H ealthcare /M edical O ffice
Real Estate Journal — November 24 - December 7, 2017 — 11A
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M id A tlantic
$5 million renovation set to begin at Rehabilitation and Healthcare Center Marquis Health Services assumes management of skilled nursing facility
OSTON, MA — Mar- quis Health Ser- vices , the healthcare affiliate of Tryko Partners, LLC , has assumed operational management of North End Rehabilitation and Healthcare Center in Boston. The organi- zation will begin a $5 million renovation at the skilled nurs- ing facility, formerly known as Spaulding Nursing and Therapy Center – in early 2018. Tryko Partners purchased the facility at 70 Fulton St. in March from Spaulding Reha- bilitation Network, part of the Partners HealthCare system; Partners continued to man- age the property during the transition. Under Marquis, the property will be licensed for 100 patients, including 70 beds for long-term residents and 30 beds for short-term rehabilitation patients. “We have been working closely with Partners Health- Care to ensure the smooth Baltimore, MD — Da- vid Paulson, SIOR of Blue & Obrecht Realty, LLC / CORFAC International recently facilitated the $3.75 million sale of 3455 Wilkens Ave. in Baltimore on behalf of the seller, Tsunami, LLC. The building was purchased by Reza Parvizi, a local investor. Located on the campus of St. Agnes Hospital, the 39,121 s/f, three-story medi- cal office building is substan- tially leased, with many long term tenants. In a second transaction, University of Maryland St. Joseph Medical Center has signed a lease to occupy 9,000 s/f of medical office space at 9110 Philadelphia Rd. in Rosedale. Gail Chrzan and Patrick Smith of Blue &Ob- recht Realty, LLC / CORFAC International represented the landlord, Obrecht Prop- erties, LLC , and Karen Robertson of Newmark B
After M&T Bank provided the acquisition financing for North End Rehabilitation and Healthcare Center, it was a natural fit for Tryko to choose the same partner to finance the operations closing and renovation, according to Chad Buchanan , chief investment officer. “The North End is a strategic addition to our port- folio,” he said. “I am confident M&T Bank understands this facility’s significance to us and its importance in the com- munity.” For Brick, NJ based Tryko Partners and Marquis Health Services, the acquisition of the North End skilled nurs- ing facility marks the firm’s continued expansion. Marquis Health Services currently operates 17 facilities totaling more than 2,000 beds. The company is recognized as a leading provider for long- term care and rehabilitation services in the Northeast and Mid-Atlantic regions. n
10 properties. According to Rokeach, it provides a wel- come opportunity for his team to grow its relationships with local healthcare providers. Marquis has immediate plans to enhance its patient programming. For example, it will introduce cardio-pul- monary and stroke recovery programs with the intent to strengthen clinical outcomes for both short- and long-term skilled nursing patients. The capital improvements will include the addition of a 3,000 s/f therapy gym and upgrades to all rooms, bath- rooms and common areas. Renovations will be conducted in stages, floor by floor, and also will feature the conver- sion of 50 semi-private rooms into private suites. “We are excited to begin the renovation process and take this facility to the next level as soon as we re- ceive the necessary approvals at the state and local levels,” Kahanow added.
North End Rehabilitation and Healthcare Center rendering
transition of management,” noted Uri Kahanow , Tryko Partners’ director of acquisi- tions. “Our thanks to the lead- ership at Partners. They have been a pleasure to work with during the process.” Spauld- ing Rehabilitation Network’s David Storto, president; Re-
becca Kaiser, chief of staff; and Maureen Banks, chief operat- ing officer, led the Partners transition team. The addition of North End Rehabilitation and Healthcare Center expands the Tryko/ Marqu i s Mas sachus e t t s skilled nursing portfolio to
Paulson, SIORof Blue&Obrecht Realty facilitates $3.75 million sale of Baltimore, MD medical office building
3455 Wilkens Ave.
9110 Philadelphia Rd.
Knight Frank represented the tenant. University of Maryland St. Joseph Medical Center will provide physical therapy (Towson Sports Medicine), or- thopedic specialists (Towson Orthopaedic Associates) and cardiology services.
9110 Philadelphia Rd. is a 38,656 s/f medical office build- ing that has recently been renovated with state-of-the- art finishes in the building lobby and common areas. The building is located in the Seven Square Corporate Park and features frontage along
Philadelphia Rd., excellent parking, and easy access to I-695 and I-95. Suites are available from 948 to 5,920 s/f. “We are thrilled to have the University of Maryland St. Joseph Medical Center as a tenant in the building” said
Tom Obrecht , Chairman of Obrecht Properties, LLC. “The building’s proximity to the vibrant eastern Baltimore County medical community, as well as the recent common area renovations, have been key in retaining and attract- ing medical tenants.” n
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