Brevard Planning Board OKs Zoning Change, Variances For New Merritt Island Hospital

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Despite concerns raised by residents of a neighboring condominium development, a county advisory board this week approved zoning changes and variances that would allow Health First to build a new hospital and “wellness village” on Merritt Island.

The unanimous approval  from the Brevard County Planning and Zoning Board follows a similar unanimous vote on April 28 from the Merritt Island Redevelopment Agency. Health First’s proposal now goes to the Brevard County Commission for a potential final vote on May 26.

Health First wants to build a seven-story, 120-bed hospital with an adjoining medical office building and “wellness village” on a 15.05-acre site, across State Road 520 from Merritt Square Mall. The $508 million complex would replace the current six-story, 150-bed Cape Canaveral Hospital off State Road 520 in Cocoa Beach, which would close when the new hospital opens.

 

Source:  Florida Today

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Major Construction Project Underway At Joe DiMaggio Children’s Hospital

Joe DiMaggio Children’s Hospital Hollywood

Joe DiMaggio Children’s Hospital in Hollywood is ranked among the highest for pediatric orthopedics in the country. Now, construction will double the floors of the current hospital building.

This major construction and expansion project comes on the heels of high demand for pediatric specialty services.

Later this year, construction will be completed for the expansion of more than 300,000 square feet and four floors of added care.

The eighth floor is really the showpiece, where there will be a family lounge, a gym, a business center, a spa-like bathroom, a classroom with a stem lab, a stimulation lab to train their own staff and the Garth Brooks Child Life Zone.

 

Source:  NBC Miami

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New Details On Health First’s Planned Island Hospital, ‘Wellness Village’

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Health First‘s massive plan for a new hospital and “wellness village” off State Road 520 on Merritt Island is starting to get its first formal public airings, as the project seeks regulatory approval.

This month, Health First will seek the support of the Brevard County Planning and Zoning Board and the Brevard County Commission for a series of zoning changes and related waivers that would allow the project to move forward.

Health First hopes to open the new seven-story, 120-bed hospital as early as 2025. It would replace the current six-story, 150-bed Cape Canaveral Hospital on State Road 520 in Cocoa Beach, which would close when the new hospital opens.

The wellness village will consist of the medical office building, child day care center, fitness center, coffee shop, education center, spa, retail, food hall, market/juice bar, event space, amphitheater and information tower. The wellness village also will contain landscaping and pedestrian walkways, as well as emergency, maintenance and event vehicle access.

 

Source:  Florida Today

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Pembroke Pines Medical Office Complex Gets $22 Million In Refinancing

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CBRE has secured $21,884,000 in refinancing for The Pines Medical Professional Centre, a 91,956-square-foot medical office complex located at 400 – 700 N. Hiatus Road in Pembroke Pines.

Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.

“We continue to see the healthcare industry trend toward outpatient services, which has strengthened the demand for medical office buildings overall. Since purchasing the property in late 2016, the borrower has created significant value by adding high-quality medical tenants. The borrower, a longtime client, was able to refinance out of their existing mortgage and pull cash out to put towards continuing improvements at the property,” said Ahmed.

The Pines Medical Professional Centre consists of four (4) two-story office buildings built between 2000 and 2002. It is 97 percent occupied by a variety of medical providers and services, including physicians, dentists, radiologists, and urologists.

The property is located less than a mile from Memorial Hospital West, which offers a wide range of healthcare services, including one of the busiest adult emergency care departments in Broward County.

 

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Miami Medical/Professional Office Building Sells For $18 Million

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Avison Young’s Florida Capital Markets Group closed the $18 million sale of 50Forty on 7th, a nine-story, ±82,298-square-foot medical and professional office building at 5040 NW 7th Street in Miami’s Airport submarket near the prestigious Waterford office district.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented the seller, Riverside 1031 LLC. The buyer was Valoro Capital.

“Our client purchased the asset in January 2021 for $14.5 million as a value-add opportunity,” said Duckworth. “They implemented a plan, including leasing up the property to 93.3% occupancy, to take advantage of improved market conditions and achieved 25% asset appreciation within 14 months.”

More than half of the 50Forty building’s tenant roster comprises medical office users, followed by business services and government tenants. It’s location just two minutes from the Miami International Airport, coupled with and onsite parking structure and recent significant renovations, has attracted new tenants. The property has maintained a 95% retention rate over the past three years.

“With the asset near full, the new owner has the opportunity to bring current rents to market,” said Crotty. “Driven by an influx of out-of-state firms, average asking rents in the Miami Airport submarket have climbed to $39 per square foot as of first-quarter 2022, a new record high for the area but competitive when compared to nearby Coral Gables.”

According to Avison Young’s first-quarter 2022 research, Miami’s overall vacancy contracted to 16.5 from 16.9 at the end of 2021. Vacancies are expected to contract further in 2022 as several large new-to-market relocations are still planned for South Florida and some businesses choose to expand to capture rents now that will only continue to grow in the coming months.

“Office buildings are seeing strong investor demand and appreciation right now,” added Duckworth. “Rental rate growth has largely outweighed risks such as rising interest rates, and we have yet to see a slowdown in overall investor demand in South Florida.”

The 50Forty building is well-positioned in a medical district with nearly 150 physicians’ groups within a three-mile radius and seven hospitals within a 25-minute drive, thanks to easy access to Florida’s Turnpike, the Dolphin and Palmetto Expressways, and Interstate 95. The nearby population with a relatively older median age, spends more than $75 million annually on healthcare, suggesting that medical office demand will continue to increase in the coming years.

 

Source:  CRE-sources

 

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