,

Hillsborough County Medical Office Space

With a growing population of over 1.3 million and rapidly evolving demographics, Hillsborough County has become a prime area for doctors of all specialities to practice. Tampa is home to multiple facilities at the forefront of research efforts in the global healthcare community, and a sizeable inventory of medical office space. However, a promising market is just the first ingredient for success for a practice. Our experience in Hillsborough has taught us that strategic site selection is especially important for doctors is they plan to build a sustainable patient base, maintain their current patients, and/or experience growth. Ww are a trusted ally of doctors, whether they are looking for Tampa medical office space or have any other real estate needs in the surrounding area.

Strategic Site Selection

Hillsborough County’s economy and population are becoming increasingly diverse. One of the most important components of commercial real estate is understanding how to navigate such a complex market to find sites that maximize a client’s chances for success. For each client in Hillsborough, we leverage our knowledge of the area to conduct a targeted and thorough market study. We work with the client to gauge the demographic profile they seek to serve within the county and select the locations that best fit their needs. For example, Tampa medical office space varies greatly in terms of visibility, accessibility, pricing, and the types of rental agreements offered. It’s crucial that any client looking for medical office space for lease understands what kind of deal they need on all these fronts.

Data on Hillsborough County

We closely follow trends in the county’s real estate market. Specifically in healthcare, it is valuable to have a solid grip on where the market stands so that we can advocate fairly and aggressively on our clients’ behalves. As of the third quarter of 2018, the Hillsborough medical office space market can be summarized by the following statistics:

  • 6,372,000 square feet of Hillsborough medical office space inventory.
  • Average rental rates of $21.25 per square foot.
  • Average occupancy rate of 93%.

Tampa’s Growth

Tampa is one of the fastest growing metropolitan areas in the country. This growth is promising for medical professionals seeking to cater to the population within the city or in the surrounding areas such as Brandon, Town ‘n’ Country, Valrico and more. Florida Medical Space plays a consultative role in guiding these professionals through each crucial step of their search for property. Below we have listed some of the most important factors in selecting medical office space in Tampa.

  • One key decision that precedes most others is whether a client is seeking to lease or purchase a property. We help doctors weigh the advantages and disadvantages of each option, taking into account plans for growth, budget, and the market conditions within the county. Learn more here.
  • Our years of experience in the area has made us aware of the competitive landscape in Tampa/Hillsborough’s healthcare industry. This is key in selecting a practice location for our clients that takes into account the surrounding competitors.
  • Once a demographic profile and market study is completed, we help clients decide on a trade area. This could be as simple as picking a target area within Tampa or as complex as exploring the benefits of operating out of medical office space in Westchase, Egypt Lake-Leto, East Lake-Orient Park, Greater Carrollwood, University, or Keystone.
  • No matter how promising a relocation or purchase may be for healthcare professionals, it is always crucial that they stay within a budget. We have a conversation with our clients upfront to determine the budget that bests minimizes risk and maximizes their chances of being financially successful. The site selection process that follows is always commensurate with the budget outlined.

Our Services

Florida Medical Space works throughout the state of Florida to help doctors, medical groups, and healthcare companies with all of their real estate needs. Specifically, we are well-positioned as healthcare real estate brokers in Tampa to help clients looking to lease or buy Tampa medical office space because we understand how to navigate the medical real estate market in Hillsborough. We emphasize finding an office or building that meets the needs and plans of our client’s practice. FMS is also uniquely capable of successfully leasing or selling medical office space in the Tampa market. Our marketing efforts and professional experience listing properties has taught us what works and what does not work when seeking quality tenants/buyers.

If you have a question about Hillsborough medical office space or any real estate needs in the Tampa area, contact us so that we can discuss further how we can serve you.

/by

Hospital Execs: Healthcare Today Must Be ‘Efficient, Low-Cost And Delivered Like You’re Going To The Ritz’

Carlos Migoya is widely credited with having turned around the finances and reputation of Miami’s public hospital system, Jackson Health, as its president and CEO. He inherited an $82M/year loss when he came on board in 2011 and produced an $8M surplus the following year, then $50M+ in subsequent years.

So many insured or paying patients began choosing the public hospital over its competitors that Migoya has had to fend off criticism that Jackson is not serving enough of the poor and uninsured.

