News: Brokerage

Columbia Development nearing completion of $15 million 60,000 s/f medical facility; $10 million Community care physicians building scheduled for August

Columbia Development Companies is currently nearing completion of two major healthcare projects in the Capital Region: a 60,000 s/f facility in Malta and 40,000 s/f of medical office space in North Greenbush. The two-story facility in Malta will be home to the new joint venture between Albany Medical Center and Saratoga Hospital providing Emergent Care Service and medical office space. The $15 million building is designed and constructed in accordance with the requirements of the Healthcare Partners of Saratoga, a partnership between Albany Medical Center and Saratoga Hospital, and features a helipad for emergency purposes. "The Malta Med Emergent Care Facility that opened in June features an emergent care unit, imaging and laboratory center, administration offices and a helipad for emergency purposes," said Richard Rosen, VP of Columbia Development Companies. "Great detail was put into designing this facility as we wanted to recognized the horse farm that previously occupied this space. A high-shingled roof, stone walls and wood paneling give the building a comfortable and inviting atmosphere." Scheduled for completion in August is the Community Care Physicians Medical Arts Complex Building, in North Greenbush. Located at the entrance to the RPI Technology Park, this two-story facility will offer 40,000 s/f of class A medical office space. The $10 million facility will allow Community Care Physicians to consolidate multiple offices that the group has outgrown into one convenient location. With nearly an acre of floor space, this location will serve as a single stop for most of the community's medical needs. There will be an urgent care center, a family medical practice, an obstetrics and gynecology unit and an imaging unit offering X-ray, ultrasound, Dexa scans and mammography. Community Care Physicians will occupy the majority of the facility, along with physicians from Albany Medical College who will occupy 5,000 square feet on the second floor. "We wanted to provide one location where our patients can visit and conveniently find everything for their medical needs," said Dr. Ronald Muston, Executive Vice-President of Community Care Physicians. "We look forward to moving into our brand new Community Care Physicians Medical Arts Complex Building and providing our customers with top care all in one facility." In recent years, Columbia Development and BBL Medical Facilities have completed some of the most recognizable medical facilities in Tech Valley. More than 145,000 square feet of space was developed for Albany Medical Center, part of a revitalization effort for the New Scotland Avenue "Gateway" to Albany Medical Center and the Park South neighborhood in Albany. In Clifton Park, a 38,000 square foot facility was developed and constructed for Ellis Hospital's Emergent Care. The largest project is the three-story, 260,000 square feet Capital Region Health Park "medical-mall" in Latham. This facility is home to a variety of medical specialty practices, an urgent care facility, a full service pharmacy and a café. The projects in Malta and North Greenbush will join the list of medical facilities designed and built by Columbia Development and BBL Medical Facilities. A list that is sure to continue to grow.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,