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An Irvine, California-based private equity firm that focuses on medical real estate bought an outpatient center in Boca Raton.

IRA Capital paid $16 million for a nearly 3-acre site with a single-story office building at 501 West Glades Road, according to records. The buyer took out a $12 million mortgage with Siemens Financial Service.

The property is fully leased to Boca Raton Outpatient Surgery & Laser Center and Joe DiMaggio Children’s Hospital Specialty Care.

The seller is Kireland West Glades Road Boca Raton LLC, an entity managed by attorney Alex Kurkin. Kireland bought the property for $13.7 million in 2014, records show. The 22,110-square-foot building was completed in 1992.

IRA Capital, co-founded by Amer F. Kasm and Mohannad S. Malas, specializes in buying and trading medical buildings. The firm has acquired over 6 million square feet of property in 30 states, valued in excess of $2.5 billion, according to IRA Capital’s website.

The Boca Raton outpatient center is IRA Capital’s first acquisition in South Florida, but the firm has other real estate holdings across the state.

 

Source:  The Real Deal

doctor with stethoscope

Vacant land near Lake Nona in southeast Orlando is slated to get a medical office building.

Dr. Pamela Snook of Contemporary Women’s Care is listed as the developer for a proposed 7,785-square-foot facility at 9541 Moss Preserve Parkway, according to project documents. A project of that size could cost an estimated $765,000 to build, according to industry standards.

Ctf Properties Lake Nona LLC — an entity led by Snook — bought the 1.08-acre property from Picerne Development Corp. of Florida in February 2020 for $800,000, according to the Orange County Property Appraiser.

Contemporary Women’s Care has an office at 1900 Howell Branch Road in Winter Park and another at 10920 Moss Park Road in Orlando.

Architectural Resource Group Inc. is listed as project architect and Kimley-Horn & Associates is listed as civil engineer.

 

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2855 West Commercial Boulevard

Wickshire Senior Living bought a Fort Lauderdale facility for $17.3 million, as Florida’s reputation as a magnet for retirees continues to spur investor demand in the sector.

The Brentwood, Tennessee-based company bought the property at 2855 West Commercial Boulevard from an affiliate of Denver-based Healthpeak Properties, records show.

The deal for the 293-unit facility equates to $59,044 per unit. The 303,992-square-foot building was constructed in 1988 on 18 acres, property records show.

The facility offers independent living, assisted living and memory care, according to Wickshire’s website.

Healthpeak Properties, a real estate investment trust led by Thomas Herzog, has been selling off its senior living facilities, including at least four in South Florida this year.

It sold three facilities in Boynton Beach and near Delray Beach and Boca Raton to Fortress Investment Group in May for $29.3 million.

 

Source:  The Real Deal

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A joint venture between Baptist Health South Florida and Belmont Village Senior Living obtained a $74.1 million construction loan to build a high-end senior living facility in Coral Gables.

First, Miami-based nonprofit Baptist Health sold the 1.4-acre site at 4111 Salzedo St. for $18.5 million to BVBP PO CG LLC, a joint venture between Houston-based Belmont Village and Baptist Health that’s led by CEO Patricia Will. Wells Fargo Bank provided the construction loan to the buyer.

Belmont Village Coral Gables was approved in 2020 for 232 units of independent living, assisted living and memory care, plus 18,388 square feet of ground-floor commercial space. A Healthy Living Center by Baptist Health will also be on the ground floor to offer wellness services.

According to the project’s website, Belmont Village Coral Gables is expected to open in spring 2023.

 

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Park Square Assisted Living Facility rendering 760x320

A Boca Raton church is under contract to a developer who wants to replace it with an assisted living facility.

City officials received an application for the Park Square Assisted Living Facility on the 3.56-acre site at Two S.W. 12th Ave., which is just south of Palmetto Park Road. It’s currently owned by Religious Science Unlimited, which has an 8,460-square-foot church there.

The application says the site is under contract to Jay Whelchel of Boca Raton-based Whelchel Partners.

Under the proposed site plan, the assisted living facility would total 135,238 square feet in three stories. It would have 120 units, with 128 beds.

 

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