University Community Medical Plaza 760x320

Marcus & Millichap announced the sale of University Community Medical Plaza, a two-story, 20,299-square foot office property on a 2.68-acre lot located in Tamarac.

The asset sold for $4,700,000.

Alex D. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was secured and represented by Zylberglait and Crocchiola.

“The Buyer will benefit from the stability of the tenancy and the upside in rents in this strong suburban market,” noted Zylberglait.

The property offers a unique opportunity for the investor to acquire an office building in a highly sought-after metro with ample parking backed by an established tenant roster consisting of medical professionals and specialists with generous lease terms and annual rent escalations.

University Community Medical Plaza is located at 7401 N University Dr. in Tamarac. The medical office building is adjacent to University Hospital and Medical Center; a large 317-bed medical facility awarded the Gold Seal of Approval™ from the Joint Commission. The Joint Commission is a leader in the accreditation and certification of health care organizations.

sunset point alf 760x320

Sunset Point ALF, LLC, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, announced a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility at 9985 Sunset Drive in an unincorporated area near Dadeland.

The partners acquired the vacant acre site for $3.7 million from Stupp Family Partnership Ltd. Closing took place on June 30.

Groundbreaking is slated for Q1 2022.

Sunset Point ALF, LLC is led by Genaro Garcia, Fernando Espino and Carlos Alonso. LV Development is led by Camilo Niño and Ricardo Uribe.

 

Horizon-West-Aerial 760x320

A new medical college is being proposed for Horizon West.

Plans for a potential 136,194-square-foot facility on 25 acres on Avalon Road are set to go before Orange County’s technical review group on July 21. Palmetto-based Element Commercial Construction LLC is listed as the developer, while the property owner is Hamlin Partners at Silverleaf LLC, an entity tied to Hamlin developer Boyd Development Corp.

Hamlin Partners at Silverleaf LLC bought the 149-acre property — which includes the land for the college — on Feb. 15 as part of a $8.09 million purchase from Jen Florida 36 LLC.

The vacant land is near both Orlando Health Horizon West Hospital at 17000 Porter Road and a 155.2-acre piece of land owned by Valencia College that it plans to build a campus on eventually.

 

Click here to read more about this story.

doctor with stethoscope

Miami-based Cano Health announced the acquisition of fellow primary care provider Doctor’s Medical Center in a bid to grow its Medicare, Medicaid and Affordable Care Act (ACA) exchange memberships in South Florida.

The deal closed July 2 and ran Cano Health $300 million, $250 million of which the company said was financed by new debt.

Cano Health now controls DMC’s 18 medical centers located in Miami-Dade and Broward counties, the companies said, with 15 of these serving memberships dominated by adult and pediatric Medicaid members.

By combining with DMC, Cano Health said it will become “the largest independent value-based primary care provider to both Medicare and Medicaid patients” in the state of Florida.

“The DMC team has served the South Florida region for nearly 25 years, evolving its clinical platform to meet the diverse care needs of the community,” Marlow Hernandez, M.D., co-founder, CEO and chairman of Cano Health, said in a statement. “With DMC as part of the Cano Health family, we are bringing our care model to more patients and acquiring important footprint and infrastructure to further improve the clinical outcomes of underserved patients.”

Cano Health—which just recently joined the public markets through a $4.4 billion special purpose acquisition company merger—runs value-based primary care centers and provides support to other primary care practices treating senior patients. Active in Florida, Texas, Nevada and Puerto Rico, 80% of Cano Health’s populations are minorities, and 50% are dual-eligible for Medicare and Medicaid.

This week’s deal adds roughly 7,000 Medicare Advantage members, 31,000 Medicaid members and 14,000 ACA members to Cano Health’s business, which the provider said brings its total to about 197,000 members.

Of note, Cano Health stressed in its announcement that the deal will be a boon to its standing business with Humana. By expanding its reach and incorporating DMC’s specialized Medicaid medical centers, Cano Health said it will be able to provide greater services to the payer’s Medicaid members living in Florida.

“Cano Health’s focus on preventive care and wellness aligns with Humana Healthy Horizons and our ‘human care’ approach to serving our Medicaid members,” Humana Florida Medicaid President Jocelyn Chisholm Carter said in a statement. “Teaming with Cano Health, we continue to focus on making sure our members receive the full-service health care services they need in a welcoming environment.”

Cano Health’s deal comes hot on the heels of last month’s $600 million acquisition of University Health Care. That deal brought 13 Florida facilities and approximately 24,000 Medicare Advantage members under Cano Health’s purview.

Alongside news of the DMC deal, Cano Health shared new guidance on its 2021 and 2022 full-year financials.

Through the end of this year, the provider is projecting $1.5 billion in full-year revenue (an 80% year-over-year increase) and roughly $110 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). It anticipates its membership to land between 205,000 and 210,000 and its total number of medical centers (currently 106) to fall between 121 and 126 facilities.

In 2022, Cano Health believes it will reach full-year revenues of $2.23 billion and adjusted EBITDA of $150 million. It’s also aiming to reach 250,000 members and 180 medical centers by the end of that year.

 

Source:  Fierce Healthcare

Dignitaries-break-ground-at-the-Ocala-Regional-Medical-Centers-65-million-expansion-760x320

The Ocala Regional Medical Center broke ground on a new $65 million expansion this week.

The new project will add a dedicated 36-bed neurological intensive care unit, five new cardiovascular procedure suites, and significant renovations of dining space and laboratory facilities.

Multiple Ocala and Marion County elected officials attended the ceremony, including Marion County Commissioner Kathy Bryant, Ocala Mayor Kent Guinn, and Florida House Representative Stan McClain, among others.

Ocala Health CEO Chad Christianson says this expansion will effectively tap out the existing space for construction on the Ocala Regional Medical Center campus.

The new project will add over 49,091 square feet of new space and renovate an additional 9,976 square feet of existing space.

With the additional 36 beds, the facility now boasts a total of 323 inpatient beds.

The organization hopes to have the new unit open by the third quarter of 2022.

 

Source:  Ocala News

construction plans 760x320

A specialty hospital and a medical office building – South Florida Spine & Orthopedic Institute – have been proposed west of Delray Beach on the 11.25-acre site at 14930 Smith Sundy Road, which is on the north side of Atlantic Avenue, a few blocks west of Lyons Road.

Medical Facilities LLC, a partnership of Irving, Texas-based Legent Health and 29 local physicians, has the agricultural site under contract from Delray Growers, owned by Melissa McKeown of Lighthouse Point and Christopher McKeown of Reston, Virginia.

The applicants want to rezone the site to allow for a 60,000-square-foot hospital building and a 60,000-square-foot medical office building. The hospital would have 24 beds. There would be 10 physician offices, outpatient treatment areas and 363 parking spaces.

According to the South Florida Spine & Orthopedic Institute, it would not be a traditional hospital with an emergency room. It would provide only spine and orthopedic surgeries, which are in high demand by Palm Beach County’s older population.

 

Click here to read more about this story.