Baptist Health South Florida has purchased the Kohl’s property at 6950 N State Road 7 in Coconut Creek for $54 million, adding a sizable piece of Broward County real estate to the health system’s portfolio. Kohl’s sold the property to Baptist Health in a transaction reported Sept. 2 by the South Florida Business Journal.

The site is currently occupied by a Kohl’s department store at the Caligo Crossing retail center near the intersection of State Road 7 and Hillsboro Boulevard. Kohl’s continues to list the Coconut Creek location as an operating store.

The acquisition gives Baptist Health control of a strategically located property in northern Broward County, close to the Palm Beach County line and surrounded by established retail development and major residential communities.

Large-format retail properties have increasingly attracted interest from healthcare systems because their locations, parking capacity and visibility can potentially accommodate a variety of medical uses. Baptist Health has not publicly detailed what it ultimately intends to do with the Coconut Creek property.

The transaction is notable both for its $54 million price and for the continued convergence of healthcare and commercial real estate in South Florida. Health systems have increasingly expanded beyond traditional hospital campuses through outpatient facilities, medical offices and other healthcare destinations positioned closer to growing residential populations.

For Baptist Health, the Coconut Creek acquisition provides another substantial real estate foothold in Broward County and gives the organization significant flexibility should it eventually decide to reposition the property for healthcare-related use.

Source: SFBJ