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News Release: Closing Announcement - The Park Huntersville

News Release: Closing Announcement – The Park Huntersville

By on December 21, 2019

Closing Announcement

The Park Huntersville

JLL is pleased to announce the sale of The Park Huntersville.

Size: 395,586 SF

Location: Huntersville, NC (Charlotte MSA)

Seller: OA Development

Buyer: Healthcare Trust of America

For more information, contact:

ZACK DROZDA
Director
704.526.2812
zack.drozda@am.jll.com

RYAN CLUTTER
Senior Managing Director
704.526.2805
ryan.clutter@am.jll.com

CHRIS LINGERFELT
Senior Director
704.526.2808
chris.lingerfelt@am.jll.com

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to
reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.
In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with
annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September30,
2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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News Release: Quantum Real Estate Advisors, Inc. brokers sale of a single tenant medical building in Akron, OH

By on December 20, 2019

FOR IMMEDIATE RELEASE

Chicago, IL (December 20, 2019) – Quantum Real Estate Advisors, Inc. has brokered the sale of a single-tenant medical building located at 999 North Main Street in Akron, OH. The property sold for $970,000. At the time of sale, the property was 100% occupied by BrightView Health, a behavioral health clinic specializing in the treatment of opioid addiction, in addition to many other behavior health services provided. The buyer was a private real estate investor based in Tennessee. The seller was a prominent acquisition and development company from Chicago. Chad Firsel, President of Quantum, and Jason Lenhoff, Vice President of Quantum, represented the seller in the transaction.

Mr. Lenhoff had the following comments regarding the transaction, “The buyer was able to acquire a solid location in an established market, at a terrific cap rate, with a rapidly growing tenant and industry.” Lenhoff continued, “The property had a historical medical occupancy dating back 40 plus years, and BrightView will continue to grow in this location. Along with the extensive improvements made to the building and accessibility of the property, this location and tenant are sure to be a solid investment for years to come.”

Quantum Real Estate Advisors, Inc. (www.qreadvisors.com) specializes in investment sales brokerage, assisting clients in the acquisition and disposition of commercial real estate. Quantum has the capacity through strategic alliances to offer full-service leasing brokerage, receivership, management and financing.

Contact:
Chad Firsel
President
p. 312-269-0220
e. cfirsel@qreadvisors.com
Quantum Real Estate Advisors, Inc.

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News Release: Flagship Healthcare Properties Announces Acquisition in Hickory, North Carolina

By on December 20, 2019

NEWS RELEASE

FOR IMMEDIATE RELEASE                                      

Commercial healthcare real estate firm acquires medical office building and ambulatory surgery center

CHARLOTTE, N.C. (December 20, 2019) – Flagship Healthcare Properties (Flagship) announces the addition of a 45,390-square-foot, Class A medical office building and ambulatory surgery center (ASC) to its private real estate investment trust portfolio. Located at 214 18th Street SE in Hickory, N.C., and fronting Tate Boulevard SE, the building is fully leased by OrthoCarolina and Frye Surgery Center.

OrthoCarolina, one of the nation’s largest and most reputable orthopedic practices, leases 72%, or 32,522 square feet. Services and capabilities offered at OrthoCarolina include physical therapy, urgent care, mobile on-site MRI, foot and ankle pain, hand surgery, joint replacement, spine care, and physiatry and sports medicine.

The property is also home to Frye Surgery Center which leases 28%, or 12,868 square feet. The Frye Surgery Center operates as a department of Frye Regional Medical Center, part of Duke LifePoint Healthcare. Frye Regional Medical Center has served the health and medical needs of the residents of the Catawba Valley region since 1911, with a commitment to delivering high quality and compassionate care with a focus on patient satisfaction and clinical outcomes. The ASC offers an array of surgical services in four surgical suites, such as cardiothoracic, neurosurgery, vascular, oncology, oculoplasty, dental, orthopedic, ear nose and throat, plastic and reconstructive, urological, general, gynecology and podiatry.

“We are pleased to acquire this first class facility that houses two prominent healthcare providers,” said Gerald Quattlebaum, senior vice president of acquisitions. “We have a long-standing relationship with OrthoCarolina and have a tremendous amount of respect and admiration for what they do. We look forward to working with both tenants and expanding those relationships in the Hickory market.”

Flagship acquired the facility in its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). The property was acquired from a partnership consisting of Hunt Shuford, David Looper and the Broyhill family. A portion of the sellers’ equity was contributed via an UPREIT transaction on a tax-deferred basis to Flagship REIT.

“We are honored to be the real estate partner chosen by the sellers and warmly welcome these new investors to the Flagship REIT family,” added Charles Campbell, CEO and co-managing partner.

Flagship will work collaboratively with Mr. Shuford to provide property and asset management services.

Financing for this transaction was provided by First National Bank.

For more information about Flagship Healthcare Properties, visit www.flagshiphp.com.

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About Flagship Healthcare Properties

Flagship Healthcare Properties, LLC (Flagship) is a fully integrated commercial healthcare real estate firm serving clients throughout the Mid-Atlantic and Southeast regions. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 4.2 million square feet of healthcare real estate across more than 155 properties serving in excess of 465 tenants. The firm has developed or acquired over 80 properties valued at more than $675 million. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.

About Flagship Healthcare Trust

Flagship Healthcare Trust, Inc. (Flagship REIT), is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in 50 healthcare properties valued at over $400 million. Flagship REIT’s current portfolio includes more than 1.4 million square feet of medical office space and approximately 185 tenants. For further information, visit www.FlagshipHP.com.

