CASE News
GVA Cawley Healthcare Real Estate Advisory and Advanta Medical Development Unveil New Projects to GlobeSt.com
EXCLUSIVE
Plans Unveiled For Projects Totaling $86M By Amy Wolff Sorter
DALLAS-Local companies GVA Cawley's Healthcare Real Estate Advisory Group and Advanta Medical Development have put the finishing touches on deals leading to two ground-up projects in Houston and Austin. The developments, totaling $86 million, consist of the 82,000-square foot Central Texas Rehabilitation Hospital in Austin, TX and the 154,000-square-foot Lotus care facility in Houston.
Central Texas Rehabilitation Hospital will be located at 1600 W. 38th St. on Seaton Health Care Network's main health care campus. Construction on the $40 million project will launch in May 2009 with completion anticipated for Q1 2010. Also included in the deal is rehabilitation of the neighboring 101,000-square-foot Jefferson Building, a 70%-leased medical office building. RehabCare Group Inc. of St. Louis, in joint venture with Seaton Health Care Network have signed a long-term lease with owner Advanta SPE One LP for the entire space.
Chris Barnet, managing director and principal with GVA Cawley's Healthcare Real Estate Advisory Group says RehabCare currently occupies the eighth floor of Seaton's main medical facility, but growth necessitated a move. "Seaton needs the space and Rehab Care needs more space," says Barnet, whose group structured the leases and helped provide strategic plans for the construction and management of the property. Read the entire Globest.com article below:
