Baptist Health has strengthened its presence in downtown Jacksonville through the acquisition of Southbank Medical Pavilion, a 493,000-square-foot healthcare property at 841 Prudential Drive.

The health system paid $65 million for the 22-story medical office complex, which occupies 7.9 acres along the Southbank of the St. Johns River. ShareMD sold the property, with Transwestern representing the company in the transaction. ShareMD bought the property in 2020 for $67 million.

Southbank Medical Pavilion was 94% leased at the time of the sale. Its location directly beside Baptist Health’s flagship campus gives the acquisition added strategic value. The property is also near Wolfson Children’s Hospital, Baptist MD Anderson Cancer Center and Nemours Children’s Health.

In addition to the medical tower, the acquisition includes a six-story parking garage containing 1,124 spaces and approximately 324,212 square feet. Two development outparcels were also included, providing Baptist Health with potential opportunities for future expansion.

Transwestern’s Healthcare Capital Markets team managed the marketing and sale process. The offering reportedly attracted interest from healthcare-focused investors, Jacksonville office investors and healthcare providers.

The transaction places a large, highly occupied medical office asset under the ownership of the health system whose primary campus it directly supports.

Source:  ConnectCRE