 Media Contact:
Julie Parrotta, Public Relations Manager
SPARK Strategic Ideas
Jparrotta@sparksi.com and 704.625.2194

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News Release: Montecito Medical Acquires Surgery Center in Virginia

By on December 20, 2019

FOR IMMEDIATE RELEASE

December 20th, 2019

Nashville, Tenn. — Montecito Medical Real Estate, a leading owner of medical office buildings throughout the U.S., has finalized the acquisition of a premier medical office building and surgery center in Goochland, Virginia.

The property, with just under 70,000-square-feet, is 86 percent-occupied. The building’s anchor tenant is the MEDARVA Stony Point Surgery Center at West Creek which houses 6 operating rooms. The state-of-the-art ambulatory surgery center is accredited by the Accreditation Association for Ambulatory Health Care, Inc. (AAAHC) and is licensed by the Virginia Department of Public Health.

The asset offers a full range of services including primary care, cardiovascular services, spine center, gastroenterology, OB/GYN and plastic surgery. The class A facility was constructed in 2015, with a 9,000-square-foot expansion completed in 2017 and is equipped with the most advanced technology and surgical instrumentation for the group’s outpatient surgical and medical procedures.

The building is located in the West Creek Business Park, one of the Richmond region’s premiere business parks in Goochland County, at the intersection of State Route 288 and West Creek Parkway. In May 2018, a joint venture between Sheltering Arms Rehab Institute and VCU Health broke ground on a 114-bed, 200,000-square-foot hospital at 2000 Wilkes Ridge Parkway, located adjacent to the subject property.

“I am from Richmond and know this growing and affluent area very well. Our team was extremely impressed with this medical office building and surgery center and we enjoyed working with Lingerfelt Commonwealth Partners to get this exceptional real estate closed,” explained Chris Conk, a principal at Montecito Medical. “As we approach the end of the year, we still have two additional assets to close to wrap up our best year ever – we’re looking forward to an exciting 2020”

Several other healthcare tenants occupy the building, including Commonwealth Primary Care, Virginia Cardiovascular Services, National Spine and Pain Center, Virginia Oculofacial Surgeons, Virginia Physicians for Women, Richmond Plastic Surgeons, Richmond Gastroenterology Associates, and West End Facial Plastic Surgery.

About Montecito Medical

Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both real estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, TN, Austin, TX, Portland, OR and Orange County, CA. Since 2005, it has completed transactions in over 30 states involving more than $3.8 billion in medical real estate and totaling over six million square feet. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.

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News Release: Gantry Arranges $60,000,000 in Financing for Pair of NE Medical Assets

By on December 19, 2019

FOR IMMEDIATE RELEASE
Davis Square

Morristown Plaza

Transaction Details

•  Loan Amount: $60,000,000 Combined

•  $31,000,000 Davis Square Center

•  $29,000,000 Morristown Plaza

•  Financing Type: Permenent            

•  Property Description: Medical Office

•  Term: 5-Years (both)  

$60,000,000 in Financing Arranged for Pair of NE Medical Assets

Morristown, NJ & Somerville, MA, (December 19, 2019) – Gantry (formerly Newmark Realty Capital, Inc.), the largest independent commercial mortgage banking firm in the U.S., arranged $60,000,000 in refinancing for two (2) medical office properties located in the Northeast region. The borrower was a Southern California-based healthcare REIT.

Gantry arranged $31,000,000 in financing for Davis Square Center, a 100,699-square-foot medical center in Somerville, MA, and $29,000,000 in financing for Morristown Plaza, a 166,750-square-foot medical tower in Morristown, NJ. Davis Square Center is a four-story facility that counts Atrius Health Inc. among its tenant roster. Morristown Plaza is a six-story building, occupied by such tenants as Summit Medical Group and AHS Hospital Corp.

Gantry’s Andy Bratt, a Principal in Newport Beach, CA who arranged the financing on behalf of the borrower said, “Sponsorship is public non-traded healthcare REIT that typically holds their properties on their lines of credit and therefore required maximum flexibility. Sponsorship was looking for life company execution and we were able to structure the deal with one of our correspondents that recognized the institutional ownership needs. The non-recourse financing provided cash out on five-year fixed loan terms with very flexible prepayment penalties meeting the clients needs.”

Bratt worked with the same borrower on both deals to arrange the five-year, fixed-rate loans through a life insurance correspondent. Sponsorship has seen a large increase in value since acquiring the properties in 2015 and decided to take advantage by recapitalizing the stabilized assets.

At San Francisco-based Gantry, independent thinking is in our genes. As an independent firm, we take a thoughtful and intentional approach to everything we do. So, as our industry consolidates and becomes less personal, we push ourselves to ignore convention, to set a high standard and to always prioritize people ahead of profits. With 30 years of experience, a $13 billion national servicing portfolio, we’re committed to constructing the best deals for our clients. For those seeking a partner that delivers more, we’re a little different. The right kind of different.

Morristown, NJ & Somerville, MA, (December 19, 2019) – Gantry (formerly Newmark Realty Capital, Inc.), the largest independent commercial mortgage banking firm in the U.S., arranged $60,000,000 in refinancing for two (2) medical office properties located in the Northeast region. The borrower was a Southern California-based healthcare REIT.

