Med Office Daily - January 15, 2025

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NEWS ROUNDUP

ACQUISITION: Sendero Capital and Angelo Gordon acquire 82,000 SF medical office campus in Exeter, New Hampshire. JLL Capital Markets facilitated the acquisition of 1 Hampton Rd., a two-building campus that is 92% leased to medical tenants, anchored by Access Sports Medicine, Seacoast Pathology, and Exeter Hospital. Strategically located one mile from Exeter Hospital and with convenient access to major highways and transportation hubs, the facility serves as a key healthcare destination in the New Hampshire Seacoast region. JLL’s Brannan Knott, Mindy Berman, Anthony Sardo, and Landon Weaver led the transaction. Principal Ross Nigele represented Sendero Capital in the transaction.

ACQUISITION: Four Corners Property Trust acquires two outpatient primary care properties in Noblesville, IND., for $13.5 million. The 32,744 SF portfolio features Riverview Health locations at 205 Noble Creek Drive and 865 Westfield Road. Northmarq’s Christian Vaughan brokered the sale-leaseback transaction on behalf of Riverview Hospital. The deal closed at a 7.3% cap rate, highlighting the continued demand for healthcare real estate in suburban markets.

DEVELOPMENT: Cincinnati Children’s Hospital announces a major expansion of its Liberty Campus in Butler County with a $365 million investment. The project features a four-story, 150,000 SF medical office building and a new hospital building featuring 72 inpatient beds, four operating rooms, three new surgical procedure rooms, eight new rooms for imaging, and an expanded emergency department. Construction begins this summer, with the outpatient facility expected by 2027 and the hospital by 2028.

LEASE SIGNED: Center for Elders' Independence (CEI) signs a lease for 23,000 SF at the newly repurposed Broadway Medical Plaza in Walnut Creek, California. The 60,000 SF building, formerly an assembly hall, is being converted into a state-of-the-art medical facility, with CEI set to expand its PACE services for seniors. Meridian’s CEO, Mike Conn, highlighted the facility's extensive upgrades, including a new parking structure, HVAC system, and ADA-compliant elevators. Approximately 37,000 SF of medical space remains available for lease. Sid P. Ewing of Colliers International represented Meridian in the lease transaction, while Douglas Hubert and Steve Polito of Sabre Real Estate Group represented CEI. Meridian’s Heidi Duffy and Mike Conn and CEI’s Maria Zamora led the transaction.

LEASE SIGNING: JLL Capital Markets announces a programmatic joint venture between Fort Street Partners and Chestnut Healthcare Real Estate. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah, and it has the ability to acquire and develop up to $150 million in assets over the next four years. Jenny Taumoepeau, COO of Fort Street, emphasized the expansion of their medical portfolio, while Kurt Hutter of Chestnut Healthcare Real Estate highlighted the strategic growth in key U.S. markets The JLL Capital Markets team was led by Director CJ Kodani and Managing Director Mark Root.

FINANCING: JLL Capital Markets secures $78 million financing for a 19-property healthcare portfolio spanning 319,424 SF across nine states. JLL secured the loans on behalf of Montecito Medical Real Estate from various lenders in regions such as the Southeast, Mid-Atlantic, Midwest, and North Texas. The JLL Capital Markets Debt Advisory team was led by Managing Director John Chun, Director Anthony Sardo, Managing Director Tim Joyce, Managing Director Chris Hew, and Senior Director Bobby Norwood. The portfolio boasts a 95% occupancy rate with a double-digit weighted average remaining lease term.

MED OFFICE PROPERTIES FOR SALE

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5,000 SF - 14,112 SF Suites | 14,112 SF Two-Story MOB | 17 Parking Spaces | MRI, X-Ray and Biopsy room

25,000 SF Medical Office and Surgical Center | Freeway Access | 143 Parking Spaces Combined | (4) Operating Rooms and (18) Exam Rooms

45,859 SF Building | Access to Rte. 2 and Rte. 8 | 250 Parking Spaces

MED OFFICE PROPERTIES FOR LEASE

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6,286 SF Building (Three-story) | Access to I-64 and I-264 | Covered Patient/Visitor Drop-off Area | 330 Surface Parking Spaces

2,008 - 16,318 SF Suites | 159,981 SF Building | Access to I-64 and I-264 | 509 Surface and Covered Parking Spaces

2,851 - 33,421 SF Suites | 14’-16’ Clear Height | 4,000 Amps | 3.30/1,000 SF Parking Spaces | Fully Built-Out BSL2 Lab

ONE MORE THING

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