Tag Archive for: cushman & wakefield

Black Salmon, The Allen Morris Company Award Leasing Assignment For 500,000-SF MOB

Highland Park Photo_Photo Courtesy of Cushman & Wakefield 760x320

Cushman & Wakefield and Flagler Healthcare Investments have been awarded the 500,000-square-foot medical office leasing assignment for Highland Park Miami, a $1 billion planned mixed-use and transit-oriented development project totaling 7 acres in Miami.

Ryan Holtzman, Andrew Trench, and Michael Feldman of Cushman & Wakefield and Chris Coots of Flagler Healthcare Investments will collaborate to oversee medical office leasing efforts on behalf of the developer, which is a partnership between Black Salmon and The Allen Morris Company. The teams will handle leasing for the entire medical office portion of Highland Park Miami which includes two buildings.

“We are thrilled to launch Highland Park Miami – the most innovative, state-of-the-art medical office project ever developed in South Florida. This development represents a significant step forward in ownership’s commitment to advancing healthcare infrastructure in Miami. Our partnership with Flagler Investment Healthcare will harness the collective wisdom, innovation, and experience of both organizations to create a world-class medical facility that meets the diverse needs of our community,” said Holtzman, Executive Managing Director at Cushman & Wakefield.

Highland Park Miami will feature six buildings located at 800 NW 14th St. that will be developed over various phases with Arquitectonica planning the design of the entire project. Included will be 1,000 multifamily units designed by Oppenheim Architecture, offering modern living spaces and top-notch amenities for its residents. The project will also have 500,000 square feet of dedicated medical office, retail and restaurants, green space, and a hotel with 150 rooms.

“The Highland Park Miami project will be one of the most sought-after high-profile healthcare destinations in South Florida. The quality and amenities are a real game changer for the Miami Healthcare District and the visibility from State Road 836 and Interstate 95 is just incredible,” added Coots, Founding Partner of Flagler Healthcare Investments.

Located one block south of the existing Miami Health District, the second largest medical hub in the U.S., Highland Park Miami is expected to increase the district’s footprint by 10 percent. It will also be near State Road 836, the largest jobs centers, and commercial hubs in Miami including Wynwood, Downtown Miami, Brickell, and the Design District.

 

Source:  CRE-sources

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Two-Building Medical Office Portfolio In Ocoee Trades

10125 & 10131 W Colonial Dr in Ocoee

Cushman & Wakefield has brokered the sale of the West Orange Professional Center, a portfolio of two medical office buildings located at 10125 & 10131 W Colonial Dr in Ocoee.

The two-story buildings are located directly across the street from the Orlando Health – Health Central Hospital campus. The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years. The property was acquired by OrbVest and SG Property Services. OrbVest is a global real estate company focused on acquiring healthcare real estate assets across the United States.

Anne Spencer and John Skinner with the Florida Healthcare Advisory Practice in partnership with Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team represented the seller, Miami-based Larkspur Properties, in the transaction.

“Desirably located adjacent to a major regional hospital facility, the property was a unique opportunity to acquire a dependable income stream from an esteemed tenant roster combined with a value-add opportunity in the lease-up of vacant space,” said Ives, Managing Director. “During the seller’s ownership, several new tenants were signed to the property that increased the overall occupancy and stability of the asset. This building and location offers exceptional synergy across the healthcare landscape.” 

 

Spencer, Director said, “Ocoee is part of the greater Orlando MSA, one of the fastest growing regions in the country for its fantastic climate, affordable housing stock and abundance of shopping and employment opportunities. This growth has led to the rising need and demand from medical users, and therefore investors. The market for medical space on and around the property is nearly fully occupied, putting this asset in great position for further potential future success.”

Orlando Health – Health Central Hospital is a 211-bed, general acute care hospital that features nationally accredited programs in orthopedics, spine and heart care. In addition, the hospital recently completed a 30,000-sf cancer treatment facility.

 

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Two Broward Boutique Medical/Professional Office Buildings Sell For $15.25 Million

Centre at Sterling Palm 760x320

Cushman & Wakefield has arranged the sale of The Centre at Stirling & Palm, two boutique medical and professional office buildings located in Cooper City.

The final sale price was $15.25 million.

Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm, Inc., in the transaction. ATCG LLC acquired the property and was represented by Cushman and Wakefield’s Jason Hochman in sourcing a $9.35 million acquisition loan.

“At 93.5% occupancy, investors had the opportunity to acquire a secure in-place and on-going income stream that continues to outperform the broader submarket,” O’Donnell said. “Recent leasing through the pandemic saw rents increase by 4% on average while maintaining the exceptional occupancy levels the property is accustomed to enjoying.”

Located at 9900 and 10000 Stirling Road, the buildings total 64,436 square feet. Proximity to both to Interstate 75, Interstate 595 and Florida’s Turnpike offers excellent access to all of South Florida and a full range of nearby amenities.

The property consistently receives strong demand from medical tenants due to its proximity to four of Memorial Healthcare System’s top performing regional hospitals and Nova Southeastern University’s Sanford L. Ziff Medical Center, resulting in over 2,300 hospital beds within a 10-mile radius.

 

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$40M Medical Office Project In Miami Breaking Ground March 6

MedSquare Health, a $40 million, 116,000-square-foot, three-story Class A medical office building project is being developed by joint-owners AJP Ventures and Mas Group in Coral Gables. An official groundbreaking ceremony will be held at the site on March 6 at 10 a.m.

Cushman & Wakefield Managing Director Gordon Messinger will lead leasing for the property, marketing the space to a variety of tenants in the medical field. Asking rents will begin in the low $40s per square foot net.

MedSquare Health will be situated on 4.5 acres at the corner of SW 87th Ave. and SW 94th St., within the Baptist Hospital medical submarket, which is one of South Florida’s primary healthcare corridors. The project will be the first off-campus, Class A medical office building developed in the submarket in over 20 years. The site is also within walking distance to Baptist Hospital, which is South Florida-based Baptist Health’s largest facility and one of the largest hospitals in the nation.

“With its state-of-the-art design and central location, MedSquare Health will be South Florida’s premier medical office building, appealing to leading national, regional and local health care providers,” said Messinger.

The design of the LEED-certified building will be led by Modis Architects with careful attention to the quality of tenant and patient experience, from the work environment to outdoor gathering spaces, with an emphasis on maximizing natural light throughout with floor-to-ceiling glass windows. Dual entry will provide access from the adjoined, two-story parking garage as well as the prominent entrance on Galloway Road. Other building amenities include valet parking, a 7 per 1,000-square-foot parking ratio, an on-site café and shared conference room space.

“As the aging American population lives longer, it will continue to drive demand for healthcare real estate,” said Alberto J. Pérez, Founder and President of AJP Ventures. “MedSquare Health will fill a geographic gap for health professionals looking to better serve their patients. That includes aiding healthcare providers in all types of practice who are looking to open, relocate or expand in South Florida.”

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Five-Building Medical Office Portfolio In Orlando Trades For $16.2 Million

Cushman & Wakefield negotiated the sale of a Class A medical office portfolio for $16.2 million.

The portfolio consists of five buildings totaling 59,644 square feet, which are each 100 percent leased to a single, credit-rated Orlando-based health system.

C&W represented a private group of investors in the portfolio’s disposition.

The buyer is Global Medical REIT, which acquires healthcare assets throughout the United States, including several recent acquisitions in Central Florida.

The five properties were built between 2006 and 2008 and are located in strategic markets throughout the Greater Orlando region including Orlando, Lake Mary, Longwood and Ocoee. Each building is on a separate lease with staggered expirations.

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