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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.
Population growth doesn’t immediately justify construction of a hospital. But residents still need physicians. Smaller medical office buildings can help bridge that gap by allowing health systems and physician groups to establish a presence closer to emerging patient populations.
The CRA’s advisory board recommended the funding in a 6-4 vote. Final approval would rest with the Fort Lauderdale City Commission acting as the CRA’s governing board.
The transaction equates to approximately $676,000 per unit, placing the transaction among the region’s more significant recent assisted-living sales.
As healthcare providers continue to expand across Florida, some of the most interesting opportunities in medical real estate may not involve new construction at all.