Flagship Healthcare Trust Acquires Clermont MOB

Citrus Tower medical office building in Clermont, Florida

Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired the Citrus Tower medical office building (MOB) in Clermont, Florida.

Located at the Citrus Tower Boulevard and Johns Lake Road intersection, the 20,964-square-foot, Class A property serves as the anchor building for Citrus Tower Park and is home to the newest location for IMA Medical Group (IMA), the area’s leader in patient-centered care for wellness and preventative medicine. The MOB is approximately 1.5 miles from the 170-bed Orlando Health South Lake Hospital and AdventHealth Clermont Park, a 24-bed freestanding Emergency Department and health park.

Clermont is a suburb of Orlando, one of central Florida’s fastest-growing cities and a thriving healthcare sector. The region is home to three other hospitals in addition to Orlando Health South Lake and AdventHealth: Nemours Children’s Hospital, Orlando VA Medical Center, and HCA – Central Florida Regional Hospital.

“This property is well-positioned in the Orlando MSA, close to two major hospitals and with excellent access to commercial and transportation corridors. The newly constructed Citrus Tower MOB will be an attractive option for medical practices in this dynamic and rapidly growing market,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “We look forward to complementing the existing tenant mix all the while providing first-class real estate services that support their missions and business aspirations.”

Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management and property management services for the property. The team at Fifth Third Bank, led by Michael Perillo, will provide financing for this off-market transaction.

 

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Medical Office, Hospital Expansions Among Orlando’s Largest Proposed Health Projects This Year

adventhealth palm coast parkway

There’s no lack of health care projects in Orlando so far in the first six months of 2022 — bringing more construction and jobs into the area.

Major care systems like AdventHealth and Orlando Health are finishing up respective projects estimated in the millions of dollars.

For example, Orlando Health has plans to wrap up its $341 million, 370,000-square-foot Orlando Health Jewett Orthopedic Center during 2023. Also, Altamonte Springs-based AdventHealth is finishing its 12-story, 300,000-square-foot Innovation Tower medical office building in downtown Orlando later this year and is preparing a new freestanding emergency department and medical office on the former site of The Holy Land Experience in Orlando’s Millenia neighborhood.

Nationally, the activity is following the same trend. Raleigh, North Carolina-based FMI Corp. expects health care construction spending in the U.S. to go from $53 billion in 2022 to $62 billion in 2025. That is due to demand for services for an aging population and the addition of people to certain parts of the country.

Jeff Butler, senior pre-construction manager in Florida for Birmingham, Alabama-based Robins & Morton, previously told Orlando Business Journal his company has seen a lot of local health care systems and companies invest in facilities due to the area’s population growth and other factors.

“We are seeing more health systems add capacity to their hospital campuses, from inpatient beds to emergency, imaging and specialty care services,” Butler said. “We believe some of this is a response to the lack of bed availability throughout the Covid pandemic, but we also believe it’s a reaction to aging infrastructure.”

Here are some of the largest health care projects proposed so far in metro Orlando:

Healthcare Trust of America Olympus medical office

  • Cost: Estimated at $100 million
  • Description: Healthcare Trust of America (NYSE: HTA) has proposed 175,000 square feet of space, including a 96,000-square-foot building in the first phase inside the Olympus mixed-use development in Clermont. The Scottsdale, Arizona-based company is targeting the start of construction either this December or January 2023.

AdventHealth’s two new medical office buildings

  • Cost: Roughly $30 million each, $60 million total
  • Description: AdventHealth will open a new three-story, 58,000-square-foot medical office building with an outpatient surgical center at 950 Rinehart Road in Lake Mary early next year and a new two-story, 36,000-square-foot medical office building will open at 5821 S. Williamson Blvd. in Port Orange in October. Both projects are located next to existing freestanding emergency rooms.

HCA Florida Poinciana Hospital expansion

  • Cost: $9.9 million
  • Description: HCA will build out 13,000 square feet of shell space in the hospital, expanding the hospital’s intensive care unit capacity from six to 12 bed and adding 18 inpatient beds to reach a total of 94. The project is expected to wrap up in spring 2023 after starting construction in May.

