Med Office Daily - January 22, 2025

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NEWS ROUNDUP

ACQUISITION: The Laramar Group acquires a three-building, 83,078 SF medical office portfolio in the Boise, Idaho, market. The multi-tenant portfolio, 95% leased, features two properties at 3080 and 3090 Gentry Way in Meridian, totaling 57,043 SF, and a 26,035 SF property at 1070 N. Curtis Rd. in Boise. All three assets are located near hospital campuses.  Senior Vice President, Ben Slad represented the Laramar Medical Properties in the transaction. This marks the second acquisition for the Laramar Medical Properties Fund II and the firm’s tenth medical office purchase overall.

ACQUISITION: Elliott Bay Capital Trust acquires a 21,540 SF medical office building in Chantilly, Virginia, for $9.2 million. Located at 24801 Pinebrook Road and about 34 miles west of Washington, DC, the property is fully leased to Inova Health System.  KLNB’s capital markets team brokered the sale of the MOB. Joe Friedman and Josh Norwitz of KLNB’s capital markets team represented the seller in the transaction.

ACQUISITION: UDLR Healthcare acquires the 113,687 SF medical office building on the campus of Henry Ford Health Rochester Hospital in Rochester, Michigan. Cushman & Wakefield brokered the sale of the MOB. Built in 1994 and expanded in 2014, the property houses tenants including Henry Ford Health Providence Rochester Henry Ford Health Family Practice, and Contemporary Obstetrics and Gynecology PC. Gino Lollio, Travis Ives, Sushil Puria, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, Detroit-based KIRCO, in the transaction.

DEVELOPMENT: Bon Secours is set to break ground on a 90,000 SF medical office building at 13701 Bon Secours Drive, adjacent to its St. Francis Medical Center in Chesterfield, Virginia. The three-story building will feature an 11,000 SF outpatient surgical center operated by Bon Secours, alongside additional medical office space. Construction is expected to commence in the second quarter of 2025, with completion anticipated by late 2026. Kjellstrom & Lee is the general contractor, PSH+ is overseeing design, and Timmons is handling engineering. Bon Secours also plans to relocate its Medical Group practices to the new building. Spokeswoman Jenna Green represented Bon Secours.

LEASE SIGNING: Cushman & Wakefield arranges two long-term leases at MedSquare Health, a 116,000 SF Class A medical office building in Miami. Dental Care Alliance has signed a lease for 10,309 SF, and DermCare Management has leased 6,397 SF, totaling nearly 17,000 square feet. Gordon Messinger of Cushman & Wakefield represented the landlord, AJP Ventures and Mas Group, in the transactions. With its prime location near Baptist Hospital, LEED certification, and modern amenities, MedSquare Health has reached 70% occupancy. Additional tenants include Vitas Healthcare, Gastro Health, My OB/GYN Specialists and PharmaCare.

FINANCING: JLL Capital Markets arranges a five-year, fixed-rate acquisition loan for Dignity Health Micro-Hospital, a 38,900 SF multi-specialty hospital in Phoenix, Arizona. JLL represented the borrower HPA Exchange LLC to secure the loan through a national healthcare lender.  Located at 7171 S. 51^st Dr. in Phoenix’s Laveen Village and leased long-term by Dignity Health, the property features a 24/7 emergency department, 16 patient beds, 10 emergency room beds advanced operating suites, a cafeteria, and full radiology and pharmacy services. The JLL  deal team was led by Senior Managing Director John Chun and Director Daniel Digerness, with borrower acquisition efforts led by Robert Lee and Thuy Turner of HPA Exchange.

MED OFFICE PROPERTIES FOR SALE

Click on each photo for more information.

6,300 SF Suite | 23,253 SF Building | Access to I-290, Chicago Midway International Airport, and Chicago O'Hare International Airport | 45 Parking Spaces | 26 Exam Rooms, 13 Offices, and Laboratory

2,089 SF Suite | 12,125 SF Building (2 Stories) | Fully Built Out Medical Space | Access to Foothill Blvd and Ontario Intl. Airport | 61 Surface Parking Spaces | Six Exam Rooms

20,000 SF MOB | Access to I-77, and Major Road | 113 Parking Spaces (5 Handicap with 3 Van Accessible)

MED OFFICE PROPERTIES FOR LEASE

Click on each photo for more information.

1,345 SF Suite | 35,519 SF Building (2 Stories) | Access to Bob Hope Airport | X-Ray Room | Newly Renovated Atrium-Style Building | Abundant Parking

2,886 SF Suite | Access to Orlando Sanford International Airport | 24 Parking Spaces

2,695 SF Suite | 5,286 SF Building | Large Exam Rooms | 24 Surface Parking Spaces

ONE MORE THING

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