Transaction Contacts
Andy Bratt
Principal
Newport Beach Office
(949) 356-6678

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Thought Leaders: Behavioral health bucks the trend in inpatient care

By on December 19, 2019

JLL Healthcare Capital Markets

Behavioral health perspectives

December 2019

The demand for behavioral treatment is growing – and inpatient admissions along with it

Growth in U.S. Inpatient Admissions, 2013 and 2017

 

 

 

 

 

 

 

 

 

Source: Health Care Cost Institute

Key points:

  • Inpatient behavioral treatment is the exception to the trend of lower acute care hospital utilization.  Growth in behavioral care has been fueled by the need to provide sustained residential treatment of mental health disorders and for substance abuse outside the emergency room or general acute care facility.
  • Inpatient behavioral admissions grew 9% from 2013 to 2017 while all inpatient admissions decreased 5%. There are 59 million Americans with diagnosed mental health or addiction disorders that may be treated on an inpatient or outpatient basis.
  • Capital markets provide healthy support to inpatient behavioral providers, including two large active public company operators, one of which is the largest operator with 186 U.S. inpatient behavioral hospitals, and the other is a pure play behavioral operator with nearly 10,000 acute psychiatric beds in the U.S. Many hospitals and private operators are building new freestanding facilities to meet the growth in demand for services, in contrast to the trend of fewer acute care beds per capita.

EY Parthenon. 2017 Behavioral Health: Market Trends and Deal Insights

Contact us: Our national team

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News Release: Just Closed – 9-Building Medical Office Portfolio

By on December 19, 2019

CBRE Capital Markets | Healthcare

Just Closed: 9-Building Medical Office Portfolio

Illinois, Minnesota, Pennsylvania, Virginia

CBRE announced that it has completed the sale and financing of a nine-building medical office portfolio totaling approximately 470,000 square feet located in four states.

Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s Healthcare Capital Markets team served as advisors for the transaction and sourced the buyer for the portfolio sale. Additionally, Sabrina Solomiany of CBRE’s Debt & Structured Finance group worked on behalf of the buyer to secure the financing. The buyer, a confidential entity, purchased the property in a sale that closed December 13, 2019.

“This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” said Chris Bodnar, Vice Chairman of Capital Markets for CBRE.

The nine-building portfolio included the 95,043-square-foot Advocate Sherman Medical Building in Elgin, Ill., the 36,413-square-foot Oak Lawn Medical Building in Oak Lawn, Ill., the 60,558-square-foot High Pointe Health Campus in Lake Elmo, Minn., the 71,685-square-foot Einstein Medical Building in East Norriton, Pa., the 35,405-square-foot Sterling Medical Building in Sterling, Va., 118,081 square feet across Pavilion I & II in Duluth, Minn., and 52,105 square feet across CentreMed I & II in Centreville, Va. The portfolio featured over five years of weighted average lease term (WALT).

Ms. Solomiany marketed the debt to various life insurance companies, banks and debt funds. The buyer ultimately decided to bifurcate the portfolio into two separate portfolio loans to achieve the best terms.

“CBRE worked alongside the buyer to arrange two loans that provided flexibility for the buyer on a portion of the assets and strong cash flow with five years of interest-only on the stabilized properties,” said Ms. Solomiany. “Ultimately, the lender was comfortable with the relationship with the sponsor, diversification of locations and quality of the real estate.”

For more information, or if we can help with your healthcare real estate holdings, please contact us.

CHRIS BODNAR
Vice Chairman
Investment Properties
+1 303 628 1711

LEE ASHER
Vice Chairman
Investment Properties
+1 404 504 5965

RYAN LINDSLEY
Senior Director
Investment Properties
+1 303 628 1745

JORDAN SELBIGER
Director
Investment Properties
+1 404 923 1259

SABRINA SOLOMIANY
First Vice President
Debt & Structured Finance
+1 404 536 5054

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News Release: Innovation center inks new lease at Phoenix Biomedical Campus

By on December 19, 2019

Center For Entrepreneurial Innovation Signs 10-Year Lease At Phoenix Biomedical Campus

Transwestern Spearheads Leasing Efforts for Wexford Science + Technology

(DEC. 19, 2019 – Phoenix, Ariz.) – Wexford Science + Technology and Transwestern Commercial Services (TCS) today announce the Center for Entrepreneurial Innovation – Maricopa Community College (CEI) has signed a 10-year lease for 6,500 square feet at 850 N. Fifth St. in the Phoenix Biomedical Campus. Developed by Wexford Science + Technology, the 227,000-square-foot, Class A research and office building is being leased by Transwestern’s Managing Director Mark Stratz and Senior Vice President Scott Baumgarten.

CEI’s new space will be its second facility and will pioneer its LabForce and Validation Lab programs.  LabForce will be the first training and certification center devoted to the workforce needs of Arizona’s bioscience industry. The Validation Lab will help early-stage entrepreneurs with market research and competitive analysis. Opening in Downtown Phoenix in 2020, CEI will operate on the ground floor and offer a variety of in-person, online, and hybrid learning experiences for lab technicians, scientists, quality managers and entrepreneurial teams.

“We’re thrilled that CEI’s second location in the Wexford Science + Technology building puts us in the heart of Downtown Phoenix and on-campus with some of the region’s highest regarded intellectual resources,” said Tom Schumann, CEI’s Executive Director. “There is no better place for the Maricopa Community Colleges to offer exceptional educational programming than in our city’s Innovation District.”

