The Florida Hospital Association's Orlando office at 307 Park Lake Circle

The Florida Hospital Association has sold more than two downtown acres to an Orlando investment company.

Elevation Financial Group bought the eight parcels comprised of 2.12 acres, which includes the Tallahassee-based association’s former Orlando offices adjacent to Park Lake. The FHA had closed that office last November as it centralized all operations in Tallahassee.

The land sold for $4 million on Sept. 12 to an entity connected to Elevation, per Orange County documents. Cushman & Wakefield’s Glen Jaffee and Jeff Sweeney represented the association in the sale, and a representative for Elevation was not immediately known.

In total, the property has more than 20,000 square feet across multiple buildings, according to the county property appraiser. Elevation would renovate the existing main 10,000-square-foot office building and demolish other buildings on the property to make way for new development, according to the company in a release.

Elevation Commercial Development, a subsidiary of Elevation Financial Group, will oversee the construction and demolition.

“We see an incredible opportunity to take an underutilized and distressed property and bring it back to life through strategic demolition, renovation and ground-up construction,” Matthew Downs, president of Elevation Commercial Development, said in a prepared statement. “What now is a mashup of disconnected buildings will be transformed into a reimagined property featuring multiple new office options for Orlando businesses.”

Ben Friedman, director of public affairs for Elevation Financial Group, told Orlando Business Journal the property likely will include office development, the scale of which is to be determined.

Meanwhile, Elevation Financial Group is preparing to build a new three-story, 14,000-square-foot corporate headquarters on New York Avenue in Winter Park. Elevation Commercial Development is also working on that office.

The group of properties is relatively unique to the downtown area because of the location and the size of the portfolio, Jeré Matheny, senior associate at Orlando-based real estate firm First Capital Property Group Inc. who is not involved with the deal, previously told OBJ.

The property and the zoning could lend itself to residential, medical office or a combination of uses in the long term.

Matheny has seen demand continue to recover for office space in downtown and other submarkets, partly thanks to continued population growth. “We don’t see any slowing down.”

Meanwhile, the Central Business District has an office vacancy rate of 14.2% for second-quarter 2022, according to Cushman & Wakefield. That’s slightly up from 13.5% during the prior quarter.

The asking price for all classes of office downtown is $28.97 per square foot for the second quarter. That is slightly down from $29.06 per square foot in the first quarter.

 

Source:  OBJ

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JLL Capital Markets closed the sale of Woolbright Medical Plaza, two institutional-grade medical office buildings totaling 33,154 square feet in Boynton Beach.

The buildings last sold in August 2018 for $5,525,000.

JLL represented the seller, TopMed Realty, in the sale to AW Property Company.

Located at 1700 and 1800 Woolbright Road, Woolbright Medical Plaza is positioned less than a mile from the 401-bed Baptist Heath Bethesda Hospital East, part of the largest health system in South Florida. Furthermore, the property is near Boulevard Rehabilitation Center, HCA Florida JFK Hospital, Delray Medical Center and Bethesda West Hospital.

Woolbright Medical Plaza is 93% leased to a variety of nationally and locally recognized physician groups providing radiology/imaging, ENT, primary care, dentistry and physical therapy services. Anchor tenants include Akumin Corp., ENT Associates of South Florida and Kindred Healthcare. TopMed successfully converted and rebranded the office complex to a medical office plaza and increased the occupancy from 63% to 93%.

The abundance of demand for healthcare services in Palm Beach County is driven by surging population growth and an outsized concentration of senior citizen residents. Woolbright Medical Plaza further benefits from being adjacent to the large active adult 55+ community known as Leisureville, which features 1,800 single family homes and 500 apartments.

The JLL Healthcare Capital Markets team representing the seller was led by Director Matt DiCesare, Senior Managing Director Evan Kovac and Director Anthony Sardo with support from Chad Prescher and Josiah Batcheller. Managing Director Ike Ojala of JLL’s Miami office provided local expertise.

 

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Real estate developers are planning to build a “city within a city” at the Southland Mall site in Cutler Bay.

Developer Electra America, its U.S. affiliate American Landmark, and BH Group this week announced preliminary plans to redevelop the 80-acre site 20 miles south of Miami.

The site was acquired in May for more than $100 million.

Plans for the billion-dollar project, to be called Southplace City Center, include revamping the mall and adding nearly 4,400 apartments, a grocery store, a 150-room hotel, medical office space, an amphitheater and walk/bike paths at the site.

The proposal has been submitted to the town. The developers said their plans meet code and that they won’t seek any special approvals.

The developers plan to break ground next year. Apartments could be ready in early 2025, with rents starting at $2,500.

 

Source:  AXIOS Miami

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Orlando Health unveiled plans to reimagine its current Seminole County campus as a healthcare hub in downtown Longwood, anchored by a new free-standing emergency department (FSED).

Plans call for the FSED to be built and ready to serve the community in the summer of 2024, concurrent with the closure of Orlando Health South Seminole Hospital and the opening of the new Orlando Health Lake Mary Hospital.

Leaders at Orlando Health and officials with the City of Longwood are working together to create a destination for residents that complements the redesigned Reiter Park. The current campus is envisioned to include a 15-acre town center for the City of Longwood comprising a high-quality mix of multi-family residential, retail and office uses.

“We’re very proud of our nearly 40-year history here in Longwood as a hospital caring for so many people in our community and as one of the largest employers in the area,” says Shawn Molsberger, senior vice president of Orlando Health’s northeast region and president of Orlando Health South Seminole Hospital. “Working closely with the city, we’re making an investment into our community that allows us to continue providing a high level of care while bringing in new amenities that will further enhance the quality of life for Longwood residents.”

Most of the Longwood campus will be redeveloped, leaving two existing medical office buildings to continue offering important services such as cardiology, pulmonology, rehabilitation, general surgery, infectious disease, and urology. Plans are also underway to relocate behavioral health services at South Seminole Hospital to a new Central Florida location, where Orlando Health will develop a new dedicated facility to allow for greater access to clinical mental health services. An announcement on the new behavioral health project is expected soon. Construction on the new Longwood FSED is expected to begin in early 2023.

 

Source:  Orlando Health

ALF at 6700 W. Commercial Blvd. in Lauderhill

The Lenox on the Lake assisted living facility in Lauderhill sold to a Miami company for $19.19 million.

GREA Properties Lauderhill LLC, managed by Matan Ben-Aviv of Hollywood-based Ganot Capital, sold the 127-unit assisted living facility at 6700 W. Commercial Blvd. It was purchased by 6700 W. Commercial LLC, an affiliate of Miami-based RSR Senior Residences.

VNB New York provided a $19.25 million mortgage to the buyer, with the loan covering both the real estate and the costs of operating the business.

The price equated to $151,102 a unit.

 

Source:  SFBJ