Baptist Health Sells Boynton Beach Medical Office Campus For $38M

Egret Point Logistics Center Office Campus Rendering at 3800 South Congress Avenue in Boynton Beach (Foundry Commercial) 760x320

Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical office campus in Boynton Beach for $37.7 million.

A joint venture between Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired the vacant 30.7-acre site at 3800 South Congress Avenue, records show.

The deal breaks down to roughly $30 a square foot.

In 2002, Bethesda paid $8.8 million for the medical office facilities that were built in 1970, records show.

Foundry and Wheelock plan to redevelop the 125,281-square-foot campus into Egret Point Logistics Center, a planned 457,000-square-foot industrial project that was approved by the Boynton Beach City Commission last month, a press release states.

The joint venture plans to demolish the existing buildings this year, eyeing a completion date of next year for two new warehouses, the release states.

 

Source:  The Real Deal

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Health First Breaks Ground On Cape Canaveral Hospital And MOB In Merritt Island

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Rockledge, Florida-based Health First broke ground on the new Cape Canaveral Hospital and Medical Office Building (MOB) in Merritt Island.

The 268,000-square-foot hospital will include 120 private inpatient beds, 25 emergency department (ED) treatment rooms, and six operating rooms (ORs). The three-story MOB will span 92,000 square feet.

Both projects are expected to open in early 2027.

The hospital will be designed to withstand a Category 4 hurricane. Additionally, the entire campus site will be constructed 13 feet above sea level to withstand storm surge and an on-site central energy plant will ensure continuous power function even during tropical storms and hurricanes.

 

Source:  Healthcare Design Magazine

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Tampa’s WestShore Plaza Mall Could Be Demolished For New Development Including Medical Offices

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The WestShore Plaza mall in Tampa could soon be demolished to make way for a sprawling mixed-use development with shopping, apartments, offices, medical facilities and more.

The mall’s owner, Ohio-based Washington Prime Group (better known as WPG), filed a rezoning request in August to expand the size and scope of an existing redevelopment plan on the site of the mall. Tampa City Council gave the first approval for that request at a meeting Thursday, paving the path forward for the project.

The full project breakdown includes:

  • 901,831 square feet of retail
  • 380,000 square feet of professional office space
  • 120,000 square feet of medical office space
  • 1,765 multifamily residential units
  • A 256,000-square-foot hotel or motel
  • 133,119 square feet of restaurant space
  • A 77,357-square-foot recreational facility
  • A Hillsborough Area Regional Transit Authority (HART) transfer station

The new plan does not increase the density of the project, but it allows WPG to build across the entire 53-acre site and demolish the existing mall. It also adds the option for a medical district with nursing facilities, a hospital and more.

Source:  Tampa Bay Times

 

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Aventura MOB Under Construction Hit With Foreclosure Suit

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A 142K SF medical office building under construction in Aventura is the subject of a foreclosure lawsuit while its developer looks to sell it for $90M.

An affiliate of Rok Lending filed suit against Gomez Development Group alleging that the Miami-based developer has defaulted on a $15M loan for the property at 21291 NE 28th Ave., where Gomez is building a speculative medical office building.

The suit from Aventura-based Rok alleges that Gomez Development entered into the mortgage in May but stopped making monthly payments on the debt in July. Rok is seeking a $16M judgment to recover the loan’s principal, interest and fees, and asked the court to also allow the firm to recover attorneys’ fees.

Rok is suing Aventura Eco-Offices Property Owner LLC, an affiliate of Gomez Development, and the firm’s managing partner, Marlon Gomez, who personally guaranteed the debt, the lender claims. The suit was compiled by property intelligence platform Vizzda.

Gomez is negotiating with a new lender to refinance the debt and maintain control of the property, he wrote in an email.

“While our project faced hurdles securing construction financing these last few months due to challenges many lenders are facing with their current portfolios, we’ve found a new private lender to work on refinancing our current loan and enabling us to utilize CPace as an alternative financing to fully capitalize and complete our project,” Gomez told Bisnow. 

Gomez paid $19M for the 1.6-acre site in October 2021, property records indicate. His firm secured a $45M loan from Los Angeles-based Parkview Financial in 2021 to begin construction on the planned seven-story medical office with a four-level parking garage adjacent to Aventura Hospital and Medical Center.

The project, designed by Miami-based Caymares Martin, was originally slated to deliver by the end of 2022 but remains under construction. The Parkview loan was fully paid off last year with a final closing balance of around $10M, Karina Parada, the firm’s marketing director, told Bisnow.

Gomez said the Rok funding helped pay down the Parkview loan and also covered costs on pre-development and site utilities, infrastructure and foundation work, which is now completed. Vertical construction has commenced and the firm is aiming to deliver the building before the end of the year, Gomez said.

The unfinished project is being listed for sale by Fortune International Realty broker Cesar Sanchez. The building will seek LEED Gold Certification and will include around 100K SF of rentable medical office space and a 5K SF ground-floor retail space, according to a marketing brochure for the property.

“We are confident in our project’s value, with our land’s value doubling that of our current loan and we are communicating openly with our current lender regardless of any claims being made,” Gomez said. 

 

Source:  Bisnow

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Broward Health Buys Coral Springs Office Building

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Broward Health purchased a Coral Springs office building for $11 million as the public health system continues an active year in real estate acquisitions.

Eden Sample LLC, managed by Gideon Harari in Miami, sold the 40,926-square-foot office at 9600 W. Sample Road to Broward Health, also known as the North Broward Hospital District. The price equated to $269 per square foot.

The property last traded for $5.8 million in 2018.

The five-story building was constructed on the 1.34-acre site in 1974. It’s located just north of Broward Health Coral Springs.

Broward Health spokesperson Nina Levine said it would use the building for medical office space. Broward Health already has its pediatric diabetes center in the building, and there are third-party medical tenants there as well.

 

Source:  SFBJ

 

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