The property is located near Arizona State University’s (ASU) Downtown Phoenix campus. ASU will occupy four floors at 850 N. Fifth St. to further its research and innovation programs in close proximity to the ASU College of Health Solutions and Edson College of Nursing and Health Innovation, the University of Arizona’s College of Medicine-Phoenix, Translational Genomics Research Institute (TGen), and the Roosevelt Row Arts District.

Earlier this year, Wexford Science + Technology selected Transwestern to be the first outside brokerage firm to lease space at the Phoenix Biomedical Campus. The commercial real estate company is leasing floors five, six, and seven, totaling 104,000 square feet that is fully lab-enabled and offered for life-science and biomedical companies of all stages of growth, as well as other companies seeking proximity to world-class research. 850 N. Fifth St. is part of a seven-building biomedical campus that will ultimately total more than 6 million square feet and will serve as home to the highest concentration of research scientists and complementary research professionals in the region.

Okland Construction of Tempe broke ground in May 2019 and is expected to finish in fourth quarter 2020. HKS Architects designed the building, inspired by a Saguaro cactus that provides a deeply rooted connection to its place in the Sonoran Desert and is naturally critical within its environment. Ventas Inc., an S&P 500 company based in Chicago, is Wexford’s strategic capital partner on the project.

ABOUT TRANSWESTERN

Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.

ABOUT WEXFORD SCIENCE & TECHNOLOGY

Wexford Science & Technology, LLC is a real estate company exclusively focused on partnering with universities, academic medical centers and research companies to develop vibrant, mixed-use communities. Wexford’s communities are built on a foundation of discovery, innovation and entrepreneurial activity that creates visible outcomes in the form of substantial economic growth, new and diverse jobs and community transformation. Wexford has developed fourteen Knowledge Communities across the U.S.: the Bio-Research & Development Growth (BRDG) Park (Danforth Plant Science Center) in St. Louis, MO; Cortex Innovation Community (Washington University in St Louis) in St. Louis, MO; Downtown Crossing (Yale University) in New Haven, CT; Hershey Center for Applied Research (Penn State School of Medicine) in Hershey, PA; Innovation Research Park @ODU (Old Dominion University) in Norfolk, VA; Providence Innovation & Design District (Brown University, University of Rhode Island) in Providence, RI; The Chesterfield (Duke University) in Durham, NC; uCity Square (University of Pennsylvania, Drexel University) in Philadelphia, PA; University of Maryland BioPark in Baltimore, MD; Converge Miami (University of Miami) in Miami, FL; Phoenix Biomedical Campus (Arizona State University) in Phoenix, AZ; University of Pittsburgh Innovation Center in Pittsburgh, PA; University Technology Park at IIT (Illinois Institute of Technology) in Chicago, IL; and Wake Forest Innovation Quarter in Winston-Salem, NC. More information about Wexford can be found at www.wexfordscitech.com.

# # #

 

Stefanie Lewis Peeler
Media Relations Specialist
National Marketing and Communications

 

TRANSWESTERN
1900 West Loop South, Suite 1300
Houston, TX 77027
Direct: 713.272.1266
Mobile: 281.795.3774
transwestern.com

Twitter | Facebook | LinkedIn

 

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News Release: Caddis wins HREI senior living award for an unprecedented consecutive third year

By on December 19, 2019

FOR IMMEDIATE RELEASE

Heartis Village Brookfield near Milwaukee was the firm’s third new senior living community in a row to win the magazine’s prestigious national award for excellence

The award-winning, Caddis-developed Heartis Village Brookfield senior living community (top). Caddis executives accepted the HREI award for the new senior development (bottom). Pictured, left to right, are Jud Jacobs, Jason L. Signor and Lance M. Hardenburg.

BROOKFIELD, Wis. and DALLAS, Dec. 19, 2019 – Healthcare Real Insights™ (HREI) magazine has named the Caddis®-developed Heartis® Village Brookfield senior living community a winner of the 2019 HREI Insights Awards™. The development in Brookfield, a suburb of Milwaukee, won the prestigious national award for the Best New Post-Acute or Senior Living Facility.

This is the third consecutive year that Caddis, a national healthcare real estate firm headquartered in Dallas, has won the HREI Insights Award senior living category for its Heartis senior residences. This is unprecedented in the seven years of the HREI Awards. Last year, Caddis won the award for Heartis Village North Shore, also in a suburb near Milwaukee; and in 2017, the firm won for Heartis Clear Lake near Houston, Texas.

The annual awards, the first totally dedicated to recognizing excellence in the areas of healthcare real estate (HRE) development and executive leadership, are presented by HREI, a national digital and print magazine that covers HRE development, financing and investment. The awards were presented in nine different categories during the GlobeSt Healthcare Conference in Scottsdale, Ariz., Dec. 4.

Jason L. Signor, Caddis CEO and Partner, notes, “We faced many challenges developing Heartis Village Brookfield, but our team successfully took those challenges head on to develop a beautiful senior residence that is meeting the need for more senior living options in the community.”

He added, “It is very gratifying that year after year Caddis continues to win the sought-after HREI awards for our Heartis senior living communities, as well as medical office buildings and other healthcare properties. I congratulate our entire development team for their stellar award-winning work.”

