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Montecito Medical completed the acquisition of two medical office buildings in the Tampa area occupied by The Eye Institute of West Florida.

The Largo properties, which have a combined square footage of 33,429, are fully occupied under a long-term lease.

The two-story Eye Institute of West Florida medical office building, the larger of the two facilities, serves as the flagship location for the group and includes an ambulatory surgery center (ASC) with four operating rooms. To meet growing patient demand, the group has developed plans to add a third story to the building, along with a multi-story parking structure. The nearby Aesthetic Institute, which focuses on cosmetic procedures, encompasses approximately 4,800 square feet and includes an ASC with two operating rooms.

“We are pleased to have been selected as the buyer for these outstanding properties, and we look forward to building a long-term, mutually beneficial relationship with The Eye Institute of West Florida,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.

With a history in the community spanning nearly 50 years, The Eye Institute of West Florida has become a market leader in its specialty, attracting patients from a 50-mile radius to its six locations across the Tampa Bay area. The group’s specialists diagnose and treat an array of conditions, including cataracts and retinal diseases, and perform procedures ranging from LASIK and Clear Lens Exchange to oculoplastic procedures such as eyelid surgeries.

Both properties are conveniently on the campus of the 455-bed Largo Medical Center.

As part of the transaction, physicians in the group opted to retain an ownership share in the properties via Montecito’s distinctive Provider Real Estate Partnership (PREP) program. Through PREP, physicians enjoy ongoing opportunities to enjoy tax benefits, participate in income generated by the property and share in profits when the building ultimately is recapitalized.

ERE Healthcare Real Estate Advisors brokered the transaction.

The acquisition continues Montecito’s record-setting pace of medical office real estate acquisitions in 2021. So far this year, the company has completed 36 transactions involving 40 properties and more than 1.1 million square feet.

“We are gratified by the growing number of physician groups across the country that have entrusted ownership of their buildings to us,” said Chip Conk, CEO of Montecito Medical. “And we are particularly excited by the opportunity to expand our presence and build relationships with physicians in this key market area.”

 

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Baptist Health South Florida is on the verge of obtaining land for its first hospital in Broward County as it expands its regional presence.

On Dec. 14, the Sunrise City Commission will consider selling the 26.3-acre property at  to Coral Gables-based Baptist Health. The agreed-upon price is $13.75 million for the vacant land on the east side of the Sawgrass Expressway, meaning a hospital there would be visible from the highway.

The city bought the land in 1997 for $1.95 million.

Under the proposed deal, Baptist Health would build a four-story hospital that would initially total 25,000 square feet with 25 inpatient beds, at least one operating room and an emergency department. There would also be a 100,000-square-foot medical office building. The hospital could expand in the future.

“This is a terrific opportunity for Baptist to be at the gateway to our city and to provide health care for our community,” Sunrise Mayor Mike Ryan said. “For a long time, the City Commission has wanted more health care in our community and, particularly, a community-based hospital.”

Initial talks with Baptist Health indicated the project would create 300 to 400 jobs, Ryan added. The current zoning of the land permits a hospital, so Baptist Health will need to seek site plan approval, but not a more complicated rezoning.

“We are excited to have the opportunity to work with the city of Sunrise to build a hospital that meets the needs of the community,” Baptist Health spokeswoman Georgi Morales Pipkin said. “We look forward to working with the mayor, commission, city manager and the community throughout this process and to expanding our service to patients in the area.”

The nonprofit health care provider is already the largest hospital operator in South Florida, but all of its hospitals are in Miami-Dade, Palm Beach and Monroe counties. It has many outpatient centers in Broward, including an urgent care center in Sunrise, but no hospitals yet.

 

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Rieber Developments has landed an $83.8 million debt package to build an assisted-living mixed-use development in metropolitan Miami.

Miami-based BridgeInvest supplied a $63.5 million senior construction loan for Rieber’s 400,000-square-foot project called 1212 Aventura in Aventura. It will feature 163 luxury senior residences, 29,684 square feet of retail and 25,796 square feet of medical offices. An additional $20.3 million mezzanine loan was provided by an undisclosed international lender for the development.

