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JLL Capital Markets closed the sale of 1905 Clint Moore Road, a 102,186-square-foot medical office building in Boca Raton.

JLL brokered the sale of the property between the seller, 1905 Associates, LLC, and the buyer, a publicly traded real estate investment firm.

The JLL Capital Markets team was led by Senior Managing Director Chris Drew, Director Matthew McCormack, Senior Managing Director Hermen Rodriguez, and Managing Director Ike Ojala with analytical support from Max Lescano.

The 1996-built property last traded in December 2004 for $23,500,000.

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The Casa Sant’Angelo senior living facility has broken ground in Miramar after the developer obtained $21.6 million in construction loans.

The project is on the 5.25-acre site at 16650 Miramar Parkway, which the developer has on a land lease from the Archdiocese of Miami. Miami-based nonprofit Catholic Health Services will operate the senior facility.

Wells Fargo Bank and First Housing Development Corp. of Florida provided tax-exempt mortgages of $17.65 million and $3.95 million, respectively, to Casa Sant’Angelo Ltd. and Miramar Senior Housing Project, both managed by CHS CEO Joseph M. Catania.


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A Birmingham, Alabama-based real estate investment trust that binges on medical sites picked up Hialeah Hospital for $133.7 million.

An affiliate of Dallas-based Tenet Healthcare is the seller of the 378-bed medical facility at 651 East 25th Street in Hialeah, records show.

The purchase completes Medical Properties Trust’s play for a South Florida medical portfolio totaling $900 million. Including Hialeah Hospital, MPT has acquired five hospital properties and medical office buildings previously owned by Tenet.

MPT has a leaseback agreement with Dallas-based Steward Healthcare System involving Hialeah HospitalPalmetto General Hospital in Hialeah, Coral Gables Hospital in Coral Gables, North Shore Medical Center near North Miami, and Florida Medical Center in Lauderdale Lakes. Steward paid Tenet $1.1 billion for the hospitals’ operations and associated physician practices, according to a news release. MPT bought the real estate that will be leased to Steward.

In recent weeks, MPT paid $315 million for Palmetto General, an adjacent garage and physicians’ offices; the North Shore and Coral Gables sites for a combined $276 million; and Florida Medical, along with three office buildings and a medical office mall for $171 million. The sellers of the properties in Lauderdale Lakes are a consortium that included Tenet, Scottsdale, Arizona-based Healthcare Trust of America, and Dallas-based Altera Development Company.

In a statement prior to the transactions, MPT CEO Edward K. Aldag Jr. said the Tenet properties are “essential community hospitals in areas with positive demographic trends at a very attractive yield.”

MPT specializes in hospital and medical office investments, holding $22.3 billion in assets, mostly in the U.S., but also properties in Europe and Australia, according to its website.

Tenet, which is also publicly traded, still owns ambulatory facilities in Miami-Dade and Broward, as well as the 493-bed Delray Medical Center in Delray Beach that underwent a $79.4 million expansion.


Source:  The Real Deal

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Medical Properties Trust just closed on the fourth of the five hospitals it plans to acquire as part of a major expansion into South Florida healthcare totalling roughly $900 million.

The Birmingham, Alabama-based real estate investment trust bought Palmetto General Hospital in Hialeah for $315 million from an affiliate of Dallas-based Tenet Healthcare, records show.

Some of the buildings that make up the hospital campus purchase are the Palmetto Medical Plaza at 7100 West 20th Avenue and the garage at 7160 West 20th Avenue as well as next-door physicians’ offices at 2001 West 68th Street and 2001 West 68th Street, records show.

The deal is part of MPT’s agreement with Tenet to buy five South Florida facilities and then lease them to Dallas-based Steward Health Care System, which purchased the hospitals’ operations and associated physician practices from Tenet, according to a news release.

MPT already bought North Shore Medical Center near North Miami and Coral Gables Hospital in the Gables for a combined $276 million. This came on the heels of the group’s purchase of Florida Medical Center, three office buildings and FMC Medical Mall in Lauderdale Lakes for $171 million from a group of sellers that included Tenet.

The medical REIT is also planning to buy Hialeah Hospital, although public records do not yet show the purchase.

MPT, led by Edward K. Aldag Jr., is a hospital and medical office investor with $22.3 billion of assets under management, according to its website. The majority of its portfolio is in the U.S. but it also has properties in the United Kingdom, Australia, Switzerland, Germany and elsewhere.

Tenet, which is also publicly traded, is led by executive chair and CEO Ronald Rittenmeyer, according to its website. It runs 60 hospitals and about 460 other healthcare facilities.


Source:  The Real Deal

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Winter Park Village has landed a new office tenant as it undergoes a multimillion-dollar facelift.

Florida Cancer Specialists signed a deal to take 37,000 square feet of office space above the Winter Park Village retail at 510 Orlando Ave.

Cresa Orlando‘s Sarah Castor represented Florida Cancer Specialists, and ColliersMatthew McKeever and Rick Solik represented the landlord in the deal.


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