Med Office Daily - March 5, 2025

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NEWS ROUNDUP

ACQUISITION: Montecito Medical acquires a two-building medical office portfolio in Germantown, Wisconsin. The adjacent properties total 92,573 square feet and are fully leased to Advocate Aurora Health. The buildings house a variety of healthcare services, including an ambulatory surgery center with six operating rooms and MRI/CT imaging.  CEO Chip Conk and Senior Vice President of Investments Rus Gudnyy, represented Montecito Medical in the transaction. This acquisition marks Montecito Medical’s second in the Milwaukee area.

LEASE SIGNING: Newmark arranges a 64,222 SF lease with Sutter Health’s Palo Alto Medical Foundation at Hacienda Research Center in Pleasanton, California. Located at 4480 Willow Road, the single-story R&D office building is owned by Cannae Partners and Nashville-based REALM. Newmark’s Dan Watson and Jeff Morgenstern represented the landlord, continuing their long-standing advisory relationship with Cannae Partners. The property underwent renovations in 2022 and features ample parking, dock and roll-up doors outdoor seating, an abundant window line, and prominent signage. This lease marks a significant step in the recovery of the Tri-Valley and Greater East Bay office and R&D market.

DEVELOPMENT: Broward Health unveils plans for two new medical office buildings and a parking garage in Florida. The two proposed MOBs and parking garage will be built at Broward Health Medical Center in Fort Lauderdale and Broward Health North in Deerfield Beach. The project, designed by The Beck Group and DMZ Architects, aims to enhance healthcare services and expand physician access across South Florida. The new facilities will support Broward Health’s strategic growth, strengthening its position as a leading healthcare provider. Shane Strum and Dane Ficco represented Broward Health. The project is expected to be completed in 2027.

DEVELOPMENT: Cypress West Partners completes a new 22,000 SF MOB in Queen Creek, Arizona. Known as Ocotillo Medical Collaborative, the $10 million project located at 22363 E. Domingo Road is fully leased to five tenants, including Action Behavior Centers. The firm repurposed retail-zoned land to create the facility, further expanding its portfolio of Class A healthcare properties. Managing director of development, Jason Anzalone represented Cypress West Partners.

FINANCING: Northmarq’s Carolinas Debt + Equity team secures a $3.2 million refinance for 4 medical office buildings in Sun City Center, Florida. The 10-year fixed loan was arranged through Northmarq’s relationship with Farm Bureau Insurance – Michigan. The properties, located at 955 – 959 E Del Webb Blvd, were refinanced under the leadership of Mark Ebersold.

MED OFFICE PROPERTIES FOR SALE

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350-3,450 SF Suites | 27,735 SF Medical Office Building (Two Story) | Access to I-208, I-80, Newark Liberty International Airport | 112 Surface Parking Spaces

28,060 SF Suite | 12,634 SF Building (3 Story) | Access to I-405, 520 Freeway, and Seattle-Tacoma Intl Airport | 44 Surface and 10 Covered Parking Spaces

32,201 SF Building (Two-Story) | Access to I-635, I-75, Dallas Love Field Airport and Dallas-Fort Worth Intl Airport| 4.90/1,000 SF Parking Ratio

MED OFFICE PROPERTIES FOR LEASE

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1,141-3,492 SF Suites | 30,000 SF Building (3 Story) | Access to Route 23, I-80, and I-287 | Over 200 Parking Spaces

4,500-13,500 SF Suites | 13,500 SF Building (3 Story) | Access to Newark Liberty Intl Airport and Laguardia Airport | 2 Operating & 2 Exam Rooms | 30 Surface and Covered Parking Spaces

2,250 SF Suite | 20,000 SF Building (3 Story) | 2 Procedure & 2 Exam Rooms | Access to Newark Liberty Intl Airport | 60 Surface Parking Spaces

ONE MORE THING

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