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An Atlanta and South African-based buyer, OrbVest US, Inc., recently closed on Congress Executive Center, a 4-story medical and professional building located at 1301 N. Congress Avenue in Boynton Beach.

The property, which was 100% occupied, closed on May 12 for $11 million.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of Colliers’ South Florida Investment Services Team represented the seller, Triple Double Real Estate (Andrew “Avi” Greenbaum and Jeremy B. Becker) in the transaction. Andy Belew of Consilium Capital Partners represented the buyer.

“The trade of Congress Executive Center represents a 75% increase in value from its previous purchase price, less than one year ago,” said Rubin. “This sale is indicative of the strong demand for stabilized medical office properties with solid fundamentals, sound in-place tenancy and investor confidence in the Boynton Beach submarket.”

The 40,210-square-foot, 4-story, medical and professional office is located on nearly 2 acres, adjacent to the Boynton Beach Mall, which has plans for a major redevelopment. With plans for abundant shopping, dining, and entertainment across the street, Congress Executive Center stands out as one of the most strategically located medical and professional office buildings in the area.

“Congress Executive Center is a great addition to the buyer’s current and impressive portfolio of healthcare real estate,” said Laggerbauer. “The seller was able to increase the property’s value significantly by attracting strong medical tenancy to the asset and achieving a 100% occupancy rate.” 

The office investment market in South Florida broke records in 2021, despite uncertainties surrounding the coronavirus pandemic and return to the office delays. South Florida’s strong demand drivers like, declining unemployment, population growth, and confidence in the economy are creating an imbalance in supply and demand. Including Boynton Beach, there is limited supply of quality products with competitive buyers driving the price up; sales price per square foot increased 19 percent year-over-year, ending in 2021 at $285. Boynton Beach, amongst the rest of South Florida, is expected to see another strong year for office investment. However, high demand and limited supply will likely remain imbalanced.

 

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Lee Health has completed the renovation and expansion of its Gulf Coast Medical Center in Fort Myers, Florida.

The $242 project comprised a 365,700-square-foot expansion and a renovation of 48,500 square feet of healthcare space that included adding new hospital beds and intensive care units (ICUs) and expanding the central energy plant.

A three-story vertical expansion added 216 patient rooms on top of an existing bed tower. The project also added a new three-story care tower with 52 ICU rooms, a 16-bay dialysis suite, and three new endoscopy and bronchoscopy procedure rooms.

To support the increased bed capacity, expansions and renovations were completed in the clinical laboratory spaces, pharmacy department, food services, public dining space, back-of-the-house services, and the central energy plant. A total of 43 phases were delivered as part of the overall project.

 

Source:  Healthcare Design

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Real estate developer Olympus closed a deal to build a $100 million medical office campus with Healthcare Trust of America in Clermont, Florida.

Healthcare Trust acquired the 6-acre site on May 6 for $4.2 million. Olympus said it will build 175,000 square feet of medical office space to anchor the Olympus Health & Wellness campus in two phases.

The medical buildings will house cardiology, dermatology, endocrinology and orthopedics offices. Olympus developer Mike Carroll told GrowthSpotter the project will create at least 325 jobs.

 

Source:  Becker’s ASC Review

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Despite concerns raised by residents of a neighboring condominium development, a county advisory board this week approved zoning changes and variances that would allow Health First to build a new hospital and “wellness village” on Merritt Island.

The unanimous approval  from the Brevard County Planning and Zoning Board follows a similar unanimous vote on April 28 from the Merritt Island Redevelopment Agency. Health First’s proposal now goes to the Brevard County Commission for a potential final vote on May 26.

Health First wants to build a seven-story, 120-bed hospital with an adjoining medical office building and “wellness village” on a 15.05-acre site, across State Road 520 from Merritt Square Mall. The $508 million complex would replace the current six-story, 150-bed Cape Canaveral Hospital off State Road 520 in Cocoa Beach, which would close when the new hospital opens.

 

Source:  Florida Today

Joe DiMaggio Children’s Hospital Hollywood

Joe DiMaggio Children’s Hospital in Hollywood is ranked among the highest for pediatric orthopedics in the country. Now, construction will double the floors of the current hospital building.

This major construction and expansion project comes on the heels of high demand for pediatric specialty services.

Later this year, construction will be completed for the expansion of more than 300,000 square feet and four floors of added care.

The eighth floor is really the showpiece, where there will be a family lounge, a gym, a business center, a spa-like bathroom, a classroom with a stem lab, a stimulation lab to train their own staff and the Garth Brooks Child Life Zone.

 

Source:  NBC Miami

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Health First‘s massive plan for a new hospital and “wellness village” off State Road 520 on Merritt Island is starting to get its first formal public airings, as the project seeks regulatory approval.

This month, Health First will seek the support of the Brevard County Planning and Zoning Board and the Brevard County Commission for a series of zoning changes and related waivers that would allow the project to move forward.

Health First hopes to open the new seven-story, 120-bed hospital as early as 2025. It would replace the current six-story, 150-bed Cape Canaveral Hospital on State Road 520 in Cocoa Beach, which would close when the new hospital opens.

The wellness village will consist of the medical office building, child day care center, fitness center, coffee shop, education center, spa, retail, food hall, market/juice bar, event space, amphitheater and information tower. The wellness village also will contain landscaping and pedestrian walkways, as well as emergency, maintenance and event vehicle access.

 

Source:  Florida Today

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CBRE has secured $21,884,000 in refinancing for The Pines Medical Professional Centre, a 91,956-square-foot medical office complex located at 400 – 700 N. Hiatus Road in Pembroke Pines.

Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.

“We continue to see the healthcare industry trend toward outpatient services, which has strengthened the demand for medical office buildings overall. Since purchasing the property in late 2016, the borrower has created significant value by adding high-quality medical tenants. The borrower, a longtime client, was able to refinance out of their existing mortgage and pull cash out to put towards continuing improvements at the property,” said Ahmed.

The Pines Medical Professional Centre consists of four (4) two-story office buildings built between 2000 and 2002. It is 97 percent occupied by a variety of medical providers and services, including physicians, dentists, radiologists, and urologists.

The property is located less than a mile from Memorial Hospital West, which offers a wide range of healthcare services, including one of the busiest adult emergency care departments in Broward County.