Companies & People: More Company News

Colliers | Baltimore recently completed two long-term leases for spaces at Waterloo Crossing, a Medical Community, a speculative two-building complex under construction in Columbia, Md. Colliers handles leasing for the complex, which is slated for completion in late summer 2013. One of the largest local medical practices, whose name was not revealed, has signed a lease for about 10,000 square feet of the complex. Another future tenant, ClearChoice Dental Implant Centers, will occupy 6,000 square feet. Both of the tenants will be in the main building of the complex, a 52,000 square foot facility at 5900 Waterloo Rd. ClearChoice will open this summer while the large local practice plans to start seeing patients in late 2013. “Waterloo Crossing broke ground speculatively, immediately attracting leasing commitments, and is continuing to process user requests before delivery,” said Rob Freedman, managing director and principal of Colliers | Baltimore, in a statement. “That’s a rare thing in commercial real estate and demonstrates that the Waterloo location is a desirable location for healthcare providers in the fast-growing portion communities of Columbia, Ellicott City and Elkridge.” The other facility planned for the complex will have 14,000 square feet of space. The two-story building is being developed by Kinsley Properties of York, Pa., and Reval LLLP. In working with other partners, Kinsley Properties has developed 10 projects in Columbia in the past 14 years.

 ■ ERDMAN is expanding its foothold in Southern California with the opening of an office in Newport Beach. The Madison, Wis.-based healthcare consulting, facility planning, development and design-build firm opened the office in April. It is the company’s ninth regional office in the country. Leading the Newport Beach office is Roger Herritz, project executive, who has been involved in the planning and development of more than 50 healthcare projects with the company. “ERDMAN has partnered with many clients throughout California for decades,” Mr. Herritz said in a statement from the company. “I’m looking forward to the company’s expansion into this market, which will not only allow us to better meet existing clients’ needs, but also offer our expertise to other healthcare systems and facilities across the state.”

■ The Building Owners and Managers Association (BOMA) in April chose the St. Vincent Medical Center Northeast MOB in Fishers, Ind., as the North Central Region winner of its The Outstanding Building of the Year (TOBY). The 119,844 square foot MOB was developed by Indianapolis-based Duke Realty on what is now the campus of Ascension Health’s St. Vincent Fishers Hospital. Duke Realty has managed the facility since it opened in 2008.

McCarthy Building Cos. Inc. reports that its Newport Beach, Calif., office recently completed, as the general contractor, construction on a seven-story patient care tower at CHOC Children’s Hospital in Orange, Calif. The 425,524 square foot patient tower provides a variety of programs and services in what hospital officials call a “child-friendly, healing environment.” The new tower is located on the south side of the existing CHOC Children’s hospital site. Prior to starting construction, an office building and a two-level parking structure were razed to make way for the new tower. In addition to the local office of St. Louis-based McCarthy, the project team included Houston-based FKP Architects as the project architect and Irvine, Calif.-based Wood Burghard & Swain Architects as construction administrator and associate architect.

■ Houston-based Medistar recently retained brokerage and management firm Moody Rambin to lease up its 139,827 square foot River Oaks Medical Tower at 4126 Southwest Freeway in Houston. Located in the Greenway Plaza submarket, the Medistar-owned MOB has undergone a multimillion-dollar interior and exterior renovation in order to be repositioned as what Medistar calls a “Class A” medical tower. According to a news release from Houston-based Moody Rambin, the 1970s building has about 71,000 square feet of medical office suites available, ranging from 1,500 square feet to 8,000 square feet. Moody Rambin’s Walter Cameron will oversee property management while and Kurt Kistler and Bob Cromwell will handle the leasing assignment.

 Marcus & Millichap Capital Corp. (MMCC) recently arranged a $16.4 million refinance of a 125,000 square foot abandoned building that is being converted into an MOB in Houston. Peter Dunn, a senior director in MMCC’s Houston office, arranged the loan on the building, which was severely damaged by Hurricane Ike in 2008. “The borrower purchased the property in March 2012 with the intent of completely rehabilitating it and converting it to a medical office building,” said Mr. Dunn in a news release. “The client, an experienced general contractor who had recently expanded his skill set and was acting as both the contractor and developer of the project, requested a traditional construction loan with maximum leverage on a non-recourse basis. We were able to secure a non-recourse bridge loan at a floating rate of 9.56 percent with an 80 percent LTV that will convert to a permanent, 10-year, fixed-rate CMBS loan at stabilization.”

■ Oak Brook Terrace, Ill.-based NAI Hiffman was recently awarded the property management and leasing assignments for a 68,318 square foot MOB in Crystal Lake, Ill. The MOB at 525 E. Congress Parkway was purchased in April by New York-based ARC Healthcare Trust, an unlisted real estate investment trust (REIT), for $19 million. According to NAI Hiffman, the MOB currently has 28,557 square feet of vacant space available for lease. Brian Edgerton and Jason Wurtz, VPs with NAI Hiffman’s office services group, compose the leasing team that is marketing available space in the building. According to Messrs. Edgerton and Wurtz, the building’s existing medical practice tenant roster will provide a strong cross referral source for future medical tenants. The property management team will be led by Rich LeBrun, VP, and Paul DiCosola, property manager, both with the company’s management services group.

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