Med Office Daily - February 12, 2025

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NEWS ROUNDUP

JOINT VENTURE: Newmark arranges a $300 million strategic JV between Catalyst Healthcare and Heitman to develop healthcare properties nationwide. The Venture’s initial phase includes funding for seven developments totaling nearly 500,000 SF across five states, featuring major tenants such as Ochsner Health, Andrews Medicine, University of Mississippi Medical Center, and PAM Health. Newmark’s Healthcare Capital Markets team, led by Ben Appel, John Nero, Jay Miele, Michael Greeley, and Ron Ott, facilitated the transaction. Chad Henderson represented Catalyst Healthcare Real Estate in the transaction, and the Heitman team was led by Brian Pieracci.  

ACQUISITION: LCRE Parson Park Brandon, LLC acquires an 18,964 SF healthcare facility in Brandon, Florida, for $5.573 million. Located at 116 Parsons Park Drive, the property serves as a family and internal medicine clinic for AdventHealth under a triple net lease. The facility features 16 exam rooms, three procedure rooms, two waiting areas, and three labs. Northmarq’s Jeff Matulis and Toby Scrivner represented the Texas-based seller in the transaction.

ACQUISITION: Remedy Medical Properties + Kayne Anderson JV acquire Trilogy Medical Center in Hagerstown, MD. Located at 1165 Imperial Drive, the 54,008 SF, three-story facility is 100% leased and anchored by Capital Women’s Care. Other tenants include Clearway Pain Solutions and Children’s National Hospital. The seller was Montecito Medical Real Estate. CBRE’s U.S. Healthcare Capital Markets team, led by Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett, and Jesse Greshin, partnered with Tim Connolly of CBRE’s Bethesda Advisory and Transaction team to represent the seller in the transaction.

LEASE SIGNING: Cushman & Wakefield brokers 5 leases totaling 17,443 SF at MOB in Buckhead neighborhood in Atlanta. The 114,370 SF, nine-story medical office building, located at 371 East Paces Ferry Rd. NE., is over 75% leased and features street-level retail, office spaces from 2,500 to 15,000 SF, and proximity to Midtown and Downtown Atlanta. George Olmstead of Cushman & Wakefield represented the landlord, The Loudermilk Companies in the lease negotiations.

DEVELOPMENT: Virginia Physicians for Women (VPFW) announces plans to develop a new $17 million medical office building in Richmond, VA. VPFW acquired a now-vacant Church of Jesus Christ of Latter-day Saints building in January for $3.5 million. The existing 30,000 SF structure will be demolished to make way for a two-story, 32,000 SF medical office building. The new facility will replace VPFW's current location on the Bon Secours St. Mary’s Hospital campus and will feature 30 treatment rooms and four ultrasound imagery suites, enhancing the practice’s ability to provide comprehensive women’s healthcare services.

DEVELOPMENT: Cypress Development Partners announces plans for The Interchange, a speculative medical office and hotel campus in north Phoenix. The 233,500 SF development will be built in two phases on a 23-acre site near HonorHealth Deer Valley Medical Center, south of Rose Garden Lane along Interstate 17. The project, to be built in 2 phases, will feature three medical office buildings, three flexible office buildings, a 130-room hotel, a retail building, and two drive-through restaurants. Cypress has applied for zoning updates, with a Phoenix Planning Hearing Officer set to review the proposal on February 19. Jason Anzalone represented Cypress Development Partners. The project is designed by Dalke Design Group, though the timeline and cost details have not been disclosed.

MED OFFICE PROPERTIES FOR SALE

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6,772 SF Building | Access to I-435 Exit in Shawnee, Kansas City Intl. Airport | 5.86/1,000 SF Parking Ratio

11,845 SF Medical Building | On-Site Laboratory, CT Scan, X-Ray Room | 6.91% Avg. Cap Rate

9,900 SF Suite | 100% Occupancy | Access to I-95 and I-295

MED OFFICE PROPERTIES FOR LEASE

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2,532 SF Building (2 Story) | Access to Hwy 421 and I-40 | Ample Parking

3,671 SF Suite | 16,533 SF Medical Building (3 Story) | Access to Midtown Tunnel and I-264 | 23 Surface and 22 Covered Parking Spaces

3,438 SF Suite |11,996 SF Building | 42 Parking Spaces | Multiple Exam Rooms and Large Laboratory

ONE MORE THING

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