“We are thrilled to finance an innovative project that will not only transform Aventura’s landscape for generations to come but also caters to the local underserved senior-living market,” Alex Horn, BridgeInvest’s founder and managing partner, said in a statement.

Colliers International structured finance team led by Jeffrey Donnelly and Dmitry Levkov arranged the transaction.

The 1212 Aventura project, at 21290 Biscayne Boulevard, is located adjacent to Rieber’s 100-room Hilton-branded Serena Hotel Aventura. Colliers is also working on closing a $29 million refinance for the hotel which, along with 1212 Aventura, encompass the first two phases of Rieber’s planned master plan development that will incorporate multiple city blocks.

Donnelly said multiple lenders competed for the deal and credited Rieber’s creativity with designs for 1212 Aventura that gives it a “sexy Miami treatment” for an assisted-living development with floor-to-ceiling windows along with a resort-caliber pool and gardens.

“It’s very much a non-assisted living assisted-living project,” Donnelly said. “It has all the amenities in what is normally a very boring, very staid, very uninteresting asset class and I think that also helped with generating excitement with this financing opportunity.”

Construction for 1212 Aventura is slated for completion in early 2023. Pre-leasing and sales of the office and retail space are ongoing with limited inventory available, according to Bernardo Rieber, founder and CEO of Rieber Developments.

“With construction financing in place, we now have the resources to complete the construction of this state-of-art project designed by Arquitectonica and make our vision come true,” Rieber said in a statement.

 

Source:  Commercial Observer

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After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property.

Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according to a press release. The property is adjacent to Aventura Hospital and Medical Center.

A Gomez affiliate paid $19 million for the 1.63-acre site in October, according to records. The seller was Aventura Medical Center LLC, managed by Miguel Carlos Cadet, which retained an investment stake in the proposed project.

Gomez plans to break ground next year on the new building, which will also have a four-level parking garage with 346 spaces, the press release states. The developer plans to finish construction by the fourth quarter of 2022.

In a statement, Parkview Financial founder and CEO Paul Rahimian said his company provided the loan because it was a compelling financing opportunity on behalf of an “experienced local borrower.”

South Florida’s medical office buildings are in hot demand. In October, Forte Capital Management paid $11 million for a Hollywood medical office building adjacent to Memorial Regional Hospital South. The same month, Irvine, California-based IRA Capital picked up a single-story outpatient center in Boca Raton for $16 million.

In September, a two-story office building traded in a $17.2 million deal involving two affiliates of Montecito Medical Real Estate. And Healthcare Trust of America bought the 1905 Medical Center in Boca Raton for $50 million.

 

Source:  The Real Deal

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A vacant site just south of Baptist Homestead Hospital could be developed with medical offices and retail.

Homestead’s Development Review Committee will consider plans on Dec. 14 for the 9.2-acre site at the southwest corner of Southwest 312th Street/Campbell Drive and Southwest 147th Avenue. It’s part of the Campbell Crossing mixed-use project.

A 3.36-acre portion of land on the south side of the site would be developed with a 40,000-square-foot medical office building in two stories, along with 207 parking spaces. A 1.06-acre site at the intersection of Campbell Drive and Southwest 147th Avenue would have a 10,990-square-foot retail center with 73 parking spaces.

“The proposed development is in line with existing uses in the area and will serve as a catalyst for the redevelopment and further activation of this prominent corridor of the city,” said Holland & Knight attorney Alejandro Arias, who represents the applicant. “This project will serve to meet a critical need for first-class medical offices and retail/service uses within close proximity of the hospital.”

 

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Baptist Health South Florida has reached a new phase of construction for the 125,000-square-foot clinical expansion project at West Kendall Baptist Hospital.

Exactly ten years since the facility’s official debut and one year since the groundbreaking of the project, the “topping out” marks the completion of the building’s exterior structure and ultimately represents the rapid growth of the West Kendall community.

Scheduled to be complete in January 2023, the highly anticipated new four-story tower houses 35 additional emergency department treatment rooms to meet the growing needs of the community. The third and fourth floors of the new building will be completely dedicated to supporting inpatient services, with 70 new inpatient rooms. Amongst other add-ons, there will also be additional space for diagnostic imaging, physical therapy, patient observation and more.

