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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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An Alabama-based real estate investment trust is gaining a large footprint in Lauderdale Lakes after making one of the largest commercial buys in Broward County this year.

An affiliate tied to Birmingham-based Medical Properties Trust paid $171 million for a 459-bed hospital property, three office buildings and a medical office mall near the Florida Turnpike in Lauderdale Lakes, records show. The sellers are a consortium that includes Scottsdale, Arizona-based Healthcare Trust of America, Dallas, Texas-based Altera Development Company and Tenet Healthcare.

The deal includes the building at 5000 West Oakland Park Boulevard that is home to Florida Medical Center; a trio of three-story office buildings located at 4900 West Oakland Park Boulevard; and the FMC Medical Mall at 4850 West Oakland Park Boulevard, a two-story converted shopping center with 138,103 square feet of medical office space.

In June, Tenet Healthcare sold Florida Medical Center’s operations and four other South Florida hospitals to Dallas, Texas-based Steward Healthcare.

Real estate investors have been bullish on medical office properties in South Florida. ShareMD has been active over the last two years, most recently paying $6.5 million for a Boynton Beach medical office building.

The Lauderdale Lakes hospital and the other properties were built in the 1970s. The consortium’s FMC Land Trust paid a combined $19.5 million for the properties in 1993, records show.

Medical Properties Trust, led by chairman, president and CEO Edward K. Aldag Jr., was established in 2003 and deals exclusively in medical properties and hospital facilities. It also owns assets in the United Kingdom, Germany, Switzerland and Spain. The total value of its assets is $22.3 billion, according to a company press release.

In the second quarter, the REIT acquired four Los Angeles hospitals operated by Pipeline Health System for $215 million and closed on the acquisition of a hospital in Stiling, Scotland for 15.6 million pounds, according to its website. Since the first quarter, Medical Properties Trust sold 12.2 million shares, generating net proceeds of between $253 million to $320 million.

 

Source:  The Real Deal

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The owner of Orlando Christian theme park The Holy Land Experience has sold to health care giant AdventHealth in one of Central Florida’s most high-profile property sales so far this year.

Holy Land Experience Ministries Inc. — an entity related to Tustin, California-based theme park operator and landowner Trinity Broadcasting Network — sold 14 acres at 4655 Vineland Road for $32 million to Adventist Health System Sunbelt Inc., an entity related to the Altamonte Springs-based nonprofit health care system, according to Orange County records.

The deal closed Aug. 2.

The sale appears to only include the theme park and not the rest of Trinity Broadcasting Network’s roughly 65 acres, which includes several office buildings.

 

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The hospitals include North Shore Medical Center, Coral Gables Hospital, Hialeah Hospital and Palmetto General Hospital in Miami-Dade County and Florida Medical Center in Broward County.

The deal brings the total number of hospitals under Steward to 44 worldwide.

“I am humbled by the opportunity to expand our footprint in my beloved home state. We know there are health challenges here and we are eager to work with local leaders to address them together,” said Steward’s CEO Dr. Ralph de la Torre.

The deal more than doubles Steward’s presence in Florida, which includes Melbourne Regional Medical Center, Rockledge Regional Medical Center and Sebastian River Medical Center.

Overseeing the new hospitals is Dr. Sanjay Shetty, Steward’s president of North America. Shetty has held numerous leadership roles at the healthcare system and helped expand its presence across the U.S. He also helped oversee the establishment and implementation of clinical protocols at Steward for addressing challenges created by the COVID-19 pandemic.

The pandemic is one of the motivating factors behind Steward’s desire to expand its presence. It previously motivated the healthcare system in March 2020 to open the first dedicated care center in the U.S. for COVID-19 patients at Carney Hospital in Boston.

“Steward understands that combatting the resurgence of the COVID pandemic in South Florida is our most urgent and immediate priority,” said Shetty. “Already, we have begun to redeploy PPE, ventilators, and other vital supplies needed for the care of COVID patients from our other facilities throughout the country to hospitals in this market.”

Steward annually cares for 12.3 million patients at hospitals, urgent care centers, skilled nursing facilities, multispecialty physician practices and behavioral health service facilities across the U.S., Colombia and Malta. It employs more than 5,500 clinicians and 43,000 healthcare professionals.

Tenet’s ambulatory facilities operated by United Surgical Partners International in these areas are not included in the transaction and will remain with Tenet.

No financial details were disclosed. 

 

Source:  DotMed

 

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Stellar has broken ground on the new Flagler Health+ campus in St. Johns County’s Durbin Park development.

The 42.5-acre health and wellness campus will feature a state-of-the-art hospital and outpatient surgery center as well as the signature Flagler Health+ Village concept.

Stellar, which provides award-winning construction management at-risk, design-build and general contracting services for a range of commercial and public sector markets, has partnered with architectural firm Gresham Smith for the six-year campus project. Outpatient clinical services are slated to open in early 2023, with completion of the entire three-phase project expected in 2027.

“Stellar is proud to be the design-builder for this new comprehensive health and wellness campus,” said Richard Lovelace, Senior Vice President, Commercial at Stellar. “After building two Health Villages for Flagler Health+ at Murabella and Nocatee, we are proud to continue our partnership and help bring innovative medical care to the Durbin Park community.”

The health village will incorporate family medicine, specialty care, urgent care, imaging, laboratory services, healthy lifestyle programming and community engagement space with an emphasis on integrating nature and technology to enhance experiences. Flagler Health+ Durbin Park will also include a premier wellness facility, walking trails and retail offerings.

“We are creating a premier health and wellness destination. The campus has been designed to create a sense of community, deliver uniquely personalized experiences, and achieve the best possible health outcomes for all people,” stated Flagler Health+ President and CEO Jason Barrett. “We are proud of our 130-year legacy of service to St. Johns County and look forward to further advancing physical, social and economic health for area residents with this new offering.”

The property is located between Interstate 95 and State Road 9B and is part of GATE Lands’ larger Durbin Park Development.

Flagler Health+ purchased the property located between Interstate 95 and State Road 9B from GATE Lands, the real estate subsidiary of GATE Petroleum Company. It is anticipated that the campus will add approximately 1,300 jobs to the area at completion of its buildout.

 

Source:  HC+O News