Quantum Real Estate Advisors, Inc. has brokered the lease of a 1,280-square-foot medical building located at 2005 W. Alameda Ave. in Burbank. The property was formally an urgent care clinic. The new tenant will open an optometry practice that will service the greater Burbank trade area.

The tenant was represented by Eric Kates with Peak Commercial. The landlord was represented by the Quantum team of EVPs Sam Yourman and Jaryd Meenach.

“We had a shared vision with the landlord to procure a medical group that could utilize existing infrastructure within the premises to save the incoming tenant on both time and financial resources,” said Yourman. “With unit economics and construction timelines showing little signs of stabilization, outpatient medical buildings are in high demand. We leveraged these conditions to find a tenant that could thrive in this environment.”

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Simone Development Companies has announced that UrgentWay, a provider of walk-in medical services, has signed a long-term lease for a 2,000-square-foot urgent care center at 2826 Westchester Avenue in the Pelham Bay section of the Bronx.  

This lease completes the full occupancy of the property, which also houses the Steppingstone Day School. The property is a two-story, 19,250 square-foot mixed-use medical, office, and community services building that is handicap accessible. 

The lease was facilitated by Sinovsky Realty Services representing UrgentWay and Simone Development Companies’ in-house leasing and legal teams representing the property. “UrgentWay is a key component to this vital health and day care location serving Pelham Bay and surrounding communities,” said Josh Gopan, vice president of leasing at Simone Development Companies. 

SRS Real Estate Partners completed the $7.44 million sale of an 8,042-square-foot medical office property situated on just over a one-acre parcel in Watauga, a DFW suburb. Total Point Urgent Care is the tenant in the building.

The closing cap rate was 7.25%. The property has a new, 20-year absolute triple net lease in place, providing the new ownership with zero landlord responsibilities. SRS’s Kyle Fant added, “Despite lower transaction volume this past year, buyer demand for long-term, absolute triple net leases in income tax-free markets like Texas is exceptionally strong.”

The seller was an out-of-state investor. The buyer was a private investor from Texas who was in a 1031 exchange.

The building fronts Denton Highway and is next to Watauga Pavilion, a 206,000-square foot shopping center.