Mr. Signor said that Caddis decided to develop a senior community in Brookfield after it identified a shortage of senior housing there. However, the firm faced a number of challenges. City officials were wary of the project because the public opposed multi-family housing and many didn’t understand the difference between multi-family and senior housing. Also, city restrictions on new development in some areas made it difficult to find a viable site.

Caddis initially investigated or made offers on six sites without success until finding the current site. To address the project’s many challenges, Caddis met with city staff to educate them on senior living and how it differs from multi-family; demonstrated a need for more senior living options in the community based on the firm’s research; explained how senior living improves residents’ quality of life; and learned about likely public concerns on zoning and the entitlement process. At the end of the meeting, the city director supported the project and also referred Caddis to a local landowner who owned a highly desirable site that was not on the market.

The seller of the site had tried unsuccessfully to entitle his land for multi-family use, which the city opposed, and was reluctant to give up on his preferred use. After a long deliberation and encouragement from the city, the seller agreed on a purchase price and Caddis secured the site under contract, with closing contingent upon obtaining entitlements. The entitlement process lasted several months and included community hearings and multiple meetings with city staff and departments.

Despite the city telling Caddis that the project would be an uphill battle, it passed the approval process with full support of the city and no public opposition. The new 98,660 square foot senior community, which was completed this summer, features 104 spacious assisted living and memory care apartments and a wide variety of first-class amenities, including large, secured courtyards; beautifully landscaped grounds with gardens and walking paths; activity rooms; libraries; media room; and a fitness center.

Heartis Village Brookfield also is in an ideal location that allows seniors to stay close to their family and friends while enjoying proximity to major transportation routes and nearby amenities and services, including the Milwaukee River, retail, restaurants, hospitals and open spaces.

In addition to benefitting the residents, the project is also benefiting the local community. The city requires residential developers to dedicate a portion of their land for a public park but exempts senior housing. So even though Caddis wasn’t required to do so, it donated a 2.9-acre parcel of land from the original 9.7-acre site to the city to create a new public park. Caddis also agreed to make significant aesthetic changes to the building exterior design, based on suggestions from city staff.

Caddis-developed projects and executives have been named Finalists a total of 16 times and Winners six times in the seven years of the highly competitive HREI Insights Awards.

About Caddis 

Caddis® is a national real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired nearly five million square feet of medical assets valued in excess of $1 billion. In its annual Construction and Design Survey, Modern Healthcare magazine recognized Caddis as the 5th largest healthcare development company in the United States. For more information about Caddis, please visit www.Caddis.com.

About Heartis 

Caddis®, a national healthcare real estate firm based in Dallas, launched the Heartis® senior living brand in early 2013 to reflect its mission of helping seniors live life to the fullest. Caddis is currently developing or has opened Heartis communities in Atlanta, Suwanee and Fayetteville, Ga.; Orland Park and Peoria, Ill.; Brookfield and North Shore, Wis., near Milwaukee; Yardley, Pa. near Philadelphia; and Venice, Fla., as well as numerous cities across Texas. Heartis communities provide high-quality, high-value services, programming and amenities; on-site personalized support; and inviting, caring home-like environments. For more information, please visit www.Heartis.com.

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News Media Contact: Stacey J. Robinson, Caddis, 469-547-5421, Stacey@caddis.com

If you would rather not receive future communications from Caddis, let us know by clicking here.
Caddis, 5910 N. Central Expressway, Suite 1400, Dallas, TX 75206 United States

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News Release: Rendina’s Bristol Health Medical Care Center Wins HREI Insights Award

By on December 18, 2019

JUPITER, Fla., Dec. 18, 2019 – Healthcare Real Estate Insights (HREI) Magazine has named the Bristol Health Medical Care Center the Best New Medical Office Building and Outpatient Facility in the 50,000 – 99,999 square feet category. Mike Noto, Chief Strategy Office at Rendina and winner of the 2018 HREI Insights Awards Lifetime Achievement Award, accepted the award on behalf of Rendina at the GlobeSt Healthcare Real Estate Conference in Scottsdale, Ariz.

For more healthcare real estate news from Rendina, please visit: Rendina.com/Press Locaed at 15 Riverside Avenue in downtown Bristol, the Bristol Health Medical Care Center is a 61,186-square-foot ambulatory care center master leased by Bristol Health’s Multispecialty Group. The building was developed by Rendina with a grand opening in June of 2019 and has since provided the community with services that include cardiology, endocrinology, a diabetes center, neurology, orthopedics, spine health, rheumatology and urology. The MCC also houses a center for physical, occupational and speech therapy along with laboratory outpatient services.

HREI is the nation’s first and only print and digital magazine devoted to covering healthcare real estate development, financing and investment. The annual HREI Awards recognize facilities and individuals that represent high achievement in healthcare real estate development.

“This is great moment for the Rendina team and Bristol Health,” said Richard Rendina, Chairman and CEO of Rendina Healthcare Real Estate. “When a project is making a difference in a community the way the Bristol Health Medical Care Center is, having the healthcare real estate community recognize that impact is encouraging and rewarding.”

About Bristol Health

Founded in 1921, Bristol Health is the leading health provider for people who live and work in the Greater Bristol area. Proud of its achievements in service excellence, Bristol Health has earned national recognition for its commitment to providing outstanding patient care. Bristol Health has 154 licensed beds and offers a complete range of patient services including a first-rate emergency center that cares for more than 40,000 patients each year.
About Rendina Healthcare Real Estate

Rendina is a trusted national leader in Healthcare Real Estate, providing comprehensive solutions to our clients and giving back to the communities we serve. We assist hospitals and health systems in fulfilling growth and physician recruitment strategies by offering creative solutions for a variety of healthcare real estate initiatives. We have been a trusted partner to healthcare providers for more than 30 years, and have developed more than 7.75 million square feet of healthcare real estate throughout the country. For information or questions, please contact Steve Barry, President of Rendina Healthcare Real Estate, at 866-630-5055; or visit rendina.com.

