting solutions that de-risk and accelerate our partners’ most high-profile drug and device programs. For further information about ProPharma, please visit: https://www.propharmagroup.com/.

About Odyssey Investment Partners
Odyssey Investment Partners, with offices in New York and Los Angeles, is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit: https://www.odysseyinvestment.com/.

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Media Contacts:

Steven Rensi
Senior Director, Global Brand Strategy & Communications
ProPharma
steven.rensi@propharmagroup.com
336-500-8220

Claudia Taylor
Clarity for ProPharma
propharmagroup@clarity.global
916-217-5223

News Release: Orlando Neurosurgery Opens Two New Central Florida Locations

ORLANDO and WINTER GRADEN, Fla., April 3 — Orlando Neurosurgery, the oldest and largest neurosurgical practice in Central Florida, moves its flagship office to AdventHealth’s Innovation Tower in downtown Orlando, followed by the debut of the Orlando Neurosurgery Spine and Brain Center in fast-growing Winter Garden, Florida.

In December, Orlando Neurosurgery moved their flagship office from long-time location on Fairbanks Avenue in Winter Park to the newly opened 12,536 sq foot, suite 12000 at Innovation Tower, part of the 172-acre Health Village campus, anchored by AdventHealth’s Orlando campus (601 East Rollins Street).

“Orlando Neurosurgery’s move of our flagship office to Innovation Tower is central to our strategy to provide world class neurosurgical and spinal care. Our new space expands our capacity for care, and being strategically embedded in the AdventHealth Campus enhances our connectivity to rich resources and streamlines the patient experience – which is central to all that we do,” says Christopher Baker, MD – Neurosurgeon and Partner at Orlando Neurosurgery

On March 30th, Orlando Neurosurgery celebrated with AdventHealth at a ribbon cutting event on the new Orlando Neurosurgery Spine and Brain Center located at 12323 West Colonial Drive in Winter Garden.

“The Orlando Neurosurgery Spine and Brain Center in Winter Garden is filling a vital role for the residents of West Orange County – providing a comprehensive offering of spine and brain care treatments to serve the growing population,” says Ravi H. Gandhi, MD – Neurosurgeon and Partner at Orlando Neurosurgery

Orlando Neurosurgery has been providing neurosurgical and spinal care for patients in Florida for nearly 25 years. A team of 14 neurosurgeons provide expertise in every aspect of neurosurgical and spinal care. With six Central Florida locations: Orlando, Winter Garden, Tavares, Kissimmee, Celebration and New Smyrna Beach.

News Release: Cypress West Partners Breaks Ground on 22,000-Square-Foot Medical Office Building in Queen Creek, AZ, Third-Fastest Growing City in the U.S.

For Immediate Release:

Queen Creek, AZ (April 3, 2023) – Cypress West Partners announced the start of construction for its latest Class A medical office development in Queen Creek, AZ, ranked as the third-fastest growing city in the U.S. according to the Census Bureau.

Located at the intersection of Signal Butte Road and Ocottillo Road, the new 22,000-square-foot single story building is just two miles south of the new SR 24. Construction is expected to be completed by the third quarter 2023 with tenant move in by fourth quarter 2023. The property is the only off-campus for lease medical office building in the town of Queen Creek. Cypress West acquired the 2.5-acre parcel at the end of 2022.

According to Jason Anzalone, managing director of development, Cypress West Partners, the new building, named Ocottillo Medical Collaborative, was 87 percent leased prior to start of construction to a mix of service oriented medical tenants. Negotiations are under way for the remaining space within the building.

“Medical office is not immune to global economic conditions and volatility, but we’ve seen that the product type remains a fundamentally strong asset class. While there is an unfolding reset of the valuation landscape, the fundamentals should continue as capital continues to be selective on deployment strategies. The demand we’ve seen for medical office space in Arizona for example is proof that this product type when developed to such quality will remain sought-after,” Anzalone said. “It’s exciting to be part of the tremendous growth occurring in Queen Creek and to provide vital medical services needed by the community.”

The Cypress West Partners portfolio includes close to 2 million square feet of medical office properties located across the U.S, including more than 250,000 square feet of medical office properties currently in various stages of development.

For its Queen Creek property, Cypress West’s team includes Campbell Development (General Contractor), Dalke Design (Project Architect), Civil & Environmental Consultants (Civil Engineer) and Design Ethic (landscape architect). Mark Haslip at Menlo Group has managed the leasing efforts to date.

About: Based in Southern California, Cypress West Partners was formed through strategic affiliations with the purpose to acquire, develop and manage healthcare properties on a national basis. The firms align with like-minded project partners and implements with the highest level of real time, real estate experience and knowledge in the marketplace. Learn more at www.cypresswestpartners.com.

Jessica Spaulding
President, The Spaulding Agency
Tel: 949-233-8575
www.spaulding-agency.com

News Release: Community Health Systems Completes Divestiture of Hospital Located in Oak Hill, West Virginia

April 03, 2023 08:00 AM Eastern Daylight Time

FRANKLIN, Tenn.–(BUSINESS WIRE)–Apr. 3, 2023– Community Health Systems, Inc. (NYSE: CYH) announced today that affiliates of the Company have completed the divestiture of 25-bed Plateau Medical Center in Oak Hill, West Virginia, along with its respective assets, physician clinic operations and outpatient services to affiliates of Vandalia Health for cash consideration of approximately $92 million. The transaction is effective April 1, 2023.

The divestiture of this hospital is among the additional potential divestitures discussed on the Company’s fourth quarter and year-end 2022 earnings call.

About Community Health Systems, Inc.