At Bisnow’s State of South Florida Healthcare and Senior Living event last month in Fort Lauderdale, where Migoya was the keynote speaker, he and other healthcare executives said they are meeting the demands of today’s complicated healthcare industry with new technology and facilities that lend themselves to personalized care.

Under Migoya’s direction, Jackson is pushing ahead with about $500M in expansion projects, part of a bigger, $1.5B vision, partially funded by an $830M bond that voters approved in 2013. Eighty percent of the children’s hospital is under renovation, 40 new beds will be added to Jackson’s maternity ward, and a 100-bed hospital in Doral will soon provide quicker access to residents of West Miami.

Jackson’s trauma services will be complemented with a 96-bed rehabilitation hospital providing spinal, brain and neurological care, as well as short-term housing where therapists can better help patients and their families adjust to new physical constraints.

Providing the entire population with quality, low-cost healthcare is challenging, Migoya said. Small businesses are exempted from providing insurance to employees, and he said creating incentives for broader coverage will lead to a healthier society, where costs are low and services are more efficient.

The biggest challenge over the next five to 10 years is regulatory,” he said.

Migoya said there is no shortage of ideas for public-private partnerships, but a web of rules, however well-intentioned, can preclude implementing many of them.

In Florida, many regulations aim to keep supply and demand in balance so that patients receive the care they need but costs don’t spiral out of control. But those regulations also lead to political and legal battles as facilities compete for paying patients. Here, as in 30-plus other states, a “certificate of need” must be issued before new hospitals can be built, and there is a running battle between trauma centers and emergency rooms.

With Medicare penalizing hospitals for cases in which a patient is treated but must be readmitted, “it’s very critical today in how you get well enough so that you don’t have to get readmitted,” Migoya said.

Another Florida health system, nonprofit Baptist Health of South Florida, is pursuing its own innovations. It will soon allow patients to pull their electronic records in lobbies and is starting to monitor health progress with a combination of telemedicine and friendlier facilities.

“he old hospital systems weren’t hospitable,” Baptist Health South Florida Vice President of Real Estate Kathleen Moorman said, noting that they have historically been rather cold and sterile. Today, she said, they must be “efficient, low-cost and delivered like you’re going to the Ritz.”

Dr. Farzanna Sherene Haffizulla, a professor of medicine and the assistant dean for community and global health at Nova Southeastern University, said it is imperative that healthcare planners find ways to weave technology into the system without compromising the “humanistic aspect of medicine.”

Building facilities with LEED certification, increased light and green spaces could brighten the patient experience while cutting overhead costs, and Noah Tolson, a practice leader for planning at Array Architects, spoke of the importance of creating spaces where physicians and patients can look at an iPad or a computer screen together.

If the patients themselves can see what the physician is looking at, they feel more connected. They’re sharing information,” he said, adding that he would like to see medical services catch up with the kind of technology and innovation that has made modern banking so much easier. “We can make any number of transactions on our phones and shift money from one place to another, but we can’t do any of that in healthcare because they still work in silos.”

Source: Bisnow

/by

Hospitals File Petitions To Keep Competitors Out Of Southwest Florida Market

Hospital competitors in Southwest Florida have filed petitions to oppose three new hospitals that state regulators approved June 1.

The challenges were filed to contest the state Agency for Health Care Administration’s decisions on license applications from Lee Health, HCA Healthcare, and Braden Clinic. The petitions seek formal hearings.

For residents of Estero and Ave Maria, where the hospitals would be built, the legal wrangling means delays and the potential of project approvals getting overturned or dropped.

Once an administrative judge has been assigned, the hearings must begin within six months and a continuation is only allowed when the judge finds extraordinary circumstances, according to state law. In general, hearings are held in Tallahassee. It is likely the petitions involving the Lee County projects will be consolidated.

The publicly operated Lee Health was approved for an 82-bed hospital at its Coconut Point outpatient campus in Estero. HCA’s 80-bed hospital was approved for a site near Corkscrew Road and U.S. 41. Ten of the HCA beds would be for inpatient psychiatric care. Lee Health and HCA are fighting each other’s projects.

The state’s approval of both projects in the same region contrasts with its 2013 denial of Lee Health’s bid for an 80-bed hospital at Coconut Point.

The NCH Healthcare System and Physicians Regional Healthcare System, both in Collier County, are opposing the two Lee County projects.

NCH also is fighting the state’s approval of a 25-bed hospital by Braden Clinic in Ave Maria.

