Med Office Daily - April 16, 2025

Good morning. This is Med Office List, and we move in silence.

→ We are here to serve the owners, brokers, and tenants who are interested in medical office and healthcare real estate. Do us a favor and forward this email to your favorite healthcare real estate pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

ACQUISITION: Montecito Medical acquires a medical office portfolio in Canton, Ohio. The two fully leased buildings, totaling 83,000 SF are occupied by OrthoUnited, including a 39,448 SF ambulatory surgery center. Senior Vice President of Investments Rus Gudnyy and CEO Chip Conk led Montecito Medical in the transaction.

ACQUISITION: JLL Income Property Trust acquires a medical outpatient facility in suburban Chicago, for approximately $16.3 million. Located in an affluent region of a thriving medical outpatient submarket, Naperville Medical Center is a 39,500 SF, single-story building, fully leased to a major nonprofit health system on a 10-year term with 2% annual rent escalations. Converted in 2020, the facility offers a range of services including general surgery, cardiology, and physical therapy.  Allan Swaringen represented JLL in the transaction.

DEVELOPMENT: Kraus-Anderson Breaks Ground on Terraza Medical Village in San Tan Valley, Arizona. Located at 40245 N. Gantzel Rd in San Tan Valley, the 12-acre, five-building medical campus is being developed by Tri-City Cardiology Consultants. Designed by TriArc Design and Architectural Services, the $45 million project will total 100,000 SF upon completion. The first phase includes a 20,000 SF building for Tri-City Cardiology and a 9,740 SF shell for a future tenant.

DEVELOPMENT: White-Spunner Construction breaks ground on a 95,000 SF MOB and ASC for Infirmary Health System in Malbis, Alabama. Designed by Evan Terry Associates, the two-story facility will include a surgery center, imaging services, a linear accelerator, women’s imaging, and physician offices. The project builds on White-Spunner’s previous work on the adjacent 83,000 SF medical office and is slated for completion next summer. Jake Carrico, White-Spunner’s senior project manager for this project, represented White-Spunner.

FINANCING: First Citizens Bank provides $53.5 million in refinancing to an affiliate of Rethink Healthcare Real Estate for Grandview Physicians Plaza II in Birmingham, AL. Located on the Grandview Medical Center Campus, the 140,000 SF MOB complements Grandview Plaza I, which First Citizens also financed in 2024. Jonathan Winer represented Rethink Healthcare Real Estate, while William Douglass and Steve Reedy represented First Citizens Bank.

MED OFFICE PROPERTIES FOR SALE

Click on each photo for more information.

10,235 SF Building | 40 Parking Spaces

12,160 SF Building | 100% Occupancy | 6.74/1,000 SF Parking Ratio

MED OFFICE PROPERTIES FOR LEASE

Click on each photo for more information.

4,522 SF Building | Access to Phoenix Sky Harbor Intl Airport | 9 Exam Rooms | 37 Surface Parking Spaces

2,010-8,415 SF Suites | 18,022 SF Building | 62 Surface and Covered Parking Space

ONE MORE THING

→Try our resources for healthcare real estate pros:

Search Properties (beta) | Med Office News | Comps | Professional Network

Advertise Listings | Share a Closing Announcement