Healthcare Real Estate

Medical retail continues to trend as an increasingly desirable asset class.

The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.

The two companies reported this morning the transaction has been unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets,

In conjunction with the purchase of the Emeryville Center for Innovation, BioMed Realty reports that Novartis will enter into a one-year leaseback on the existing building, during which time BioMed Realty will put forward redevelopment plans to transform the building into a Class A+, state-of-the-art multi-tenant laboratory and office facility.

The growth of the bioscience and life science markets in Phoenix is pushing the market toward a more stable future.

Carrfour, Florida's largest nonprofit affordable housing developer, is partnering with the Jerome Golden Center for Behavioral Health to develop the Dr. Alice Moore Apartments project at 335 27th St. in the Northwoods Shore neighborhood of West Palm Beach.

Amboy Bank previously provided $50 million to finance a health and fitness complex and medical office complexes on the Bordentown development.

The venture has announced that its first project will be in Coral Gables at 250 Bird Road, bounded by Aurora Street, Altara Avenue and Salzedo Street. Construction on the project is expected to start in mid-2020 and to be complete within two years of the start of construction.