Lake Nona Rehabilitation Hospital Scrapped

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A hospital by Brooks Rehabilitation in Orlando’s Lake Nona community no longer is happening.

The Jacksonville-based company is not pursing the location “given the constant change of the environment,” spokeswoman Jill Matejcek told Orlando Business Journal. Construction on the planned 60-bed rehab hospital originally was set to start in late 2021 and would have had space to expand.

“We still are committed to Orlando, but based on other Brooks projects and priorities, just not in the form of a rehabilitation hospital at this time,” Matejcek said. “We are focusing on the outpatient expansion.”

Brooks currently has five outpatient clinics in metro Orlando, and is scheduled to open four more in 2022, Matejcek said. The system may add additional clinics to that expansion effort by the end of this year.

A hospital from Brooks would have been the first dedicated orthopedic hospital in the southeast Orlando community, which features a children’s hospital from Nemours Children’s Health, the Orlando VA Medical Center and an acute care hospital from a partnership between the University of Central Florida and HCA Healthcare Inc.

Executives with Tavistock Group, the developer of Lake Nona, were not available for comment.

Rehabilitation care is one of the areas of health care that could see continued expansion in 2022, Henry W. Grady III, senior vice president and industry consultant for nonprofit hospitals and health systems at Truist, previously told Orlando Business Journal. The challenge is that many projects have gotten more expensive and the cost of capital has increased.

“It is a challenge to pass these higher costs along, so how these will be absorbed remains to be seen,” Grady said. “Surely this also will affect bottom line profitability in the coming quarters.”

Brooks currently has a 160-bed hospital in Jacksonville and a second 60-bed hospital in the city set to open in March. It has an inpatient facility in partnership with Halifax Health in Daytona Beach.

 

Source:  OBJ

 

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DSS Expands American Medical REIT Subsidiary With Acquisition Of 21,900-SF Medical Office Building In Winter Haven

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DSS, Inc., a multinational company with nine operating business lines in diverse, high-growth industries, announced its majority-owned subsidiary, American Medical REIT Inc. (“AMRE“), has acquired a tenanted 21,900-square-foot medical office building located at 950 1st St. South in Winter Haven.

Palm Medical Center, the primary tenant of the Winter Haven medical office building, leases nearly 19,000 square feet of the property and has six years remaining on its lease with three five-year options to renew. Rent increases to Palm are limited to 1% annually, and Palm has a first right of refusal on any vacant space at the Winter Haven medical office building. The amount Palm pays towards property taxes will freeze at the 2020 rate, and any future increases in property taxes above the 2020 rate will be absorbed by AMRE.

“While other areas within commercial real estate have been impacted by the ongoing pandemic, medical real estate has demonstrated considerable resiliency,” stated Frank D. Heuszel, DSS CEO. “We are thrilled to further expand our medical real estate operations with the addition of the Winter Haven facility to our growing AMRE portfolio. AMRE, launched in March 2020, now owns more than 380,000 sq. ft. of high-quality healthcare assets across the US, providing a formidable foundation for our operations as we seek to further accelerate growth and build long-term value for our shareholders.”

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Baptist Health Beats Out Rival Bid For Sunrise Site Of Its First Hospital In Broward

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Baptist Health South Florida is set to buy city-owned land in Sunrise for its first hospital in Broward County, beating out a rival bid for the 25-acre site.

The Sunrise City Commission voted 4-1 Tuesday to sell the hospital development site at 12401 West Oakland Park Boulevard to Coral Gables-based nonprofit Baptist Health for $14.3 million.

The price matched a joint bid for the site by two tax-supported hospital systems, Memorial Healthcare and Broward Health.

City commissioners who favored the bid by Baptist Health cited unkept promises by Broward Health to build a hospital in Sunrise at Pine Island Road and Oakland Park Boulevard, where the hospital system acquired property 20 years ago.

City commissioners in August declared the 25-acre site a “surplus” municipal property. It is on the northwest corner of Oakland Park Boulevard and the Sawgrass Expressway.

 

 

Source:  The Real Deal

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First-Class Maitland Medical Office Building Sells For $7.75M

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Marcus & Millichap negotiated the sale of Point 100, a 40,726-square foot, three-story office property located in Maitland, according to Justin W. West, regional manager of the firm’s Orlando office.

The property sold for $7,750,000.

David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor.  The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.

“Point 100 is a premier Maitland office building, and this sale is a good indication of the reinstated confidence in the Orlando MSA office market as a whole,” said Vaughan.

Point 100 is located at 100 E Sybelia Avenue in Maitland with close proximity to the new downtown district, Uptown Maitland Senior Living complex, and Maitland City Centre. Constructed in 1982 and extensively renovated in recent years, the 20-suite office tenant roster includes AdventHealth Medical Group, Nemours Children’s Health and Acentria Insurance.

 

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Tequesta Assisted Living Facility Sells For $12.3 Million

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The Tequesta Terrace Assisted Living Facility in the northern Palm Beach County town sold for $12.3 million.

Manchester Center, Vermont-based Terrace Communities Tequesta LLC, a partnership between Kate Heaton of A.L. Investments, Mark P. Mitchell and Gerald A. Goray, sold the 106-unit assisted living and memory care facility at 400 N. U.S. 1 in Tequesta to Tequesta Propco LLC, in care of West Palm Beach-based Alta Senior Living. Thorofare Asset Based Lending REIT Fund V provided a $15.4 million mortgage covering both the property and the operations of the facility.

The 82,210-square-foot facility was developed on the 2.82-acre site in 2001.

 

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