Med Office Daily - February 5, 2025

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NEWS ROUNDUP

ACQUISITION: Cushman & Wakefield arranges the $160 million sale of the Barlow Building, a premier 293,852 SF medical office property in Chevy Chase, Md. Located at 5454 Wisconsin Ave., the 18-story building is situated in a prime medical community near top hospitals and health centers, with access to downtown Washington, DC, and the Maryland suburbs. The property features a valet parking system, a gym, an on-site deli, a conference center, and a courtyard featuring a Starbucks. Cushman & Wakefield’s Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins, and Shaun Weinberg represented the seller, Carr Properties in the transaction.

ACQUISITION: CBRE arranges the $16.05 million sale of a 47,708 SF outpatient medical office building in Burbank, California, to a private investor. Located at 500 East Olive Avenue, the eight-story property was 90% leased at the time of sale to 33 tenants, with an average occupancy of 1,500 SF per tenant. The property, built in a prime medical market in Downtown Burbank, offers immediate access to the I-5 Freeway and is near major medical centers, including Providence Saint Joseph Medical Center, Adventist Health Glendale Hospital, and Providence Holy Cross Medical Center. CBRE’s Mark Shaffer, Gerard Poutier, Dylan Rutigliano, Anthony DeLorenzo, and Chris Bodnar represented the private seller in the transaction.

LEASE SIGNING: Flagship Healthcare Properties secures two leases for its 17,272 SF medical office building at 1900 Scott Avenue in Charlotte, N.C., returning the property to 100% occupancy. Located in the Midtown submarket, the two-story, class A MOB features a five per 1000 surface parking ratio and on-building signage. The building is situated within walking distance to restaurants and retail locations, and is less than half a mile from Atrium Health’s Carolinas Medical Center. Veritas Collaborative, a national healthcare system has leased the entire first floor of the building. Atrium Health has signed a lease for the entire second floor. Dr. Preeti Matkins, Sue Back, and David Moore represented Veritas Collaborative, while Marshall Williamson and Lincoln Harris represented Atrium Health on their lease negotiations.  Flagship’s Reed Griffith represented the landlord on both deals.

DEVELOPMENT: Stevens Construction completes a 20,764 SF medical office building and surgery center in Fort Myers, Florida. Located at 6201 Alliance Lane, the two-story facility houses Surgical Healing Arts Center on the first floor. The floor also features patient exam rooms, offices, conference areas, and scheduling spaces. The second floor houses Metro Alliance Surgery Center, an AAAHC-accredited and AHCA-licensed facility. It includes three operating rooms, a procedure room, endoscopic suites, recovery areas, two overnight beds, and patient support facilities. The Stevens Construction team was led by Dan Adams, Jay Wolfe, Drew Norris, and Angie Sugg, with Gordon & Associates Architect, LLC, and Quattrone & Associates, Inc., leading the design team.

DEVELOPMENT: Broward Health announces plans for two new medical office buildings and a parking garage in Fort Lauderdale and Deerfield Beach, Fla. In collaboration with The Beck Group and DMZ Architects, the facilities are scheduled for completion by 2027. The Broward Health Medical Center building will span 188,000 SF over eight floors, featuring 129 exam rooms with the capacity to expand to 237. The Broward Health North building will cover 114,000 SF across six floors, and will feature 75 exam rooms expandable to 123. President and CEO Shane Strum represented Broward Health.

FINANCING: CBRE secures $44.5 million loan for the acquisition of the Pacific Professional Building, a 132,000 SF medical office building in San Francisco, Calif. Located at 2100 Webster Street in the California Pacific Medical Center’s Pacific Heights campus, the five-story building is 97% leased and features various medical services. Recent renovations in 2021 earned the building a Class A Energy Star rating. CBRE Capital Markets’ Mike Taquino, Kyle Kovac, Alec Haley, and Giancarlo Sangiacomo represented the buyer, while Mike Walker and Brad Zampa from CBRE's Debt & Structured Finance team secured the 10-year, fixed-rate, non-recourse loan from a middle-market East Coast bank.

MED OFFICE PROPERTIES FOR SALE

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9,000 SF Medical Building (2 Stories) | 10’ Slab to Slab | Direct Access to W State Road 434 | 2.67/1,000 Parking Space

72,934 SF Suite | 32,000 SF Medical Building (2 Stories) | Access to 10, 57, 210 Freeways, and Ontario International Airport | Abundant Parking | Fully Sprinklered

2,550 SF Building | Access to Interstate 45 | 5.88/1,000 Parking Spaces

MED OFFICE PROPERTIES FOR LEASE

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1,450-9,257 SF Suites | 44,163 SF Building (Three Story) | Access to US- 101 | 4.55/1,000 SF Parking Spaces

20,429 SF Suite | 60,166 SF Building | Access to Hwy 141, Hwy 23, and GA 400 | 200 Parking Spaces 

825-2,467 SF Suites | 19,717 SF Building (2 Story) | Access to I-5 & the 54 Fwy, and San Diego International Airport | 3.55/1,000 SF Parking Spaces

ONE MORE THING

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