April 9, 2013 | ISSUE 228
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Cox Health Plans $130M Healthcare Expansion in Springfield, Mo.  

patient tower
The 310,000-square-foot patient tower will connect to the northwest portion of Cox Medical Center South in Springfield, Mo.

SPRINGFIELD, MO. -- CoxHealth is moving forward with plans to build a $130 million, 310,000-square-foot patient tower that will connect to the northwest portion of Cox Medical Center South in Springfield. The nine-story tower will house a women and children's hospital, a neuroscience hospital and includes 80 patient beds and room for future expansion. The additional beds in the tower will allow Cox South to transition its semiprivate rooms to private rooms. The Beck Group, based in Dallas, will design the facility. A general contractor has not been chosen. CoxHealth plans to break ground in May with a goal of opening the new tower by Thanksgiving 2014. 
 

Latest News

Joint Venture Acquires Chicago Student Housing Tower for $58.5M

2 E. 8th St
The 330-unit student housing property is located at 2 E. 8th St. in Chicago.
CHICAGO -- A joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co. has acquired 2 E. 8th St., a 330-unit student housing property in Chicago, for $58.5 million. Located in Chicago's South Loop, the 28-story high-rise building is close to Columbia College, Roosevelt University and more than 20 other schools. The property includes 882 beds, 20,000 square feet of ground-floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased. Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago represented the seller, Philadelphia-based Equus Capital Partners Ltd., formerly BPG Properties Ltd., in the transaction.
 

Griffin-American Acquires Three Medical Office Buildings in Midwest

The 44,000-square-foot Riverview Medical Arts Building in Noblesville, Ind. is one of the properties Griffin-American acquired.
           
INDIANAPOLIS AND DETROIT -- Griffin-American Healthcare REIT II Inc. has acquired three medical office buildings in Indianapolis and Detroit as part of a five-building, $46 million purchase throughout the United States. The properties include the 44,000-square-foot Riverview Medical Arts Building in Noblesville, Ind., a northwest suburb of Indianapolis; and the 94,000-square-foot Eastern Michigan Medical Office Building Portfolio, which includes Keystone Medical Center and West Oaks Medical Office Building in Novi and West Bloomfield, Mich.

  

Riverview Medical Arts Building was acquired from an entity affiliated with Cornerstone Cos. Inc. Eastern Michigan Medical Office Building Portfolio was acquired from entities affiliated with RSM Development and Management. The other two medical office buildings in the deal include the 28,000-square-foot St. Anthony North Medical Office Building II in Westminster, Colo., a northern suburb of Denver; and the 45,000-square-foot Ultima at Eagles Landing in Stockbridge, Ga., located about 20 miles south of Atlanta. Newport Beach, Calif-based American Healthcare Investors facilitated the acquisition on behalf of Griffin-American Healthcare REIT II Inc.

HFF Arranges $44M Financing  

for Student Housing Development  

Metro Park East
A rendering of Metro Park East, a 551-bed, campus-adjacent student housing development at the University of Minnesota.
           
MINNEAPOLIS -- HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota - Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units. 

Getty Realty Corp. to Sell 108 Properties in 12 Eastern States   

CHICAGO -- NRC Realty & Capital Advisors LLC (NRC) has been retained by Getty Realty Corp. to coordinate the divestiture of 40 gasoline stations and 68 commercial and retail properties formerly used as gas stations throughout the United States. Licensees are currently operating many of the sites under month-to-month license agreements.
 
Original asking prices for the properties range from $75,000 to $1 million; however, properties are being offered at minimum bids of up to 50 percent off the original asking prices. Getty says the corporation will also consider leasing properties to qualified tenants.
 
Interested parties may view a complete site list and register online for sale updates at NRC.com/1304, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1304. For more information about the sale, click here.
 
Properties up for bid are located in Connecticut (4), Delaware (2), Illinois (1), Maryland (1), Massachusetts (16), New Hampshire (1), New Jersey (21), New York (40), North Carolina (3), Pennsylvania (14), Rhode Island (4) and Vermont (1).

Woodruff Building in Springfield  

to Undergo $13M Redevelopment

Woodruff building
The Woodruff building is located at 333 Park Central E. in Springfield, Mo.
SPRINGFIELD, MO. -- The owners of the Woodruff building in Springfield are moving forward with a $13 million renovation plan that will transform the vacant structure into a 96-unit apartment complex dubbed Sky Eleven. The multifamily property, which is located at 333 Park Central E., will feature studio, one-, two- and three-bedroom apartments. Plans for the 10-story property include a pool, doorman service, theater room, fitness area, restaurant and office space on the first floor. Woodruff Historic Building LLC has hired general contractor Build LLC and architectural firm Buxton Kubik Dodd Creative for the building remodel. The Vecino Group, which is developing the Landmark Building across the street, is also part of the redevelopment team.
 

Job Market Hits Pothole, Says Bach  
of Newmark Grubb Knight Frank  


WASHINGTON, D.C.
--
The U.S. labor market has hit a "pothole," according to Robert Bach, national director of market analytics for brokerage firm Newmark Grubb Knight Frank, raising new questions about the pace of recovery in the near term. Employers added 88,000 net new payroll jobs in March, well below expectations for around 200,000 and below the four-month average of 221,000 from November through February.

"[The report] from the Labor Department indicates the recovery will continue, but not at the accelerated pace that some indicators earlier in the year had suggested," wrote Bach in a research note Friday shortly after the Bureau of Labor Statistics released the nonfarm payroll employment figures for March.   

 

To read Matt Valley's full story, click here

 

Upcoming Events

5th Annual InterFace Student Housing
Overview: A national conference and networking event for all facets of the on- and off-campus student housing industry.
When:
April 10-12 
Where: Austin, Texas 
 
5th Speed Networking with CREW Akron and CREW Cleveland
Overview: Join CREW Greater Akron and CREW Cleveland for appetizers and speed networking.
When:
Wednesday, April 17 at 4:30 p.m. to 6:30 p.m.
Where: 1615 Main St. in Peninsula, Ohio 
 
CREW Chicago April Networking Luncheon: Autopsy of the Millennial Boom
Overview:
Rachel Weber Ph.D, will present findings from her soon to be published book, "Why We Overbuild".  Weber will draw from an in-depth case study of downtown development, tenant relocation, and public policy during the Millennial Building Boom (roughly 1998-2008) in Chicago's Loop. 
Where:  East Bank Club, 500 North Kingsbury St. in Chicago 
When: Wednesday, April 24, at 11:30 a.m. to 1:30 p.m. Central Daylight Time
 
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Rachel Goff, Associate Editor
Heartland Real Estate Business
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