For HSA Commercial, 2013 is already shaping up to be a very active year for all of the firm’s business units: acquisitions, development, finance, health care, industrial, office, property management, and retail. The article below includes details for a few of the exciting projects currently in the company’s pipeline for this year.
HSA PrimeCare, the national health care real estate services group, recently purchased an 86,000-square-foot orthopedic specialty building anchored by St. Joseph’s Hospital in Ann Arbor, Michigan for $14.8M. Earlier this year, principals at HSA Commercial also closed on a 10,000-square-foot urgent care clinic managed by Ohio Health in Columbus, Ohio. Seeking to capitalize on an otherwise supply-constrained investment market, PrimeCare completed the $30M sale of 4 of its medical office properties throughout the Midwest to a private REIT, though PrimeCare has retained management and leasing services for these facilities.
In health care development news, HSA PrimeCare will break ground March 1 on a $10M, 15,000-square-foot ambulatory surgery center in Vernon Hills, Illinois that is fully-leased to Hawthorn Surgical Associates, a subsidiary of Birmingham, Alabama-based Surgical Care Affiliates LLC. The Hawthorn surgery practice is relocating from an outdated facility in neighboring Libertyville. Also on the development front, HSA PrimeCare is partnering with a leading regional hospital system on a 12,000-square-foot build-to-suit outpatient facility in Lowell, Indiana.
The industrial development team is equally active and is currently in the planning phase of two proposed speculative development projects: a $13M, 218,500-square-foot industrial building in Lake County and a 180,000-square-foot distribution facility in the I-55 corridor. Last week, HSA’s development group also completed a 103,900-square-foot lease with The Dow Chemical Company (NYSE: DOW) at the Baton Rouge West Distribution Center, the 2-building, 495,000-square-foot industrial park that the firm built in 2008 in Port Allen, Louisiana. The transaction, one of the largest Class A leases completed in the past several years in the south Louisiana market, brings Baton Rouge West’s Building I to 100% occupancy.
In the retail department, HSA is gearing up for a spring groundbreaking for The Mayfair Collection, a 250,000-square-foot adaptive reuse of an industrial complex in Wauwatosa, Wisconsin. The project already has signed leases with national, category-leading retail tenants including Nordstrom Rack, Dick’s Sporting Goods, and Ulta Cosmetics.
Despite the economic headwinds that have existed for the past few years, HSA Commercial has forged ahead with several exciting new development and investment projects, and we’re looking to continue to build on our successful 30-year legacy in 2013.