The challenges reiterate objections the competitors filed earlier this spring after the three applications were submitted. The objections say more beds will harm the existing hospitals, will result in higher health care costs, and will dilute the quality of care provided by health professionals.

The petitions also raise questions about whether the state properly balanced statutory criteria in evaluating the applications. The state may face greater scrutiny because it approved all three applications for Southwest Florida. The agency also green-lighted hospital projects in Marion, Volusia and Orange counties.

Nashville-based HCA Healthcare sold two hospitals in Fort Myers in 2006 to Lee Health. One was closed and the other, Gulf Coast Hospital, was expanded and renamed Gulf Coast Medical Center. In its argument against HCA aiming to re-enter the market, Lee Health says HCA “abandoned” the community in 2006.

Physicians Regional similarly said the monopoly that Lee Health has today is due in large part because HCA left the county in 2006. Physicians Regional said HCA should not be allowed to build a hospital and potentially divest again to the benefit of Lee Health.

In its objection to the Lee Health project, HCA said the abandonment argument is irrelevant and the issue is whether Lee Health should be permitted to expand its market dominance.

“The clear answer to this question is that Lee County residents should have the same degree of choice of inpatient providers as is available in other Florida counties and that enhanced competition will be beneficial to residents, the medical community, and payors of health care services,” HCA said.

Lee Health controls 95 percent of hospital beds in the county and handled 85 percent of all admissions, HCA said.

Lee Health spokeswoman Mary Briggs said the system’s project is the best choice for Estero.

“Our hospital will be built adjacent to Lee Health — Coconut Point, which opens later this year,” she said.  “An acute care bed tower will naturally complement the emergency room, surgery center and other comprehensive outpatient services to be offered at that location.”

In its opposition to the planned 25-bed Braden hospital, NCH said the rural hospital proposed off Arthrex Commerce Drive near Oil Well Road would face numerous challenges.

“The area remains a medically underserved area, lacking necessary support services as well as sufficient health care professionals,” NCH said. “That lack of support raises issues as to 24-hour staffing and adequate emergency coverage for a hospital, and the sustainability of a rural hospital with 25 beds.”

Braden Clinic opened outpatient services for Ave Maria in 2015. The hospital application included letters of support from 650 residents, community leaders and businesses.

NCH took issue with the hospital planning to have an emergency room, but the hospital would not offer inpatient surgery.

“The lack of inpatient surgery, when explicit statements occur as to full emergency care, overreaches as to the capability of the proposed hospital,” NCH said.

Financial documents included in Braden’s application said investors would be tapped to help build the $34.5 million hospital, or $1.4 million per bed. Braden clinic showed net revenues of $525,000, and a net loss of $86,000 at the end of 2017. NCH raised questions about whether investors would have a controlling role in the hospital.

Braden officials issued a statement that its project has widespread support and that a new hospital is overdue in the community. Supporters include Collier County’s Emergency Medical Services, the Healthcare Network of Southwest Florida, and the Collier County Rural Health Network, Braden said.

“Everyone knows that eastern Collier County is in dire need of a hospital that actually serves our patient base,” the statement reads. “The state healthcare administrative body has ruled in favor of our application. The community is supportive at every level.”

Braden officials said only NCH is challenging the new hospital based on its own financial interests.

“Shame on the powerful executives, lawyers, and governing bodies of NCH for suing the state of Florida in a sad attempt to protect their market share,” the statement reads.

Source: Naples Daily News

/by

New York Developer Buys Hollywood Industrial Building, Plans Renovations

New York developer Steven Samuels just paid $7.35 million for a vacant 60,000-square-foot industrial/flex building in Hollywood, with plans to reconfigure and re-tenant the property.

A company led by Ervin Mendel and Sam Yecutieli sold the 2.5-acre parcel at 2850 Greene Street. The partners are related to the operators of the indoor trampoline center Off The Wall Family Entertainment. Records show they paid $5 million for the property in 2016.

Ted Konigsberg of Infinity Commercial Real Estate represented the sellers. He said they began letting go of tenants after purchasing the property to potentially build-out an entertainment facility, but plans fell through. Instead, the sellers intend to use the proceeds of the sale to open additional Off The Wall centers throughout South Florida, according to a press release.

The property features a mix of office, showroom and distribution space. Other features include an elevator that connects to upstairs offices, 24-foot ceiling heights and parking. It is located between Stirling Road and Sheridan Street, has frontage along I-95.

