Tampa General To Buy 3 Local Hospitals From Tennessee Company

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Tampa General Hospital has agreed to buy three Bravera Health hospitals in Brooksville, Crystal River and Spring Hill for $290 million.

The sale was announced by Community Health Services, the current owner of the three hospitals. Once the sale closes, the Franklin, Tennesee-based company will no longer have any hospitals or clinics in Tampa Bay, leaving the operator with seven hospitals in the Panhandle, Southwest Florida and the Keys. In 2020, CHS sold St. Petersburg’s embattled Bayfront Health to Orlando Health.

Since 2016, CHS has been shedding hospitals to focus on regional hubs, per a 2018 report from Healthcare Dive. The health care giant, which owns or leases 77 hospitals across 15 states, reported a $51 million net loss attributable to shareholders for first quarter 2023.

Meanwhile, the sale is a major investment for Tampa General, which owns over 100 properties in Florida, most notably a 1,040-bed hospital in Tampa’s Davis Islands. Other significant holdings include a 130,000-square-foot health complex in Brandon and a rehabilitation hospital on Kennedy Boulevard, which added a 15,000-square-foot emergency center last month.

A smattering of specialized clinics, surgery facilities, urgent care centers and cancer centers across Tampa Bay, as well as some properties in South Florida and Fort Myers, fill out the rest of Tampa General’s portfolio.

The Tampa hospital also operates in partnership with the University of South Florida’s Morsani College of Medicine.

Tampa General will add 372 beds to its network with the acquisition of the three hospitals. The Bravera hospitals currently provide cancer treatment, surgeries, primary care and rehabilitation, among other services.

Services offered at Bravera Health Brooksville include emergency medicine, orthopedics, cardiology, cardiac catheterization, general surgery, outpatient physical, occupational and speech therapy rehab centers.

Bravera Health Spring Hill offers women’s services including labor and delivery and neo-natology, emergency medicine, vascular and general surgery, ear, nose and throat, plastic surgery, urology, outpatient physical, occupational and speech therapy, and wound care.

The sale will close later this year, according to a media release from CHS.

 

Source:  Suncoast News

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AdventHealth Buys Multiple Apopka Properties

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Altamonte Springs-based nonprofit health system AdventHealth bought 5.87 acres for $4.5 million on July 26, according to Orange County records. The trio of properties was previously owned by both the estate of the late Virgil Bocker and Wisconsin Rapids, Wisconsin-based Midwest Enterprises and Development LLC.

The three parcels are:

  • 2928 W Kelly Park Road: Includes 4.8 acres and has two single-family homes on the site, according to the Orange County Property Appraiser.
  • 2902 W Kelly Park Road: The 0.5-acre site has one manufactured home.
  • 2896 W Kelly Park Road: The 0.57-acre site is vacant.

The properties are located to the north of its AdventHealth Apopka hospital, which is roughly a 10-mile drive away.

 

Source:  OBJ

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South Florida Health System Prepares For $300 Million Expansion

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Jackson Health System in Miami is readying a $300 million expansion of its main emergency department, more than tripling the size of the facility at its flagship hospital.

Jorge L. Garciga, director of facilities design and construction at the public health system for Miami-Dade County, said the new two-story ED would total 130,000 square feet. The project will also include the renovation of the existing ED, which totals about 45,000 square feet.

JHS would fund the project with proceeds from operations.

The new ED will be designed to triage patients faster and reduce wait times. Instead of having one entrance on 18th Street, the new facility would have an adult entrance on 19th Street and a pediatric entrance on 18th Street. Plans include 207 rooms, including 50 observation rooms and seven patient rooms, plus a host of exam and behavioral health rooms.

 

Source:  SFBJ

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Local HMO Proposes New Medical Office Building In Coral Gables

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The head of a local company that provides health services to senior citizens wants to build a new four-story office building in Coral Gables.

Santiago Vera, CEO of MedGroup Medical Center, filed an application to build a $3.5 million mixed-use commercial building on a vacant lot at 2800 Douglas Road.

The plans, which will be discussed by the Coral Gables Development Review Committee on July 28, will include a 9,094-square-foot adult day care on the third floor and a 7,000-square-foot medical clinic on the fourth floor.

The adult day care operation will serve a maximum of 100 patients and be served by three to five full-time employees, according to a memo to city officials written by Luis La Rosa of the Pembroke Pines-based architecture firm LLR Architects. It will include a TV viewing area, game areas, and dance and exercise areas as well as private rooms, food prep areas, eating areas, and restrooms.

The medical clinic will include exam rooms, therapy rooms, and lab rooms and will employ two medical doctors, two medical assistants, a front desk personnel, and a phlebotomist.

MedGroup also plans to construct a three-story office building in Homestead at 304 N. Krome Ave. on land that he also intends to acquire.

Vera said he plans on breaking ground at the Homestead location in the next 90 days and hopes to start construction on the Coral Gables office by the first quarter of next year.

 

Source:  SFBJ

 

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Lotus Closes $120M Medical Office Portfolio Financing

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Lotus Capital Partners has arranged, structured, and closed a $120 million financing package on behalf of ShareMD for an eight-property medical office portfolio.

Lotus secured a $66 million 5-year refinancing with Cerberus Capital Management collateralized by a seven-property portfolio totaling 268,000 square feet, and a $53 million refinancing with an incumbent lender secured by a 498,000 square office building in Jacksonville, Florida.

The Cerberus loan features a diverse tenant mix across various medical specialties in offices strategically located near hospitals and medical facilities. The incumbent refinance is secured by an on-campus medical office building anchored by major health system tenants.

ShareMD is a fully integrated real estate company focused on institutional quality MOBs.

“The team at Lotus is among the best in the business at executing complex capital structures and we greatly valued the firm’s creativity, dedication, and professionalism throughout this process,” said John Bardis, CEO of ShareMD.

 

Source:  Connect CRE

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