“Since opening our doors in 2011, we at West Kendall Baptist Hospital have been dedicated to improving the lives of the community by offering superior health and wellness services,” said Lourdes Boue, Chief Executive Officer of West Kendall Baptist Hospital. “After an especially trying year, this construction milestone couldn’t come at a better time. It is a true nod to our storied past and bright future.”

When the campus first opened, West Kendall Baptist Hospital was recognized as Miami-Dade County’s first non-replacement hospital in over 35 years, with the goal of helping residents live healthier, safer and more fulfilling lives. To propel the community into this next phase and signify the hospital’s future, West Kendall Baptist Hospital invited the children of the Early Learning Center to leave their mark on the foundation of the building by adding their handprints to its final beam.

Upon completion, the design of the new tower will mirror the Mediterranean style aesthetic of the existing hospital and feature the same eco-friendly features that earned the hospital LEED Gold Certification for Leadership in Energy & Environmental Design – a green building certification program used worldwide.

 

Source:  South Florida Hospital News

 

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An entity with ties to a local medical developer is the new owner of a former gas station in Ocoee.

Orlando-based Jamison Commercial Partners‘ related Ocoee Medical Development on Nov. 1 bought a roughly 1,500-square-foot fuel station at 11001 W. Colonial Drive for $1.65 million from Brandon-based Starfish Properties LLC, Orange County records showed. The 0.61-acre site includes a 936-square-foot convenience store and 576-square-foot car wash, county records showed.

Future plans for the site include demolishing the gas station and building in its place a 7,232-square-foot, single-story medical office building for Altamonte Springs-based nonprofit health system AdventHealth, per city of Ocoee permits. City staff is waiting for the developer to revamp and submit updated plans based on recommendations from the development review committee, said an October meeting agenda.

The submarket is sought after for medical office space because of its proximity to AdventHealth’s existing medical facilities in Winter Garden and Apopka, as well as Orlando Health’s hospitals in Ocoee and west Orange County’s Horizon West neighborhood. It is also about 1.5 miles away from Orlando Health Health Central Hospital.

 

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IMC Equity Group acquired Palm Springs Medical, a medical office building in Hialeah, for $14.75 million.

Cofe Fund 1-Palm Springs LLC, managed by Cofe Properties in Miami, sold the 7-story, 76,280-square-foot medical office at 1840 W. 49th St. to North Miami-based IMC Equity Group, led by CEO Yoram Izhak. The deal was brokered by Douglas K. Mandel and Ryan Fellman of the Institutional Property Advisors group at Marcus & Millichap. The price equated to $193 a square foot.

The building last traded for $4 million in 2011, when Cofe Properties bought it from a bank that had foreclosed on it earlier.

Carlos Segrera, chief investment officer of IMC Equity Group, said they chose to invest in the 49th Street corridor in Hialeah because many nearby properties have strong occupancy rates. The deal was at a 7% capitalization rate and the building was 12% vacant.

 

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2700 Hollywood Blvd.

The 26,884-square-foot office at 2700 Hollywood Blvd. was sold for $12.3 million by 2700 Hollywood Blvd LLC.

Ruben Salama, who is also the practice administrator at Elite Plastic Surgery, manages the LLC. Elite Plastic Surgery is based in the building, along with several other health care providers.

The buyer was Rajen Hollywood LLC, managed by commercial real estate investor Arnold S. Wax in Aventura. Coral Gables-based Banesco USA awarded a $6.77 million mortgage to the buyer.

The price equated to $457 a square foot, nearly doubling its 2017 sale price of $6.3 million.

 

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A planned new 9,840-square-foot medical office space is in the works near the southwest corner of Red Bug Lake Road and Goldeneye Point in Oviedo.

CWS-Oviedo Development LLC, the owner of the 1.86-acre property at 7157 Red Bug Lake Road, is led by Carl Sahlsten, a former senior executive of the Carrabba’s Italian Grill Inc. restaurant chain. Kimley-Horn & Associates Inc. was the applicant on the plans.

In 2007, the firm built the infrastructure and developed four pads on the site at the southeast corner of Red Bug Lake and Mikler roads, as Orlando Business Journal previously reported. Two of the pads include a Romano’s Macaroni Grill and a Rock & Brews restaurant, while another pad is vacant. The pads are surrounded by existing parking.

 

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