Community Health Systems, Inc. is one of the nation’s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 44 distinct markets across 15 states. The Company’s subsidiaries own or lease 78 affiliated hospitals with approximately 13,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. More information about the Company can be found on its website at www.chs.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005110/en/

Investor Contacts:
Kevin J. Hammons
President and Chief Financial Officer
615-465-7000
or
Shelly K. Schussele
Senior Director, Investor Relations
615-465-2732
or
Media Contact:
Rebecca Ayer Pitt
Vice President, Corporate Communications
615-465-2750

News Release: Marcus & Millichap Arranges the Sale of a 14,213-Square Foot Office Building

PRESS RELEASES

March 28, 2023

WENTZVILLE, MISSOURI, March 21, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Schroeder Creek Dental, a 14,213-square-foot office property located in Wentzville, Missouri, according to David Saverin, regional manager of the firm’s St. Louis office. The asset sold for $3,468,000.

Alec Coronado, an investment specialist in Marcus & Millichap’s St. Louis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Schroeder Creek Dental is located at 1000 Schroeder Creek Blvd in Wentzville, Missouri. The property is a 100 percent occupied medical office building. Tenants include dental offices, an endodontics center, an orthodontic group, and an oral maxillofacial and implant surgery center.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.

Life Sciences: Southline to get a new tenant and a big addition

The original building in South Boston will be expanded by 305,000 s.f.

By Murray W. Wolf

BOSTON – There has been a flurry of activity in recent days surrounding Beacon Capital Partners LLC’s Southline Boston project, the ongoing redevelopment of the former Boston Globe headquarters property in South Boston.

Last week, Beacon submitted plans for a six-story, 305,000 square foot office/lab addition to the existing 695,000 square foot Southline building at 135 William T. Morrissey Blvd., directly east of the Southeast Expressway (Interstate I-93) in the city’s Dorchester neighborhood.

Then, this week, life sciences venture capital (VC) firm Portal Innovations announced that it will be moving next month into 22,000 square feet of space in the original Southline building, which is the adaptive reuse of the former Boston Globe headquarters building, with plans to grow to 58,000 square feet by the first half of 2024.

The addition. Beacon formally submitted a Notice of Project Change (NPA) and a Planned Development Application (PDA) to the Boston Planning and Development Agency (BDPA) last Thursday (March 23) for the previously announced project. The public has until April 22 to comment on the NPA and May 7 to comment on the PDA.

The new wing would contain lab, R&D, office, ground-floor retail and restaurant space, and a three-level, below-grade parking facility for about 417 vehicles.

According to documents on file with the city, construction of the addition is expected to commence in the second quarter (Q2) of 2024 with completion in Q4 2026.

Elkus | Manfredi Architects of Boston in the project architect.

The new tenant. Portal Innovations announced Wednesday (March 29) that the “high-end wet lab and office space” it will be leasing in the original Southline building will be used to facilitate growth for life sciences startups seeking Series A (also known as “seed” funding) and Series B rounds of funding.

“We are excited to bring our unique business model to an emerging part of the Boston life science ecosystem,” John Flavin, founder and CEO of Portal Innovations, said in the news release. “Boston is home to world-class universities, premier life sciences venture capital firms, and an unsurpassed pool of diverse talent. Portal is eager to support entrepreneurs and founders by providing its Crafted Capital model of seed capital investment, access to strategic lab space, and management expertise to de-risk these early-stage ventures.”

“Massachusetts is unmatched in its life sciences research and development, and we join in Portal’s excitement about the promise that Boston’s neighborhoods bring to growing the industry and supporting innovation,” added Jason Cordeiro, chief operating officer of MassBio, a not-for-profit a trade association that represents the commonwealth’s life sciences industry.

“Southline Boston and Portal’s new space will deliver more opportunities for emerging biotech entrepreneurs and startups to advance their patient-driven science, be successful in their business, and contribute to the larger ecosystem,” Mr. Cordeiro said.

“Boston is the leading hub for biomedical innovation and we’re thrilled to partner with Portal to support early-stage venture firms and their portfolio companies,” said Fred Seigel, CEO of Beacon Capital. “Offering a fully developed life sciences ecosystem in a single building will catalyze the next phase of Boston’s impact on life sciences.”

Portal is partnering with Beacon Capital and Zoe Life Sciences, a contract research organization (CRO), “in a joint venture to build out the space and invest in promising life sciences companies.”

Portal Innovations, which also has a presence in Chicago and Atlanta, noted in its news release that the existing Southline building “has a food hall, gym, roof deck, brewpub and a number of other amenities with a campus vibe, seeking to attract world-class biosciences talent in the area.”

Project history. The former Boston Globe headquarters at 135 Morrissey Blvd. was built in 1958. In spring 2017, the Boston Globe moved its newsroom to downtown Boston and its printing operations to Taunton, Mass. In late 2017, a JV of Nordblom Co., a Burlington, Mass.-based real estate firm, and Boston real estate private equity firm Alcion Ventures, acquired the 695,000 square foot building on about 16.61 acres for $81 million.

From 2019 to 2021, Nordblom started work on “a comprehensive core and shell renovation” of the former newspaper headquarters for creative office, technology, light manufacturing, warehouse, life science and retail tenants, marketing the property as –The Boston Exchange for Accelerated Technology, or The BEAT.

In July 2021, BCP Beat Property LLC, a Beacon Capital Partners affiliate, bought out Alcion in a $362.5 million recapitalization of the property, and secured a $423 million mortgage from Goldman Sachs, according to Suffolk County real estate records. Beacon, which has a project called Southline in South San Francisco, rebranded the property Southline Boston and repositioned it to appeal to life sciences users.

To view the Southline expansion project information on the BPDA website, please click here.

News Release: Portal Innovations Expands to South Boston