Rubicon Point Partners (RPP) and Canyon Partners has acquired the Shockwave Medical headquarters, a 201,078-square-foot, four-building R&D campus at 5353 Betsy Ross Dr. in Santa Clara, on behalf of Rubicon Point Fund II. Terms were not disclosed. The property is 100% NNN leased to Shockwave Medical, Inc., a medical device company and wholly owned subsidiary of Johnson & Johnson.

“This is the beginning of a billion-dollar investment strategy that we plan to deploy over the coming few years throughout the region,” said Ani Vartanian, co-founder and managing partner of RPP. “This acquisition represents the quality and caliber of assets we will continue to target: mission-critical real estate leased to world-class tenants in the most dynamic markets on the West Coast.”

The acquisition is the 10th joint venture between RPP and Canyon. CBRE National Office Partners served as the exclusive advisor to RPP.

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Ascension Saint Thomas will break ground next month on its new full-service hospital and health campus in Clarksville. The health campus will be near the intersection of Highway 76 and Interstate 24.

The $148.5 million hospital will anchor a 96-acre integrated healthcare campus, bringing together physician partners, Tennessee Oncology, Tennessee Orthopaedic Alliance, Ascension Saint Thomas Heart, Howell Allen Clinic, along with a Montgomery County Emergency Medical Services station. The facility will open with 44 inpatient beds and provide emergency care, inpatient surgery, cardiology, women’s health, a NICU and additional services.

The campus will also include an inpatient rehabilitation hospital, outpatient surgery, advanced imaging and specialty ambulatory care, making it easier to deliver coordinated, high-quality care close to home at every stage of life.

Ascension Saint Thomas is working with Turner Construction and architect ESa.

The wrecking ball is coming for the Atlanta Medical Center. The Integral Group hired a contractor to tear down the Atlanta Medical Center. Integral and Wellstar Health System, the building owners, planning to replace the shuttered hospital with a mixed-use community that includes housing, retail, and health facilities. Ferma Corp. is leading the demolition team. The job is expected to take most of 2025. The development team will present its detailed plans once the space has been flattened.

The city worked with engineering firm Kimley-Horn to determine the highest and best use for the property. Their conceptual plan called for more than 2 million square feet of housing, along with several hundred thousand square feet of retail and other commercial uses.

Wellstar closed Atlanta Medical Center in November 2022. Wellstar leaders said the hospital system was forced to close because falling revenue and increasing costs put its finances at risk.

A partnership of Chicago-based Remedy Medical Properties and Kayne Anderson Real Estate has completed the UCHealth Green Valley Ranch Medical Center in the northeast Denver neighborhood of Gateway-Green Valley Ranch, a master-planned community just minutes from Denver International Airport.

Located at 5589 N. Argonne St., the new one-story, 12,170-square-foot medical office building will house urgent care, primary care, imaging and physical therapy. In addition to Remedy, the other project members were Davis Partnership Architects, civil engineer Kimley-Horn and general contractor Howell Construction.

“As UCHealth neared lease expiration on their older facility in the submarket, the health system turned to Remedy to secure a new location for its urgent care and outpatient services that would better position them to cater to this diverse and growing community,” said Jim Moylan, executive vice president and managing director of design and construction with Remedy.

Eight years ago Duke Health began acquiring land to build out the campus in Cary. In 2022, the health system opened its first facilities at the site. The campus currently houses about 100,000 square feet of primary care, pediatric, urgent care and some speciality services.

The Raleigh Business Journal reports Duke has received approval from state regulators for a new 40-bed hospital at Green Level W. Road near Hwy. 540. The next phase of the project, which Duke is beginning now, involves building out 111,000 square feet of for hospital. Duke hopes to have this next phase open by 2027.

In addition to the beds, Duke has approval for operating rooms, spaces for gastrointestinal endoscopy, a CT scanner and a linear accelerator, which is used to treat cancer patients.

AW Properties obtained $55.2 million in financing for a nine-property medical portfolio totaling 297,500 square feet in Burlington, Durham and Greensboro, North Carolina. The loan proceeds were used to acquire the portfolio.

