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A medical office building could be developed next to the HarborChase of Wellington Crossing assisted living and memory care facility.

SGD Wellington Crossing LLC, an affiliate of Dallas-based Silverstone Senior Living, filed a land-use amendment with Palm Beach County for the 17.8-acre property at 8785 Lake Worth Road, near Wellington. It currently has a 136-unit assisted living facility, which was developed in 2018.

The application seeks to change the land use from “planned unit development” to “multiple use planned development.” Under the changes, the vacant 6.1-acre eastern side of the property could have medical offices, instead of a 240,000-square-foot hospital as previously approved.

Joni Brinkman of Urban Design Studio, who represents the developer in the application, said the medical office building would total 60,000 square feet.

With the growing senior population in Palm Beach County, there will be more demand for health care providers. That has created a strong market for medical office buildings.

Under the county’s comprehensive plan amendment schedule, this application will go before the County Commission on May 5, followed by a review by state officials, and then a second County Commission vote may be held in July.

 

Source:  SFBJ

6262 Sunset Drive Miami

An Atlanta-based real estate investment firm paid $36.7 million for an eight-story South Miami medical office building.

An affiliate of the Ardent Companies bought the building, known as Sunset Medical, at 6262 Sunset Drive, according to records. Ardent is led by Matt Shulman.

The seller is an affiliate of USAA Real Estate Company. The San Antonio-based real estate investment firm bought the building, built in the 1980s, for $40 million in 2015. USAA is led by Len O’Donnell.

The building hit the market unpriced in February, according to an online listing. Occupancy was 55 percent at the time with a net operating income of $1.2 million.

In May, Transwestern Real Estate Services’ South Florida agency leasing team announced it was hired to exclusively lead leasing efforts for the building and reposition it from traditional office to medical office space, according to a statement from the time.

The building had 43,000 square feet of availability at that time, after Interval International consolidated to the top two floors. Interval is an affiliate of Marriott Vacations Worldwide.

 

Source:  The Real Deal

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CBRE U.S. Healthcare and Life Sciences Capital Markets recently announced the sale of the Woodside Health Florida Coast MOB Portfolio (the “Portfolio”).

The Portfolio consists of three medical office buildings that are 97% leased to a diverse and established mix of tenants. Complementary and highly specialized practices housed within the properties create an ecosystem for referrals amongst physicians that supports tenant retention. Specialties within the Portfolio include oncology, radiology, urgent care, orthopedics and neurology, among others.

Oak Point I and II are located at 3730 & 3755 7th Terrace in a medical office subdivision in Vero Beach, Florida, about an hour north of West Palm Beach. The two buildings total ±41,395 square feet and are strategically situated less than half a mile from the Cleveland Clinic Indian River Hospital, a 332-bed short term acute care hospital with emergency services. Estero Medical Center, is located at 10201 Arcos Avenue on Florida’s west coast, just south of Fort Myers. The ±35,968-square-foot, two-story property is home to nine medical tenants. It sits a half a mile west of I-75 which allows for exceptional accessibility for patients and providers.

 

Source:  HREI

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A Manatee County orthopedic practice recently announced plans to build a new headquarters and medical facility — in what could be one of the largest construction projects of 2021 in the Bradenton area.

The project, for Coastal Orthopedics, calls for an 88,000-square-foot facility on a 17-acre parcel on State Road 64, just east of Interstate 75. Coastal has had a large presence in east Manatee County for 16 years, and this move, says Coastal Orthopedics President Dr. Arthur Valadie, recognizes that and the area’s continued rapid population surge.

“We’ve made a huge commitment to east County by putting our largest location, to include all of our administrative offices, out there,” Valadie says in an interview with the East County Observer, sister paper of the Business Observer. “We think that’s going to allow us to provide care for that whole corridor, all the way from Parrish and Ellenton, all the way down to that huge amount of growth in Lakewood Ranch and south down to Sarasota County. And the fact that we’re about a half-mile off the interstate really makes all of our services accessible.”

Construction is expected to begin in January. Coastal officials declined to put a total projected value of the project because they were still bidding out work through mid-December. The building will be designed in the style of Sarasota modern architecture — open-plan structures and large panels of glass that fit with the surrounding area, according to the East County Observer story. Albany, N.Y-based BBL Construction Services will oversee construction.

Plans for the facility include clinical services, an ambulatory surgery center, physical therapy department, administrative offices and diagnostic imaging services such as X-ray and MRI. Coastal Orthopedics plans to move into the building in spring 2022. There will also be a six-room surgery center to help address increasing demand for outpatient surgery, particularly joint replacement and spine surgeries.

Coastal Orthopedics, founded in 1973 and now with nearly 300 employees, has four other Manatee County locations. Some 150 to 200 employees will be based out of the new facility. “It’s going to be our largest clinic location,” Valadie says. “And obviously, it’s going to be a large surgery center. We’d like to have our administrative offices under the same roof so that there’s more seamless operations.”

 

Source:  Business Observer

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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.