Samuels, a principal at Avid Asset Management, plans to invest roughly $1 million in renovating the property, according to Konigsberg. Samuels is known for repurposing buildings in Manhattan and Brooklyn. He also currently serves as a zoning commissioner of the Village of Atlantic Beach.

Jeffrey Cebula of NAI Merin Hunter Codman represented Samuels in the deal.

Konigsberg, who is also handling leasing for the property, said the vacant building has so far garnered interest from prospective tenants including a luxury car dealership, pharmaceutical and perishable product companies, as well as a few law firms.

The property is near the long-planned shopping and entertainment center Dania Pointe, as well as the Sheridan Street Tri-Rail Station. It also neighbors the South Florida Design Park and is close to the Design Center of the Americas.

Source:  The Real Deal

/by

Baptist Health Under Contract To Buy Coral Gables Dev Site

Baptist Health is under contract to pay $41.5 million for the development site of the Collection Residences in Coral Gables — a property at the center of contentious litigation between developers Masoud Shojaee and Ugo Colombo, court documents reveal.

The Baptist deal could close within two months.

Shojaee and Colombo had planned to jointly develop the Collection Residences, a mixed-use project with 128 condos and retail space at the 2.8-acre site at 250 Bird Road, 4101 Salzedo Street and 4112 Aurora Street before their partnership ended in dispute nearly three years ago.

Shojaee and Colombo, through their firms, jointly owned Coral Gables Luxury Holdings LLC, which planned to develop the project across the street from The Collection. Following a major falling out in November 2015, Shojaee and Colombo pulled out of their joint venture.

In January 2016, Shojaee’s Shoma Coral Gables filed suit against Colombo’s Gables Investment Holdings LLC; Colombo, individually; and The Collection LLC, Colombo’s Coral Gables luxury car dealership, alleging breach of contract, among other counts. Shojaee’s company alleged that Colombo and his companies breached their operating agreement. Earlier this month, the court dismissed Colombo as a defendant in the case.

The suit seeks between $4 million and $5 million in damages, said Shoma’s attorney Andrew Hall, founding partner of Hall, Lamb, Hall & Leto. A civil jury trial set to begin this week was delayed. Last week, Colombo’s firm filed a motion to dismiss the case, citing a contract with Baptist Health to purchase the development site.

“The company is essentially in liquidation mode with an executed contract of sale of its only asset — the property,” the motion states. “If following closing on the contract of sale to Baptist Hospital, [Shoma] receives back every dollar it invested, it will have no actual damage and its claims in this case will be entirely mooted.”

Hall said Shoma objects to dismissing the case. Robert Burlington, a partner in Coffee Burlington, who represents Colombo and his companies, declined to comment. Kathleen Moorman, vice president of Baptist Health Enterprises Real Estate and Development, did not immediately respond to a request for comment.

Baptist Health has been expanding throughout South Florida in recent years. It recently opened a four-story, 60,000-square-foot outpatient facility at Crescent Heights’ mixed-use development at 709 Alton Road in Miami Beach.

The 2016 suit tied to the Coral Gables site alleged that after Shoma refused to give in to Colombo’s demands, Colombo sabotaged the project, “causing substantial damages to Shoma.” Colombo responded to the lawsuit at the time, calling it “a frivolous lawsuit filed by a peculiar fellow.”

“There’s no question that there is an awful lot of money lost to engage in the development that shouldn’t have been lost,” Hall said, citing expenses including architectural engineering plans, sales office construction and operations. “Those millions of dollars were wasted and its seems to me that [Colombo’s CMC Group] needs to basically write the check because they did something they had no right to do, and make us whole.”

Colombo and Shojaee paid $27 million for the property in 2013, plus a $1 million bonus upon execution of a sale or lease of underground parking spaces to the Collection, and 10 percent of the gross rental income from any lease or the sales price for the purchase of any underground parking, according to the suit.

If the lawsuit goes to trial, Colombo’s firm’s motion to dismiss states that if Shoma proves a breach of contract and a jury awards its claimed out-of-pocket damage, Shoma cannot also receive anything from the closing on the sale of the property because it cannot have a double recovery.

But Hall said that even if the Baptist deal goes forward, the $4 million to $5 million is still lost. “It’s money we didn’t need to spend,” he said, ”and we are going to make them pay us back for that.”

Source: The Real Deal

/by