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Avison Young’s Florida Capital Markets Group closed the $18 million sale of 50Forty on 7th, a nine-story, ±82,298-square-foot medical and professional office building at 5040 NW 7th Street in Miami’s Airport submarket near the prestigious Waterford office district.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented the seller, Riverside 1031 LLC. The buyer was Valoro Capital.

“Our client purchased the asset in January 2021 for $14.5 million as a value-add opportunity,” said Duckworth. “They implemented a plan, including leasing up the property to 93.3% occupancy, to take advantage of improved market conditions and achieved 25% asset appreciation within 14 months.”

More than half of the 50Forty building’s tenant roster comprises medical office users, followed by business services and government tenants. It’s location just two minutes from the Miami International Airport, coupled with and onsite parking structure and recent significant renovations, has attracted new tenants. The property has maintained a 95% retention rate over the past three years.

“With the asset near full, the new owner has the opportunity to bring current rents to market,” said Crotty. “Driven by an influx of out-of-state firms, average asking rents in the Miami Airport submarket have climbed to $39 per square foot as of first-quarter 2022, a new record high for the area but competitive when compared to nearby Coral Gables.”

According to Avison Young’s first-quarter 2022 research, Miami’s overall vacancy contracted to 16.5 from 16.9 at the end of 2021. Vacancies are expected to contract further in 2022 as several large new-to-market relocations are still planned for South Florida and some businesses choose to expand to capture rents now that will only continue to grow in the coming months.

“Office buildings are seeing strong investor demand and appreciation right now,” added Duckworth. “Rental rate growth has largely outweighed risks such as rising interest rates, and we have yet to see a slowdown in overall investor demand in South Florida.”

The 50Forty building is well-positioned in a medical district with nearly 150 physicians’ groups within a three-mile radius and seven hospitals within a 25-minute drive, thanks to easy access to Florida’s Turnpike, the Dolphin and Palmetto Expressways, and Interstate 95. The nearby population with a relatively older median age, spends more than $75 million annually on healthcare, suggesting that medical office demand will continue to increase in the coming years.

 

Source:  CRE-sources

 

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A Montreal-based firm paid a combined $20.55 million for the Banyan Place assisted living and memory care facilities in both Boca Raton and Lantana.

In the bigger deal, Banyan Realty BR LLC, managed by Kevin Wrenne in Boca Raton, sold the 125-unit assisted living facility at 2950 N.W. Fifth Ave. for $16.44 million. The buyer was Banyan Boca FL Realty LLC, managed by Arie Friedman and Simcha Buff of Montreal-based Comprehensive Care Capital. The price equated to $131,520 a unit. The Boca Raton property totals 82,078 square feet and was built on the 2.86-acre site in 1998.

At the same time, Banyan Realty BR LLC sold all 15 condos at 1021 Ridge Road, which is operated as an assisted living facility, for $4.11 million to Banyan Lantana FL Realty LLC, also managed by executives at Comprehensive Care Capital. The price worked out to $274,000 a unit. The Lantana condo was built in 1998 and is officially called the Anguilla Cay Condominium.

 

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HCA Florida opened its Wellen Park Medical Office last Wednesday morning.

The facility is at 12169 Mercado Drive, which is next to the Publix in the West Village Shopping Center.

A variety of primary care services should be available immediately, with cardiology planned soon.

This is the first healthcare office in the development and joins a growing number of businesses and restaurants opening in that area.

The location features five exam rooms with offices, a breakroom and workspaces for caregivers.

“With the tremendous growth expected in Wellen Park, we are excited to provide a convenient space where primary care and specialists from the region can come together to offer care to patients.” CEO Steve Young, CEO said in a prepared statement.

 

 

Source: Herald Tribune

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Leon Medical Centers could convert a shuttered movie theater in Homestead into a health care facility for seniors.

The city’s Development Review Committee will consider on April 19 the amended master plan for Portofino Plaza at 2250 N.E. Eighth St. The 6.6-acre site has a 49,021-square-foot theater building that was constructed in 2006. It was previously a Flagship Cinemas.

It’s located just off the Southwest 312th Street exit of Florida’s Turnpike.

The property is owned by 2250 NE 8 Street LLC, managed by Michael Shealy, director of real estate operations at Doral-based Leon Medical Centers. The company is one of the largest providers of care for seniors in Miami-Dade County with seven locations and more than 44,000 Medicare recipients.

The project would cost about $16 million and construction should take about a year.

Source: SFBJ

 

333-17th-St_Vero-Beach

Coldwell Banker Commercial brokered the sale of a medical and professional office property in Vero Beach.

The sales price was $3.6 million.

Andrew Gonzalez and Linda Gonzalez of Coldwell Banker Commercial Paradise represented the undisclosed seller in the transaction.

Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking. Located at 333 17th St., the property is 79.5 miles from the Palm Beach International Airport.

 

Source:  RE Business

Architect's Rendering Of UF Health's Medical Tower In Northeast Florida 760x320

UF Health is beginning work on a new six-story tower with 124 rooms at its UF North campus, a response to increasing medical needs in Northeast Florida.

Above the main floor, two floors will be dedicated to patients who require acute physical therapy. Two additional patient floors will be used for acute care, and one floor will be used primarily for ancillary services.

UF Health North opened the first phase of the campus in 2015, a medical office building at 15255 Max Leggett Parkway, near Interstate 95 east of River City Marketplace.

The first phase included an emergency room, outpatient surgery suites, imaging and other diagnostic services, and four floors of physicians’ offices. Phase two opened in May 2017 — a 92-bed inpatient tower that consists of five floors, four for patients with all private rooms.

