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Dec. 14, 2012

$34M Medical Facility Expansion Completed; Cole Corporate Purchases $42M Office Building

By Eliza Theiss, Associate Editor

The Catawba Valley Medical Center has announced the dedication of the new Pavilion at Catawba Valley Medical Center (CVMC) in Hickory, N.C.—marking the completion of a $34 million project. Located at 810 Fairgrove Church Rd., the 258-bed Catawba Valley Medical Center recently underwent a $34 million expansion and renovation, seeking to upgrade comfort, technology and cost-effectiveness.

The project included the renovation of surgical suites as well as the recently dedicated Pavilion, housing the Comprehensive Cancer Center and the Center for Women & Children.

The Comprehensive Cancer Center houses the Inpatient Oncology Unit and the relocated Infusion Center, now equipped with personal entertainment options and lounge chairs, while the Center for Women & Children houses the expanded 15,000-square-foot Level III Neonatal Intensive Care Unit (NICU) for critically ill infants.

The improved NICU, featuring private rooms, is the only such facility in the area. An upgraded Birthing Center with sizeable, up-to-date labor and delivery suites is also available onsite. $3.6 million of the necessary $34 million were covered by community donations.

Catawba Valley Medical Center in Hickory, N.C. is the region’s largest non-profit, public healthcare hospital. It provides both physical and mental health care services, while also serving as a center for health education, wellness services, preventive medicine and acute care, receiving no direct funding from taxes.

In other news, Charlotte Raleigh Citybizlist reports that Cole Corporate Income Trust Inc. is expected to purchase a 284,010-square-foot building in Charlotte for $42.171 million. Though the report does not specifically name the property, it is identified as the building leased by Compass Group North America—the food service management and support services company affiliated with the U.K.-based Compass Group PLC. Compass Group North America’s headquarters is listed at 2400 Yorkmont Rd. in the Coliseum Centre area.

Furthermore, in late 2011, Citybizlist reported Compass renewing and expanding a 12.5-year 214,507-square-foot lease at Coliseum Centre One and Two. It can be concluded that Cole Corporate is purchasing one of the Class A office buildings in the six-building, 979,000-square-foot Coliseum Centre, purchased earlier this year by Cargill affiliate CarVal Investors LLC and Vision Equities. The deal is expected to close by the end of December 2012.

Photo courtesy of Catawba Valley Medical

Chart courtesy of Colliers International

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