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FOR IMMEDIATE RELEASE
News Media Contact: Steve Barry, Rendina
561.630.5055, sbarry@rendina.com

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News Release: NexCore’s Greg Venn named HREI’s 2019 Healthcare Real Estate Executive of the Year

By on December 18, 2019

FOR IMMEDIATE RELEASE

The leader of the national healthcare real estate developer was bestowed the top honor before industry peers at the prestigious annual HREI Insights Awards ceremony in Scottsdale, Ariz.

HREI Publisher Murray W. Wolf (left) congratulates NexCore Co-Founder and CEO Greg Venn, who was named Healthcare Real Estate Executive of the Year at the 2019 HREI Insights Awards in Scottsdale, Ariz.

DENVER, Dec. 18, 2019 – Denver-based NexCore Group, a national healthcare real estate (HRE) developer, has announced that its Co-Founder and CEO Greg Venn was named the Healthcare Real Estate Executive of the Year at the 2019 HREI Insights Awards. The prestigious awards ceremony was held during the GlobeSt Healthcare conference on Dec. 4 in Scottsdale, Ariz.

The HREI Insights Awards are the only national awards dedicated to recognizing excellence in the areas of healthcare real estate (HRE) development and executive leadership.

“NexCore was founded on Greg’s passion for innovation, growing from 18 to 95 people and one office to eight nationwide,” NexCore stated in its nomination of Mr. Venn. “He inspires entrepreneurial thinking and collaboration among all stakeholders on a project, driving peak performance. His balance of vision, diverse sensibility and meticulous attention to detail provides an innate proficiency to identify sustained improvement.

“Encouraging unconventional thinking, Greg inspires a culture of continual learning. His recent sustainability plan transitioned the firm’s next core leadership team, ensuring their influence on the HRE landscape and senior living communities.”

Accepting the award before a roomful of his fellow NexCore employees, industry peers and well-wishers, Mr. Venn shared his appreciation and dedicated the award to his team.

“Thank you very much. I appreciate this. It’s especially meaningful to me because it’s our peers that vote for this, so I really do appreciate it,” he said.

“But it’s not an individual award. I think this is something that it says about the people who work for our company, specifically Todd Varney, Jarrod Daddis, Robert Lawless and Ed Christen, who are really why our company was named NexCore – because it’s the next core group that is going to run the company and take it to the next level, and I feel like they are really doing that. So, they deserve this award, and I appreciate it, and like we say in our shop, we’re just getting started.”

In the seven years of the HREI Insights Awards, NexCore Group has won six times, including four times for development projects, once for Lifetime Achievement (Tim Oliver, Director Strategic Planning & Development, won in 2016) and now HRE Executive of the Year with Mr. Venn.

About NexCore Group LLC

NexCore Group develops healthcare facilities for hospitals, health systems and physicians. NexCore solves complex real estate challenges through innovative building solutions and creative financial structures. In a rapidly changing healthcare industry, NexCore has the superior expertise to deliver quality environments and flexible spaces that help grow your business, lower expenses and mitigate risk. Over the past 30 years, NexCore has developed and acquired a total of 11 million square feet of health care facilities across the country. The company has been recognized repeatedly as one of the Top Healthcare Real Estate Developers in the U.S. by Modern Healthcare magazine. NexCore is headquartered in Denver, and as the company continues to grow so does its geographic reach. Over the last several years, NexCore has opened regional offices in Chicago; Bethesda, Md.; Portland, Ore.; Dallas; Orlando, Fla.; Laguna Niguel, Calif.; and Indianapolis. For more information, please visit www.nexcoregroup.com. Contact: Kirstin Barbour, Marketing Director, 303-293-0693.

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News Media Contact: Kirstin Barbour, NexCore Group • 303.293.0693 • Kirstin.Barbour@NexCoreGroup.com

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Feature Story: The ‘state of HRE’ is pretty darn good

By on December 18, 2019

Panel of industry experts foresees continued strength in the healthcare space

By John B. Mugford

The “State of the Market” panel included (from left to right): John Winer of Seavest, Andy Lawler of Cornerstone Companies, Chris Bodnar of CBRE, Ben Ochs of Anchor Health Properties, P.J. Camp of Hammond Hanlon Camp and moderator Murray W. Wolf of HREI. (Photo courtesy of InterFace Conference Group)

It sure seems that people’s opinions have changed about whether the country is headed toward an  economic downturn by the end of 2020, as had been predicted at various times during the past couple of years.

As a result, optimism seems to be running high in many business sectors, including healthcare and healthcare real estate (HRE).

“Those fears (of a recession) seem to have waned,” said Philip J. “PJ” Camp, principal with New York-based Hammond Hanlon Camp (H2C), during the 10th Annual InterFace Healthcare Real Estate Southeast conference in Nashville on Nov. 19-20.

“There seems to be a fair amount of optimism over the economy about unemployment being low, interest rates being low, and the stock market certainly has performed well over the last number of months,” Mr. Camp continued. “So, I think it looks all clear at least for the time being.”

On top of the good news about the ongoing strength of the economy, the panelists said it looks as if: Continue reading “Feature Story: The ‘state of HRE’ is pretty darn good”

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Transactions: HTA adds nearly 400,000 s.f. in Charlotte, N.C.

By on December 18, 2019

Plans have yet to be announced for the “office with medical” portfolio

By John B. Mugford

One of the buildings HTA acquired was The Alexander Building, a 128,510 square foot MOB in Huntersville, N.C. (Photo courtesy of JLL)

The new owner hasn’t commented yet, but it would appear that a freshly acquired “office with medical” portfolio near Charlotte, N.C., might be ripe for a conversion to 100 percent medical.

That would seem to be a reasonable possibility given the identity of the buyer: Scottsdale, Ariz.-based Healthcare Trust of America (NYSE: HTA).
The publicly traded REIT, which is one of the largest owners of medical office buildings (MOBs) in the country with a portfolio of about 24 million square feet of space, recently closed on the purchase of five office buildings, some with medical tenants, in Huntersville, N.C., a northern suburb of Charlotte, for $81.5 million.
Healthcare Real Estate Insights first learned of the transaction through information from healthcare real estate (HRE) research firm Revista, which included two of the buildings in its recent MOB sales transaction data. The other office buildings were not included, according to Revista officials, because they did not include medical tenancy.
An article in the Charlotte Business Journal on Dec. 10 indicates that the five buildings have a total of 395,796 square feet of space, putting the price per square foot (PSF) at about $205. The seller, according to both Revista and the Business Journal, was Atlanta-based OA Development, which in its more than two decades of existence has developed and/or acquired more than 3 million square feet of commercial properties for a total of about $325 million.
OA Development acquired the five-building portfolio in early 2018 for $62.5 million. The facilities were developed between 1990 and 2001.
The two buildings listed in Revista’s data, which the research firm refers to as “office with medical” facilities, are just off U.S. Interstate 77 and comprise the following:
■ The Reed Building, a 106,565 square foot facility at 9920 Kincey Ave. Completed in 1998, the MOB is across the street from the 139-bed Novant Health Huntersville Medical Center, part of the four-state, 15-hospital Charlotte, N.C.-based Novant Health. Tenants include a dialysis center operated by Charlotte-based Independent Nephrology Services.
■ The Alexander Building, a 128,510 square foot MOB at 13620 Reese Blvd., which is just a mile south of the Reed Building. Tenants in the facility, which was constructed in 2001, include North Charlotte Plastic Surgery Associates and North Charlotte Plastic Surgery.
All of the buildings in the portfolio, including the three other non-medical facilities, are in what is known as the Park-Huntersville mixed-use development, which is close to the Novant hospital and is just west of the Gilead Road exit off I-77. The overall development includes 2.6 million square feet of space under numerous ownerships.
In a statement from OA Development included in the Business Journal article, Brian Granath, a partner, said: “Our original pro forma had us holding this asset for several more years, but we reached an inflection point in the leasing cycle where we thought it was time to test the market. Healthcare Trust saw the value of the asset, given its healthy fundamentals, including its location within The Park and the north Charlotte submarket.”
For HTA, which prefers to focus its acquisition and ownership activities to major markets in order to achieve property and asset management scale and efficiencies, the purchase adds to its large holdings in Greater Charlotte.
Prior to the recent acquisition, the REIT, which owns more than 500,000 square feet of MOB space in 15 markets nationwide, owned a portfolio of more than 400,000 square feet in Greater Charlotte, Robert Milligan, chief financial officer, reported during a second quarter (Q2) 2019 earnings call with analysts.
The latest acquisition would bring that total to about 800,000 square feet of space.
Whether HTA intends to convert the entire portfolio to medical remains to be seen. HTA officials had not responded to an inquiry from HREI by the time this article went to press.
For more information, please visit RevistaMed.com. For the Charlotte Business Journal article, please visit BizJournals.com. (Both websites require a subscription.)

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News Release: Davis acquires 59,233 square foot MOB on hospital campus in New Albany, Ohio

By on December 18, 2019

The Class A New Albany Medical Building II on the Mount Carmel Surgical Hospital campus is occupied by OrthoNeuro, New Albany Surgery Center and other tenants

Davis will manage its newly acquired New Albany Medical Building II and develop a skyway linking the building to the adjacent Mount Carmel Surgical Hospital.

NEW ALBANY (COLUMBUS), Ohio, and MINNEAPOLIS, Dec. 18, 2019 – Davis announced that it has acquired the 59,233 square foot, Class A New Albany Medical Building II in New Albany, an upscale suburb of Columbus. The $18.4 million acquisition closed Nov. 15.

The medical building is at 5040 Forest Drive on the campus of Mount Carmel Surgical Hospital, which is owned by Michigan-based Trinity Health, a not-for-profit Catholic health system with 93 hospitals in 22 states.

The building is 80 percent occupied by multi-specialty healthcare tenants, including OrthoNeuro, New Albany Surgery Center and three smaller tenants.

“This acquisition was an excellent opportunity for Davis,” explains Mark Davis, Founder and Partner of the national healthcare real estate development, property management, brokerage and investment firm headquartered in Minneapolis. “It’s located in a growing, prosperous area near Columbus with good demographics. It’s also on the Mount Carmel Surgical Hospital campus, which is owned by Trinity Health, a highly regarded national healthcare system. In addition, we’re fortunate that the building houses a number of high-quality medical tenants.”

