Montecito Medical Acquires Medical Office Property In Tampa Area

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Montecito Medical has completed the acquisition of a 37,000-square-foot medical office building in Lithia, Florida.

The building, which opened in 2021, is fully occupied under long-term lease by Orthopaedic Medical Group (OMG) of Tampa Bay.

“This is an outstanding asset in a very attractive submarket, and we are especially excited by the opportunity to work directly with the physicians of OMG and help them make the most of their real estate,” said Jake Clark, Acquisitions Associate at Montecito Medical.

OMG, one of the fastest growing orthopedic groups in the Tampa-St. Petersburg area, maintains 8 locations. At the Lithia property, which serves as the group’s flagship location, OMG provides clinical services, orthopedic surgeries, and physical therapy.

“Orthopaedic Medical Group is dedicated to providing quality facilities for its providers, patients and staff,” said Bill Romaniello, Director of Business Development for OMG. “We are excited about adding the FishHawk/Lithia facility as our flagship location and starting our partnership with Montecito to ensure the facility continues to serve the community for many years to come.”

FishHawk/Lithia is a growing suburban area 25 minutes southeast of downtown Tampa. The OMG property is situated FishHawk Blvd. in the middle of a new mixed-use development that includes single-family and multi-family residential, a retail plaza and middle school.

The Lithia acquisition expands Montecito’s footprint in the Tampa-St. Petersburg market area. “

We are making a substantial real estate investment here, and we anticipate that we will be able to announce additional acquisitions later in the year,” said Chip Conk, CEO of Montecito Medical.

 

Source:  Business Wire

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BayCare Health System Adds Facilities In Florida

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Nonprofit BayCare Health System (Tampa) is planning a new hospital in Palmetto, Florida.

The project will be BayCare’s 17th acute care hospital and is expected to be completed by the end of 2025.

Additionally, multispecialty group BayCare Medical Group, which is part of BayCare Health System, is opening an adult primary care practice in Palmetto this year.

 

Source:  Healthcare Design

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Tampa General Hospital’s Medical District To Have $8.3B Statewide Impact

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Tampa General Hospital, a pillar in the health care community and known as the area’s only Level 1 trauma center, is in the midst of creating a medical district – one that will bring monumental investments and establish a true world-class clinical destination.

The goal of the Tampa Medical and Research District (TMD) is to create a hub in Tampa that would cultivate groundbreaking research and attract renowned clinicians and tech companies. At full buildout, at least 26 institutions will be considered as part of the TMD, including multiple universities, pharmacy schools, urgent care centers, and the existing USF Health Morsani College of Medicine in Water Street Tampa, a $3.5 billion, 50-acre real estate development.

”We fill important roles and we are blessed to be surrounded by a good health system in Tampa Bay. At TGH, this center would put us in a great position to operate on a larger scale and compete with other cities that have well-established medical districts,” TGH President and CEO John Couris told the St. Pete Catalyst, sharing the first look of a preliminary economic study on the medical district. 

A look at some of the physical projects that are underway in the new medical district:

  • Hillsborough Community College Davis Islands Campus: An office building TGH recently acquired to house non-clinical team members.
  • A planned medical hotel to house patients traveling across the nation for care.
  • A planned eight-story, 2,000-space parking garage that will consolidate all off-site team member parking. It will be across from the Oxford Exchange.
  • A People Development Institute that represents a partnership between TGH and USF Muma College of Business. It will enhance career development and foster continuous growth for health professionals.
  • A proton therapy center, which would be the first of its kind on the West Coast of Florida. This free-standing facility would be developed in partnership with Florida Cancer Specialists and Research Institute, Proton Therapy Partners and Florida Urology Partners.
  • A 96-bed behavioral health facility (with room to build to 120 beds) that will also serve Baker Act cases.
  • TGH Innoventures/Embarc: Tampa General Hospital’s innovation center and new venture capital fund dedicated to driving a culture of innovation across the organization through the support of early-stage startups and direct investments. TGH is the sole healthcare partner for Embarc Collective.
  • TGH inpatient rehab center, created through a joint venture with Kindred Healthcare, is a freestanding 80-bed rehabilitation facility that offers state-of-the-art technology and features all private rooms. The facility opened several months ago.
  • TGH’s planned Global Emerging Diseases Institute will treat patients with infectious diseases. Construction is expected to start this November.

