REIT Expanding In Florida Buys Medical Building In Polk County

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A Charlotte, North Carolina, REIT specializing in the health care industry has picked up a 27,910-square-foot office property in Polk County.

Flagship Health Care Properties’ trust paid $6.75 million for the building at 250 Ave. K SW in Winter Haven.

The building’s tenants include the Center for Retina and Macular Disease, an ophthalmic group, and Davita, a kidney care provider.

In a statement announcing the deal, Gerald Quattlebaum, Flagship’s executive vice president of acquisitions, says the population growth and a “booming” health care industry drew the company to the property — and the region.

In all, Flagship, an outpatient health care real estate firm, owns nine properties throughout the state. It has a big presence around Orlando and is expanding west.

“With an ever-growing footprint, we are very bullish on this part of the state,” Quattlebaum says in the statement.

Flagship bought the property through its REIT, Flagship Healthcare Trust, and will provide property and asset management services.

The company oversees more than 240 health care properties totaling more than 5.3 million square feet. The REIT holds interest in 93 health care properties valued at about $906 million.

 

Source:  Business Observer

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South Florida Nursing Homes Trade For $36 Million

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A pair of nursing homes in Broward County were recently acquired for about $36 million by a New Jersey operator of nursing and rehabilitation centers

Limited liabilities companies connected to Englewood Cliffs, NJ-based CareRite Centers acquired Manor Pines Convalescent Center at 1701 N.E. 26th St. in Wilton Manors and Manor Oaks at 2121 E. Commercial Blvd. in Fort Lauderdale on Dec. 29.

Both nursing facilities were operated by the Marrinson Group, Inc. a Wilton Manors-based nursing home company.

In a release, CareRite Center stated that it would rebrand Manor Pines as The Pearl at Fort Lauderdale Rehabilitation and Nursing Center. Manor Oaks would be renamed The Savoy at Fort Lauderdale Rehabilitation and Nursing Center.

 

Source:  SFBJ

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Nutex Health Plans “Micro-Hospital” In Lake County

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A Houston, Texas-based company has plans for a “micro-hospital” in Clermont.

Nutex Health has submitted plans with the city of Clermont for a conditional use permit so it can build a 28,700-square-foot single-story building and parking on 2.82 acres southwest of the corner of U.S. 27 and Hammock Ridge Road. The facility would have both emergency and inpatient medical services, separating it from freestanding emergency rooms which primarily offer emergency care.

The building would include eight dedicated patient rooms, an operating room, medical laboratory and other hospital services like CT scans, MRI and X-ray. The hospital would be open 24/7 and have a staff of 10 for each shift.

An entity connected to Orlando-based LCA Development is listed as owner of the land, part of a proposed 23-acre retail/office development called the Shoppes at Hammock Ridge. Nutex officials were not immediately available for comment.

 

Source: OBJ

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Florida’s Hospital Construction Trend Rises To Meet Population Growth

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In 2024, Jupiter Medical Center and UF Health hope to open a “neighborhood hospital” with an ER, inpatient beds, operating rooms and other services in Avenir, a new residential development in northwest Palm Beach County — another sign of a boomlet in hospital construction in Florida.

Through the first eight months of the year, the square footage of hospital construction in Florida was up 64% to 1.9 million square feet and the dollar value was up 125% to $1.15 billion, reports Dodge Construction Network.

Metro Jacksonville led the state in hospital construction starts by both dollar value and square footage, with Southeast Florida close behind.

Nationally, the trends also are up but not by nearly the same scale. Through August, hospital construction in the United States was up 24% in square footage and 26% in dollar value, Dodge says.

Kim Kennedy, director of forecasting for the Dodge Construction Network, which compiles the data, notes that Dodge puts the full dollar value and square footage of a project in the month the project starts. Because of that, big projects have a large impact on monthly totals for smaller geographies such as states and counties compared to the national numbers.

“That said, I think the hospital construction market both in Florida and across the U.S. has been a strong one this year,” she says.

Kennedy also says that rising costs of materials and construction wages likely are influencing the rise in the dollar value of projects started.

“With the exponential population growth in Palm Beach County and surrounding areas comes the need for innovative and diverse health care offerings,” UF Health President David R. Nelson said in announcing the Avenir project. 

 

Source:  Florida Trend

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