Memorial Healthcare System Pays $49M For Shuttered Hollywood Fashion Center Mall

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Memorial Healthcare System paid $49 million for the shuttered Hollywood Fashion Center mall, property records show.

The 8-acre property houses the 155,880-square-foot shopping center, which was constructed in 1971 and closed in 1993. Today, the building is home to Gordon Food Service Store, a food distribution center and grocery store. Located at 101 South State Road 7, the site sits adjacent to Hollywood Boulevard, surrounded by big-box stores such as Aldi and Walmart.

Memorial Healthcare System, a nonprofit hospital system, is looking to redevelop the property into “a wellness hub” but has yet to make a final decision and construction is at least two years away, according to a statement from the hospital.

Brothers Shlomi, Izac and Lior Ben-Shmuel, bought the Hollywood property last year for $7 million with each owning a third, according to property records.

Jason Tobin and Louis Granteed of Tobin Real Estate represented Memorial Healthcare System in the transaction.

 

Source:  Commercial Observer

 

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Health First Scales Back Merritt Island Wellness Village Concept

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Health First is making some changes to its Wellness Village concept in Merritt Island.

The Rockledge-based nonprofit health system will remove some of the retail elements from its proposed project at 255 Borman Drive in Merritt Island. The project will still include a 120-bed hospital to replace its 150-bed Cape Canaveral Hospital in Cocoa Beach, a 90,000-square-foot medical office building, a parking structure and a central energy plan, but concepts like a restaurant, coffee shops, health information center and retail shops will no longer be included.

Health First Spokesman Lance Skelly told Orlando Business Journal that a combination in increasing labor, materials, energy, transportation and construction costs were part of the decision, along with the rising cost of doing business for its health care operations.

“Health care systems and hospitals cannot simply raise or adjust its prices in response to external pressures like — say— an airline, hotel, restaurant, theme park or grocery store can,” Skelly said. “Because of these rapidly increasing costs, and with no slowdown in sight, we’ve decided to reevaluate the timing and elements of our Wellness Villages – including Merritt Island.”

Construction on the hospital and other elements is expected to start in 2024. Wellness Village sites in Melbourne and Palm Bay have been paused, but only to be reevaluated and nothing has been taken off the table yet, Skelly said.

The changes come as Health First reported that in its fiscal 2022 it had an overall loss of $232.5 million, versus a net gain of $189.3 million in its fiscal 2021, according to its bond report for the year ended Sept. 30.

Founded in 1995, Health First has more than 9,000 employees and owns four hospitals, health insurance plans and a multispecialty physician group.

Meanwhile, health care construction activity is on the rise nationwide, as well as in Central Florida.

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.

 

Source:   OBJ

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HCA Plans $25 Million Health Care Facility In Pembroke Pines

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Hospital giant HCA Healthcare has proposed a free-standing emergency department in Pembroke Pines, on the site of its former city hall.

The city’s Planning and Zoning Board will consider the site plan application for the 6.6-acre property at 10100 Pines Blvd. on April 13. The site, at the southwest corner of Palm Avenue, previously hosted city hall until the city built a new home nearby.

Davie Medical Center LLC, an affiliate of Nashville-based HCA, acquired the land for $13 million in August.

The city previously approved the 6.6-acre property for up to 120,000 square feet of medical office space. HCA filed plans for a 10,860-square-foot free-standing emergency department with 59 parking spaces. It estimated the cost of the project at $25.6 million.

 

Source:  SFBJ

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Orlando Medical Project Among Biggest Under Construction In U.S.

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An under-construction medical office building that is one of the biggest commercial developments in Central Florida is also, as it turns out, one of the largest projects of its type in the nation.

A new report from 42Floors, a subsidiary of Santa Barbara, California-based commercial real estate data firm Yardi Systems, ranks the 20 largest medical office buildings in the country that will be completed this year.

Weighing in at No. 6 on the list is the Upshot Medical Center at Mills Park, which will be 160,000 square feet in size, tied with a development in Chicago and just behind a development in Philadelphia.

The Upshot project is expected to deliver in the third quarter of this year.

It joins Fort Lauderdale’s Memorial Cancer Institute (121,300 square feet) as medical office buildings from Florida to make the top 20. Six properties in the top 20 were located in Texas, including four alone in the Houston metro.

The project at 1724 N. Mills Ave. in Orlando is being developed by Orlando-based Upshot Capital Advisors, as a joint venture with Chicago-based Leopardo Cos. The estimated construction cost for the project is roughly $75 million, based on industry standards.

Leasing for Upshot Medical Center at Mills Park is being handled by Jamison Commercial Partners.

“Investors are viewing medical office as a haven in a disrupted environment,” said Doug Ressler, a business intelligence manager for Yardi Systems. “Not only have rising interest rates cast general uncertainty on property values, but the slow return of employees to the workplace is also raising questions about demand for the office sector.”

Ressler suggests office owners are rethinking their traditional office portfolios and exploring conversions to medical office buildings.

 

Source:  OBJ

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Orlando Medical Office Complex Plans Final Phase Of Expansion

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An Orlando medical office complex has plans to build its final phase with new buildings.

The Orlando Medical & Professional Complex will add three buildings which total 13,500 square feet on the western 1.8 acres of its 5.74-acre site at 1130 S. Semoran Boulevard. The property currently has five one-story medical office buildings which total 36,595 square feet.

Lake Mary-based Jonosh Properties LLC has requested a master plan approval for the project from the city of Orlando. That request is tentatively set to go before the Orlando Municipal Planning Board on May 16 for a hearing.

 

Source: OBJ

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