He added, “We plan to invest in and enhance this property, including developing a skyway that links to the surgical hospital, which will provide greater convenience and accessibility for patients and staff. We will also provide first-class property management services for the tenants and assist them with their expansion needs in the building.”

A limited amount of space is still available at the New Albany Medical Building II. For leasing information, please contact Jill Rasmussen, jrasmussen@davishre.com or 952-393-7398.

About Davis

Davis, founded in 1986, is a national healthcare real estate firm that offers unparalleled expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. Over the past five years, the company has developed 20 Class A medical buildings totaling $250-plus million in development costs and completed 20 investment transactions totaling more than $400 million. It has also negotiated more than 250 healthcare property leases totaling 1.2 million square feet during that time. For more information, please visit www.davishre.com.

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News Release: Healthpeak™ Announces Transactions Enhancing the Growth of its Three Core Businesses

By on December 18, 2019

News Release Issued: Dec 18, 2019 (8:00am EST)

Healthpeak™ Announces Transactions Enhancing the Growth of its Three Core Businesses

As part of Healthpeak’s development program with HCA, Healthpeak and HCA have entered into an agreement on an additional development project. The 172,000 square foot six-story Class A medical office building will be located on the TriStar Centennial Medical Center Campus in Nashville, TN.

IRVINE, Calif., Dec. 18, 2019 /PRNewswire/ — Healthpeak Properties, Inc. (NYSE: PEAK) announced today multiple transactions to enhance the continued growth of its life science, senior housing and medical office businesses.

“We are pleased to announce several important transactions that will be funded primarily through our recent forward equity offering and senior housing joint venture proceeds,” said Tom Herzog, Healthpeak’s Chief Executive Officer. “Our portfolio repositioning included $4.5 billion of non-core senior housing sales over the last few years in order to achieve our desired portfolio quality and mix. We are now able to focus on investing accretively in new, high-quality properties across all three of our core asset classes.”

Expanded Life Science Development Pipeline

Healthpeak will commence construction on a $164 million life science development and redevelopment project, The Boardwalk, located on Science Center Drive in the Torrey Pines life science cluster in San Diego.

The Boardwalk will be Healthpeak’s flagship campus in the core life science market of San Diego. Totaling approximately 190,000 square feet, the campus will combine three adjacent Healthpeak holdings, activating two land sites through 105,000 square feet of ground-up development that will flank both sides of an existing 85,000 square foot property that will also be redeveloped. The Boardwalk will be a LEED-certified Class A cohesive campus with a first-class amenity package that includes a full-service restaurant, indoor/outdoor meeting areas and fitness space that take advantage of the San Diego climate. Construction at The Boardwalk is expected to commence in the first quarter of 2020 to accommodate occupancy as early as the second quarter of 2021. Upon stabilization, the campus is projected to generate an estimated yield on cost of 7%.

Healthpeak has additional development projects in South San Francisco and Boston in various stages of entitlement, based on the favorable market fundamentals in life science. We expect to commence one to two of these projects in 2020.

Oakmont Senior Living (“Oakmont”) Purchase Option Agreement

Healthpeak and Oakmont entered into an agreement that provides Healthpeak the option to acquire up to 24 of Oakmont’s senior housing development properties (the “Development Properties”) when Oakmont elects to sell. The Development Properties are concentrated in California with a projected value of approximately $1.3 billion in the aggregate. The acquisition options are expected to be offered in tranches between 2020 and 2023, including approximately $200 million in the first half of 2020. Once offered, Healthpeak has the option to acquire each applicable tranche of the Development Properties based on a pre-determined pricing formula with projected year-one cash capitalization rates equal to 5.5%. At the closing of each Development Property acquisition, Healthpeak would enter into a highly incentivized management contract with Oakmont Management Group creating a strong alignment of interest. In addition, the acquisitions would be paid for in part with downREIT units.

Expanding Medical Office Development Program with HCA Healthcare (“HCA”)

As part of Healthpeak’s development program with HCA, Healthpeak and HCA have entered into an agreement on an additional development project. The 172,000 square foot six-story Class A medical office building will be located on the TriStar Centennial Medical Center Campus in Nashville, TN. The $46 million development will expand the TriStar Centennial campus, which is HCA’s second-largest campus in the United States. The project is 45% pre-leased and construction is expected to begin in mid-2020. We expect to announce additional developments to our program with HCA in 2020.

About Healthpeak Properties

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Senior Housing and Medical Office, designed to provide stability through the inevitable industry cycles.  At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations.  These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “will,” “project,” “anticipate,” “position,” and other similar terms and phrases, including but not limited to references to assumptions and forecasts of development and redevelopment costs, development and redevelopment commencement and completion, potential acquisitions and future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited, to the risk that Healthpeak may not commence or complete any potential developments, redevelopments or acquisitions in a timely fashion or at all, that development or redevelopment costs may be materially higher than projected, that the actual cash capitalization rates  or yields on costs will be materially lower than anticipated, and those risks and uncertainties associated with Healthpeak’s business described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and its subsequent filings with the Securities and Exchange Commission. Although Healthpeak believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Healthpeak can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and Healthpeak undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law.

Contact

Barbat Rodgers
Senior Director – Investor Relations
(949) 407-0400

SOURCE Healthpeak Properties, Inc.

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