Orlando Health Center for Rehabilitation conversion

  • Cost: Not listed
  • Description: Orlando Health is establishing its first rehabilitation hospital in the region by converting the Orlando Health Center for Rehabilitation on the campus of Orlando Health – Health Central Hospital in Ocoee into a 54-bed inpatient facility. The hospital will have room to expand up to 100 beds in the future and is expected to start taking patients in 2023.

HCA Healthcare Inc.’s new Lee Vista emergency room

  • Cost: Not listed
  • Description: The Nashville, Tennessee-based (NYSE: HCA) health system filed plans with the city of Orlando for a 10,860-square-foot, one-story freestanding ER at 5597 Lee Vista Blvd. in Orlando, where it has a ground lease. A timetable for the facility to be built has not been announced yet.

 

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AdventHealth Buys More Lake County Property

adventhealth

AdventHealth just bought a portion of Clermont land that was part of a recent, larger sale.

Ohio-based developer Coastal Ridge Real Estate bought a 49-acre property from the Clont family on June 2 for $7.35 million, according to county records. The developer then sold a 24-acre portion of the property closer to U.S. 27 to an entity related to the Altamonte Springs-based nonprofit health system for $5.75 million. The land is next to the 250-acre, mixed-use Olympus development in Clermont, which is slated to feature residential, sports venues, retail and medical uses.

“AdventHealth has no immediate plans for this parcel,” Kari Vargas, CEO of AdventHealth’s West Orange and South Lake market, told Orlando Business Journal. “We will continue to assess the health needs of the fast-growing South Lake County community, to ensure we utilize the property in a way that best serves those needs.”

Founded in 1908, AdventHealth’s Central Florida division includes more than 20 hospitals and ERs in the seven-county area in and around Orlando. Its hospitals and other outpatient services see more than 5.7 million patient visits annually. The health system has 37,000-plus employees across Central Florida. Nationally, the organization has more than $12.5 billion in annual operating revenue.

Meanwhile, Raleigh, North Carolina-based FMI Corp. expects health care construction spending in the U.S. to go from $53 billion in 2022 to $62 billion in 2025. That is due to demand for services for an aging population and the addition of people to certain parts of the country.

 

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University Of Miami Breaks Ground On 12-Story Cancer Center

Sylvester Comprehensive Cancer Center – Transformational Cancer Research Building

A groundbreaking ceremony was held by the University of Miami’s Miller School of Medicine on June 2 for a 244,000-square-foot Sylvester Comprehensive Cancer Center – Transformational Cancer Research Building.

HOK is the architect.

 

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New Hospital Under Construction In Plant City As Population Grows

SFBH Rendering_760x320

As Plant City continues to grow, so is the need for a bigger hospital. Construction is underway for the new South Florida Baptist Hospital.

“This project not only is exciting for our hospital, it really is exciting for the community of Plant City,” said Karen Kerr, President of South Florida Baptist Hospital.

It will replace the original hospital, which opened back in 1953. That hospital has undergone 12 major additions and expansions since then.

“We know that Plant City is growing by leaps and bounds. We determined that the best plan was to build a replacement hospital rather than to build on site,” Kerr said.

Located less than four miles from the original hospital, this new hospital will have six floors and will feature 146 state-of-the-art private rooms.

“Patient rooms will be considered smart rooms. The patients will be able to control things. Control maybe the blinds, the lighting from their beds,” said Kerr.

The new building will also have 26 ICU beds and a 30-bed emergency department.

“Part of our planning really dictated that we had pandemic ready units. So, our ICU units will be pandemic ready. Hopefully we won’t need it again,” Kerr said.

The $326 million project includes a medical office building for outpatient lab services, rehab and wound care and more.

South Florida Baptist Hospital is the largest employer in Plant City. About 800 team members will work at the new hospital when it opens in 2024.

 

Source: WFTS Tampa Bay

 

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