Medical Office Transactions: JLL, Cushman & Wakefield

Montecito Medical Acquires 56,665-Square-Foot MOB in Mississippi

Montecito Medical Real Estate—a privately held firm based in Nashville, Tennessee, that’s exclusively devoted to medical real estate—recently acquired the Class A, 56,665 square-foot NewSouth NeuroSpine Building in Flowood, Mississippi, from NewSouth NeuroSpine.

The purchase price was not disclosed.

The building has 30 exam rooms, MRI technology, digital X-ray, a pain management clinic, physical therapy center equipped with a hydrotherapy pool, and a surgical center covering orthopedic spine surgery and neurosurgery. The surgical center component of the facility is 6,000 square feet and is dedicated to ambulatory pain management for outpatient epidural steroid injections.

Kennedy Medical Center in New Jersey Signs New Tenants

Commercial real estate firm Weiss Realty recently brokered three lease transactions at Kennedy Medical Center in Union City, New Jersey, NJ Biz reported. The transactions included two tenants new to the building, as well as an expansion.

Specifically, North Bergen Pediatrics signed a 10-year lease for 1,460 square feet at the Kennedy Medical Center. Dr. Raashan Carlos Williams, a cardiovascular disease specialist, signed for 1,960 square feet, and Dr. Stefano Stella, an OB/GYN and current tenant of the building, expanded her 1,535-square-foot lease to 3,241 square feet.

“We are very pleased with the signing of these medical/office tenants to long-term lease commitments” Matthew Weiss of Weiss Realty said, according to NJ Biz. “Our signing of these leases further confirms that Kennedy Medical Center is an attractive, premier medical office building providing quality medical office space in a highly desirable location in Union City. There’s great visibility and the building is at the crossroads of Hudson County.”

Cushman & Wakefield Brokers $6.3 Million Medical Office Campus Sale in Florida

Cushman & Wakefield recently negotiated the $6.3 million sale of a 23,129-square-foot, two-building medical campus in Hollywood, Florida, Commercial Property Executive reported.

The seller was CSH-Hollywood Equities LP, an affiliate of Rabina Properties, and the buyer was 2700 Hollywood Blvd LLC, a group affiliated with Elite Plastic Surgery.

Associate Andrea Vigil, Senior Director Greg Masin and Director Frank Begrowicz led the Cushman & Wakefield retail brokerage team that represented CSH-Hollywood Equities LP.

The $5.4 million in acquisition financing to facilitate the deal was originated by Bank of America. The 10-year loan is scheduled to mature in March 2027.

Prior to the sale, the advisory team arranged an 11,700-square-foot lease with Fresenius Kidney Care South Broward, which enabled a disposition at an enhanced return for the seller. Elite Plastic Surgery will use the rest of the space for its practice.

The medical office campus sits on a 1.2-acre site made up of an 18,580-square-foot main building built in 1957 and a 4,534-square-foot outparcel building built in 1967.

JLL Brokers Sale of VA in Loma Linda, California

JLL’s Capital Markets – Government Solutions recently completed the sale of the 327,614-square-foot Department of Veterans Affairs Ambulatory Care Center in Loma Linda, California.

Easterly Government Properties, Inc. purchased the building. The purchase price was not disclosed.

Executive Vice President Brian Saal and Senior Managing Director Bill Prutting led the JLL team on the sale, along with Managing Directors Lucy Fletcher, Joe Brennan and Mike Yavinsky, and Executive Vice Presidents Marc Rampulla, Tom Bohlinger and Ryan Smith.

“This is one of the premier government facilities in the country serving the nation’s largest veteran population and unlike anything else in the VA health system,” Saal said in a press release. “The building’s superior design, construction and strategic location made for a highly competitive bidding process. We were proud to market such a meaningful building on behalf of a highly accomplished developer.”

The VA was a build-to-suit building completed in May 2016. It serves as the United States Department of Veterans Affairs’ flagship outpatient facility and is completely leased to the VA for 20 years.

Written by Mary Kate Nelson