9278 turkey lake road parcel

Upshot Capital Advisors purchased a sliver of property a short drive from SeaWorld and the Orange County Convention Center in the heart of Orlando’s tourism district this week for more than $1 million per acre.

With the $7.5 million acquisition of the 5.5-acre parcel at 9278 Turkey Lake Rd, the company is planning to build a standalone long-term acute care hospital, according to Orange County records.

It is unclear as to which healthcare provider would be taking over the building once the project is complete.


Source:  Growth Spotter

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A local senior health care provider filed plans to build a larger facility near West Palm Beach.

Cagigas Family Holding Co., an affiliate of Cagigas Medical Center, submitted a small-scale land use amendment to Palm Beach County concerning the 2.11-acre site at 1248 S. Military Trail. It currently has a 2,500-square-foot commercial building that previously housed an arcade.

The medical group purchased the property for $1.07 million in 2019. It’s located a few blocks north of Forest Hill Boulevard. Cagigas Medical Center currently operates out of a leased space less than a block away at 1401 S. Military Trail.

It aims to change the land use from “general commercial” to “urban infill” to build 18,000 square feet of medical offices and 2,710 square feet of retail.

The medical group serves Medicare and Medicaid beneficiaries.

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A developer has proposed an outpatient medical facility in Homestead with an estimated development cost of $60.6 million.

The city’s Development Review Committee on Oct. 18 will consider plans for Homestead Medical Center. It concerns the vacant site of 4.6 acres on the west side of Southwest 137th Avenue, just south of Northeast 16th Street. It’s on the west side of Homestead Air Reserve Base.

Leg I Parthica LLC, managed by Joel Campo in Miami, has the property under contract from Doral-based BDG Grove Plaza LLC, managed by Daniel Alonso.

Homestead Medical Center would total 140,000 square feet in five stories. It would include a 10,310-square-foot outpatient surgical center, 5,110 square feet of adult day care, a 10,347-square-foot imaging/diagnostic center and the balance of the space medical office. There would be 617 parking spaces, with 415 of them in a 5-story parking garage.


Source:  SFBJ

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Palm Medical Centers, an MBF Healthcare Partners II, L.P. (“MBF”) portfolio company, and one of the largest independent primary care medical groups in Florida, announced the opening of its 24th senior primary care clinic in Aventura.

The new center, located at 16241 Biscayne Blvd., opened for new patients September 8th and will hold its official grand opening on October 15th. Bringing a proven quality-focused clinical support program to Aventura, Palm Medical Centers looks to grow its membership base of more than 34,000 patients in value-based managed care programs and build on its footprint in Miami-Dade County.

“With our enhanced operational and clinical platform, we can continue to efficiently scale our number of centers while maintaining a concierge level of care for our patients,” said Patricio Casillas, COO of Palm Medical Centers. “Our care model has translated well across the different regions we serve. With the addition of the Aventura clinic, along with two others slated to open during Q4 2022, we will operate across 7 counties in Florida, setting us up to continue our strategic expansion in 2023.”


Source:  Valdosta Daily Times

The Florida Hospital Association's Orlando office at 307 Park Lake Circle

The Florida Hospital Association has sold more than two downtown acres to an Orlando investment company.

Elevation Financial Group bought the eight parcels comprised of 2.12 acres, which includes the Tallahassee-based association’s former Orlando offices adjacent to Park Lake. The FHA had closed that office last November as it centralized all operations in Tallahassee.

The land sold for $4 million on Sept. 12 to an entity connected to Elevation, per Orange County documents. Cushman & Wakefield’s Glen Jaffee and Jeff Sweeney represented the association in the sale, and a representative for Elevation was not immediately known.

In total, the property has more than 20,000 square feet across multiple buildings, according to the county property appraiser. Elevation would renovate the existing main 10,000-square-foot office building and demolish other buildings on the property to make way for new development, according to the company in a release.

Elevation Commercial Development, a subsidiary of Elevation Financial Group, will oversee the construction and demolition.

“We see an incredible opportunity to take an underutilized and distressed property and bring it back to life through strategic demolition, renovation and ground-up construction,” Matthew Downs, president of Elevation Commercial Development, said in a prepared statement. “What now is a mashup of disconnected buildings will be transformed into a reimagined property featuring multiple new office options for Orlando businesses.”

Ben Friedman, director of public affairs for Elevation Financial Group, told Orlando Business Journal the property likely will include office development, the scale of which is to be determined.

Meanwhile, Elevation Financial Group is preparing to build a new three-story, 14,000-square-foot corporate headquarters on New York Avenue in Winter Park. Elevation Commercial Development is also working on that office.

The group of properties is relatively unique to the downtown area because of the location and the size of the portfolio, Jeré Matheny, senior associate at Orlando-based real estate firm First Capital Property Group Inc. who is not involved with the deal, previously told OBJ.

The property and the zoning could lend itself to residential, medical office or a combination of uses in the long term.

Matheny has seen demand continue to recover for office space in downtown and other submarkets, partly thanks to continued population growth. “We don’t see any slowing down.”

Meanwhile, the Central Business District has an office vacancy rate of 14.2% for second-quarter 2022, according to Cushman & Wakefield. That’s slightly up from 13.5% during the prior quarter.

The asking price for all classes of office downtown is $28.97 per square foot for the second quarter. That is slightly down from $29.06 per square foot in the first quarter.


Source:  OBJ