The complex includes a 20-bed unit dedicated to labor and delivery and other women’s services, a 24-bed floor dedicated to intensive care, two 24-bed floors dedicated to general medical inpatients and one floor for administrative services, a chapel, a cafeteria and more.

The health system held a ceremonial groundbreaking Thursday. Construction will begin this month with a target opening date of early 2024.

“UF Health North has become an integral part of this community since it opened seven years ago, and this expansion is another example of our dedication to the health and well-being of the people who live and work in this area,” CEO Russ Armistead said in a news release.

 

 

Source:  WJCT

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Residents on the west side of St. Petersburg will soon have easier access to medical care thanks to Bayfront Health’s new state-of-the-art, $37 million facility currently under construction in the Crossroads neighborhood.

City and county officials joined leadership from Bayfront Health St. Petersburg and its parent company, Orlando Health, on March 26 to commemorate the completion of the foundation for the new Bayfront Health Emergency Room & Medical Pavilion – Crossroads. The four-acre site at 1800 66th St. N. will feature a three-story, 42,000-square-foot facility with a 14,000-square-foot emergency room on the ground floor. According to a release, the emergency department will include 12 exam rooms, two resuscitation rooms, six waiting areas and an ambulance bay.

Bayfront Health purchased the property, formerly home to a Department of Motor Vehicles (DMV) facility, in March of 2021. After partnering with Ryan A+E, Inc. and the City of St. Petersburg on a master plan, construction crews broke ground on the site in February. After congratulating all of the project’s stakeholders, Pinellas County Commission Chair Charlie Justice joked that it was also a sad day due to his nostalgic memories of waiting at the former DMV for hours.

“In Pinellas County, we have 24 cities and nearly a million people,” he said. “We know nothing happens without good partners and partnerships, and healthcare for a million people in Pinellas County is also a partnership.

“We’re incredibly grateful for Bayfront Health expanding their reach beyond their scope to now come out to the west side.”

Deputy Mayor Stephanie Owens said her experience in several levels of government, including two presidential administrations, provided a broad perspective on a variety of issues – especially health care. The most important work, she said, takes place locally in communities like St. Pete and through projects like the Crossroads Medical Pavilion.

Owens said the ceremony was more than a celebration for a concrete foundation as it highlighted continued investment in the city’s communities.

“As our city continues to grow, so does the need for increased services,” she added. “It’s partnerships like this that make me excited for the future of the city.”

City Councilmember Copley Gerdes represents District 1, which encompasses the site of the future medical pavilion. He also grew up less than a mile away and said he could hit a golf ball to his current home. Gerdes reminisced of playing sports in the area with his family as a child, which provided many opportunities for minor injuries. He said his family would soon have a shorter distance to travel when seeking care for future mishaps.

Gerdes also noted the large construction site for a new development was an unaccustomed view for residents on the west side of the city and said he hopes it spurs further growth.

“I really have a belief that a building like this can be the anchor for continued development on the west side of St. Petersburg,” he said. “And the great part about that is … giving quality healthcare to our side of town, as well.”

Dr. Traci Ryan, medical director for Bayfront Health’s emergency facilities, told the Catalyst that the Bayfront Health St. Petersburg Emergency Room would provide emergency medical care for those living within a 10-mile radius of the site. She said the organization’s closeness with the surrounding community sets it apart from other healthcare providers, and she also noted that many employees grew up in the area.

Ryan said Bayfront focuses on fostering good relationships between its patients and providers and makes a conscientious effort to quickly move patients through its emergency facilities.

“Nobody wants to spend their day in E.R.,” she added. “Generally, our wait times at our freestanding (clinics) are five or 10 minutes, and you’re in and out in … 120 minutes to less than 90 minutes.”

Bayfront Health St. Petersburg has provided health services for the city since 1910, and officials expect the Crossroads Emergency Room & Medical Pavilion to open in the spring of 2023.

 

Source:  St. Pete Catalyst

adventhealth palm coast parkway

AdventHealth‘s new hospital on Palm Coast Parkway will open next spring, with 80 beds, according to AdventHealth staff. The hospital has the capacity to later expand to 100 beds.

The four-story building under construction on Palm Coast Parkway between Bridgehaven Drive and AdventHealth Way will cover approximately 158,000 square feet, with an emergency department, imaging services, a heart catheteriztion lab, five operating suites, critical care, endoscopy services and an outpatient laboratory.

A 30,000-square-foot medical office building will be constructed to the west of the hospital building and is expected to open around the same time as the hospital.

Together, they’ll cost an estimated $164 million, said AdventHealth Program Director David Gordon.

The new hospital is about 8 miles north of AdventHealth’s current location on State Road 100.

“The community is growing, and we want to make sure that we can meet the needs of the growing community,” Gordon said. “We went a little further north so we can continue to meet the needs of Palm Coast and Flagler County.”

Although the new hospital will ultimately have a similar number of beds as the current one, which has 99, the new location will have a smaller footprint.

“It’s a very efficient facility,” Gordon said. 

AdventHealth expects the new hospital to generate about 400 jobs when it opens, with an average wage of about $67,000.

The first floor will have emergency services, imaging, cardiology and a cath lab, Gordon said.

Framing has just started inside the building in the area that will become the imaging lab, said building superintendent Casey Mabe, of general contractor Robins & Morton.

The medical office building will have AdventHealth Medical Group services including orthopedic services, surgical services, pulmonology, and an outpatient rehabilitation center.

“It’s a full fledged typical hospital, also with support services,” Gordon said. 

There will also be a helipad, near AdventHealth Way, said Mabe.

The hospital was designed by architecture firm HuntonBrady.

 

Source: Palm Coast Observer