The health care organization retained The Washington Economics Group (WEG) to do the preliminary economic impact study on the medical district, analyzing the wave of impact from infrastructure to job creation and spending.

It showed that once completed, the total economic impact of Tampa Medical District is over $6.4 billion each year in the Tampa metro (MSA). Of this total, $3.5 billion (or 55%) is due to direct economic effects, with $2.9 billion attributable to indirect and induced economic effects.

In evaluating how it would impact the state, the total statewide impact would be nearly $8.3 billion of impact each year, which is more than $1.8 billion compared to the impact it would solely have in the Tampa metro.

The TMD will support over 41,500 local jobs and 57,900 jobs throughout the state.

Other findings from the study: 

  • The district will create $2.8 billion in household income each year.
  • The Gross Domestic Product impact in the Tampa metro would ne roughly $4 billion.
  • The federal, state and local fiscal revenues generated by the district would total roughly $800 million each year.

The study continued to highlight the great importance of  TGH’s presence at the USF Health Morsani College of Medicine in Water Street Tampa, which created an even more proximal and collaborative relationship between the medical staff at TGH and USF and further clustered education with another notable area institution, the University of Tampa.

In addition to the new structures in the district, TGH is investing $500 million in new infrastructure and increased capacity at its main campus.

 

Source:  Catalyst

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A New Pediatric Center To Deal With Orthopedic Conditions And Injuries Is Coming To JMH

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On Friday, Jackson Health System announced plans for the Shriners Children’s Orthopedic Center at its health district campus. The center, a partnership with the University of Miami and Shriners Children’s Florida, which runs the Tampa hospital, will house all pediatric orthopedic care when it opens in 2025.

The partnership started a year and a half ago, said Daniel Armstrong, director of the UM Mailman Center for Child Development. The CEO of the Tampa Shriners hospital approached him about collaborating in Miami.

The orthopedic center will be located east of Northwest 12th Avenue at Northwest 16th Street, steps from Holtz Children’s Hospital and the new Ronald McDonald House.

“Just like the exceptional care I received from Shriners Children’s Florida, the Shriners Orthopedic Center at Jackson will offer hope and healing to children all around South Florida,” Solano said.

The center, Armstrong said, will allow Jackson to provide orthopedic care and rehabilitation while also addressing the developmental needs of kids with conditions like cerebral palsy. It will enhance physical and occupational therapy and fill in some of the services Jackson has difficulty providing.

“We’ll be able to provide comprehensive care to all children, but we’ll be able to do it in a highly integrated one-stop coordinated fashion,” he said. The grant from Shriners Children’s Florida will build a pediatric orthopedics program that can treat both conditions like muscular dystrophy and traumatic injuries, said Carlos Migoya, CEO of Jackson Health System. 

 

Source:  Miami Herald

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Four Recent Florida Medical Office Building Deals

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Florida is one of the most active states for medical real estate.

Four Florida medical office building transactions in the last 30 days:

1. The Citrus Tower medical office building in Clermont, was acquired by Flagship Healthcare Trust, an outpatient healthcare real estate investment trust. The property is 20,964 square feet.

2. A medical office building in Brandon, was sold for $39 million. The building houses an OB-GYN practice that offers pregnancy, gynecology, women’s health and cancer services.

3. A medical office building in Plantation, was sold for $45.5 million. The 101,851-square-foot building is fully leased to the University of Miami Health System and was bought by real estate investment firm Anchor Health Properties.

4. A former movie theater in Kissimmee, is being converted into a medical office building that will be home to an ASC, a lab and a radiology center. The 19,618-square-foot building will be transformed into a nearly 40,000-square-foot, two-story building. The project is estimated to cost $5 million.

 

Source:  Becker’s ASC Review

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