JLL placed the 10-year, fixed-rate loan with a life company. Travis Anderson and Anthony Sardo led the JLL Capital Markets Debt Advisory team, representing the borrower.

With an average vintage of 2006, the portfolio is 99% leased to leading healthcare systems and dominant independent physician practices, with credit tenants representing 73% of in-place income. All of the properties are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro markets.

The portfolio includes Cone Health Neurology Clinic, 2001 North Church Street, Wesley Long MOB in Greensboro, Alamance Eye Center in Burlington, UNC Family Medicine Center, and Duke Medical Center in Durham.

Jacksonville University and Lake Erie College of Osteopathic Medicine (LECOM) are joining up to build a $50 million medical school. The Jacksonville Business Journal reports the school, which will go up at 3412 N. University Blvd will be called LECOM Jacksonville at Dolphin Reef and will be what is described as a medical building with classrooms. It will be 50,000 square feet and is expected to accommodate 75 students when it opens in 2026, eventually housing 150

LECOM is the nation’s largest osteopathic academic health system.

The medical school will be built adjacent to the Health Sciences Complex, creating what JU is calling the Jacksonville University Medical Mall, an expanding mixed-use health care plaza established at the north end of the university’s Arlington.

The medical school will increase JU’s downtown presence for higher learning, joining the school’s law school.

Wellstone Health System has brought in The Integral Group to spearhead the effort to redevelop the shuttered Atlanta Medical Center. Construction will begin in the next few weeks.

The 22-acre campus vision includes a mixed-use neighborhood with affordable housing, residential properties, community and public green space, neighborhood-level retail, new street access, commercial uses, and health and well-being resources.

Over the next few weeks, Integral will develop an implementation plan and engage with neighbors and community stakeholders to gather further feedback. The revitalization effort will take place in phases over several years, with community input at every stage. In response to the neighborhood’s desire to see progress quickly, Integral expects to apply for permits soon with the goal of beginning the demolition of certain aging structures in the first quarter of 2025.

Wellstar closed Atlanta Medical Center in November 2022. Wellstar blamed the closure on falling revenue and increasing costs for staff and supplies.

Real estate private equity firm Blue Arch, Lincoln Property Company and LoanCore Capital have formed a partnership for the ownership and operation of Park Sixty, a Class-A medical office building located at 110 E. 60th St. on Manhattan’s Upper East Side. Financial terms were not disclosed.

The block-through property contains 179,000 square feet of medical office space and 7,000 square feet of retail space. It recently underwent a $20-million renovation.

“We are thrilled to partner with two industry-leading operators in Blue Arch and Lincoln to reintroduce Park Sixty as a one-stop shop for a variety of healthcare providers,” said Richard Small, managing director at LoanCore. “As home to the largest public and private healthcare systems in the U.S., New York City’s world-class medical centers and reputation for innovative research and development are unparalleled. We are confident Park Sixty’s prime location and high-quality space will support those efforts.”

Eastdil Secured acted as exclusive advisor to LoanCore.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has the exclusive listing for the sale of Home Ranch Commons, a 60,737-square-foot mixed-use medical and retail center anchored by UCI Health in Yorba Linda. The price is open bid.

“The offering includes assumable financing of $20.4 million at 3.74% interest only through 2030, which provides massive cash-on-cash potential,” said Tom Lagos, IPA executive director. Lagos and IPA’s Patrick Toomey, Mark DeGiorgio and Jose Carrazana are representing the seller, Home Ranch Community Center LLC.

Added DeGiorgio, “This essential North Orange County location for UCI generates 42% of the property’s revenue, and UCI has infused it with significant capital improvements.”

Located along Yorba Linda Boulevard, the property is co-anchored by a newly remodeled Kiddie Academy. It’s shadow anchored by a Stater Bros. grocery store, the Yorba Linda Public Library and Cultural Arts Center, and Yorba Linda Town Center. UCI’s Placentia Linda Hospital is two miles from the center.