Big Sky Medical Real Estate Lassoes Fully Leased MOBs In Brandon, Plant City

women's care_brandon 760x320

JLL has closed the sale of two newly constructed, Class A medical office buildings totaling 75,000 square feet in the Tampa submarkets of Brandon and Plant City, FL.

Brian Bacharach, Mindy Berman, Brannan Knott and Vasili Davos of JLL represented the seller, Harrod Healthcare Real Estate. Big Sky Medical Real Estate acquired the properties.

The two properties are fully leased to Women’s Care, a multispecialty women’s health practice with more than 350 providers and over 100 outpatient locations across Florida. The best-in-class outpatient facilities were constructed in 2019 and designed to house multiple specialties including OBGYN, fertility, fetal medicine, breast surgery and gynecological oncology.

 

Source:  Connect CRE

/by

Developer Buys Davie Site To Build Health Care Project

Home Communities Medical Offices and ALF at 8180 Griffin Road, Davie

Home Communities Co. purchased a development site in Davie for a combined $7.25 million and obtained a construction loan.

Doc-Griffin Road MOB LLC, an affiliate of Milwaukee, Wisconsin-based Physicians Realty Trust (NYSE: DOC) provided the $18.38 million mortgage to HHC Davie LLC, an affiliate of Birmingham, Alabama-based Home Communities Co., shortly after it purchased the property.

In the bigger deal, 940 West 84th Street LLC, managed by David Laurence, and Schecky46 Inc., managed by Steve Schechtman, sold 6.95 acres at 8150 and 8160 Griffin Road plus 4760 S.W. 82nd Ave. for $5.075 million.

In addition, Griffin Rd Holdings LLC, managed by Laurence, sold 2.6 acres at 8180 Griffin Road for $2.175 million.

As previously reported, HCC filed plans for a medical office building and assisted living facility there.

The project is slated for a three-story, 42,000-square-foot medical office building and a four-story assisted living facility with 274 beds housed in 185 residential units. There would be 308 parking spaces, including four electric vehicle charging stations.

 

Click here to read more about this story.

/by

Spec Medical Office, Retail Project In The Works Near Downtown Orlando

silhouette of construction site_canstockphoto22793086 760x320

Amid an uncertain market for office space, a 60,000-square-foot spec project is set to break ground in the SoDo neighborhood near downtown Orlando.

Josh Smith, vice president and managing director for the Orlando office of Birmingham, Alabama-based Harbert Realty, told Orlando Business Journal that ground will break on the South Orange Medical Complex on July 12.

Smith is marketing the property for leasing on behalf of the owner and developer, South Orange Medical Complex Inc., and said the project, located at 2116 S. Orange Ave., will consist largely of medical office space, a use that has fared better than typical office space during the pandemic.

What do we know about the project?

The complex will include a three-story building with an adjoining parking garage. Each floor will include roughly 18,000 square feet of space that can be utilized by a single user or divided up for multiple users, Smith said.

The first floor is intended as retail or restaurant use, though it could also become a more public-facing medical concept.

Though being built on a spec basis, there are several proposals for the space, Smith told OBJ. The adjoining garage and the built-in parking it provides is particularly enticing for potential tenants, he said.

Smith declined to cite an estimated project cost, but based on construction industry standards it could cost $10.7 million.

The developer and owner of the parcels where the project will rise is South Orange Medical Complex Inc., an entity related to DeLand-based physician Hussain Rawji. Rawji acquired the land fronting Orange Avenue in 1998 for $525,000, Orange County records show, and the land on W. Harding Street for $110,000 in 2015.

Winter Garden-based Schmid Construction Inc. is the general contractor for the complex and Daniel Farmer, of Orlando-based Farmer Architecture, is architect.

Plans for the complex date back at least as far as March 2020, though the project has changed since then. It is just south of the intersection of Kaley Street and Orange Avenue, about a half-mile south of the Orlando Health Regional Medical Center campus.

Because of its location, and planned use, Smith said he felt confident encouraging Rawji to press forward with his long-sought project.

“In spite of everything that’s been going on with office space in general since Covid, Dr. Rawji has pressed forward with this vision, because it’s his passion,” Smith said. “This is probably one of the most appropriate developments in Orlando, given the actual location of the real estate. … You’re in a very particular stretch of road where you’re very well insulated from what the rest of the economy and the market is doing.”

 

Source:  OBJ

/by

$45.5M Off-Market Sale Highlights Demand For Medical Office Space

8100 SW 10th St 760x320

Colliers and Avison Young closed on the sale of Crossroads III, a suburban Class A medical office building located at 8100 SW 10th Street in Plantation.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team collaborated with Justin Cope and Greg Martin of Avison Young in representing the buyer, Anchor Health Properties.

The off-market transaction totaled $45.5 million or $475 psf.

“The South Florida market continues to thrive and see high demand for medical office properties with strong tenancy,” said Rubin. “In this highly competitive market, we’re pleased to have assisted our client within a short timeframe in acquiring a high-quality asset that will complement their existing national portfolio.”

The medical office building is leased long-term to the University of Miami (UM) Hospital. The University of Miami Health System focuses on delivering leading-edge patient care by the region’s best doctors, powered by groundbreaking research and medical education. UM plans to expand to the entire property and add a state-of-the-art 15,000-square-foot radiotherapy center.

“This was a prime opportunity for the buyers to acquire a class A medical office asset leased by a credit long-term tenant, off-market, prior to the asset being widely marketed,” said Laggerbauer. “The buyer already owns another asset leased by UM.”

Anchor Health Properties is a national full-service healthcare real estate company focused exclusively on medical facilities. The Virginia-based company fosters strong programmatic relationships within healthcare, real estate, and finance with more than $1 billion of completed development projects, more than 7.5 million square feet under management, and more than $2 billion invested in stabilized healthcare facilities.

Plantation is home to some of the leading healthcare and medical office tenants in South Florida, including the University of Miami Health System, Sunshine State Health, Humana, Aetna, and Masa Global. Broward County, mainly Plantation, is an attractive investment market due to its proximity to dense residential neighborhoods, corporate campuses, and hospitals such as Plantation General Hospital, Mercy Hospital, Memorial Hospital, and HCA Florida University Hospital, all within an 8-mile radius of the city.

Limited medical office construction continues to keep the supply tight and rents competitive, currently at $32.28 per square foot gross. Demand for medical office space has been elevated since the pandemic’s start as the product type proved to be resilient, high-yielding, and recession-proof. The outlook for medical offices remains positive as the healthcare needs in South Florida continue to expand in line with population growth.

 

/by

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.

 

/by