Medical Properties Trust Buys Palmetto General Hospital As Part Of $900M South Florida Expansion

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Medical Properties Trust just closed on the fourth of the five hospitals it plans to acquire as part of a major expansion into South Florida healthcare totalling roughly $900 million.

The Birmingham, Alabama-based real estate investment trust bought Palmetto General Hospital in Hialeah for $315 million from an affiliate of Dallas-based Tenet Healthcare, records show.

Some of the buildings that make up the hospital campus purchase are the Palmetto Medical Plaza at 7100 West 20th Avenue and the garage at 7160 West 20th Avenue as well as next-door physicians’ offices at 2001 West 68th Street and 2001 West 68th Street, records show.

The deal is part of MPT’s agreement with Tenet to buy five South Florida facilities and then lease them to Dallas-based Steward Health Care System, which purchased the hospitals’ operations and associated physician practices from Tenet, according to a news release.

MPT already bought North Shore Medical Center near North Miami and Coral Gables Hospital in the Gables for a combined $276 million. This came on the heels of the group’s purchase of Florida Medical Center, three office buildings and FMC Medical Mall in Lauderdale Lakes for $171 million from a group of sellers that included Tenet.

The medical REIT is also planning to buy Hialeah Hospital, although public records do not yet show the purchase.

MPT, led by Edward K. Aldag Jr., is a hospital and medical office investor with $22.3 billion of assets under management, according to its website. The majority of its portfolio is in the U.S. but it also has properties in the United Kingdom, Australia, Switzerland, Germany and elsewhere.

Tenet, which is also publicly traded, is led by executive chair and CEO Ronald Rittenmeyer, according to its website. It runs 60 hospitals and about 460 other healthcare facilities.

 

Source:  The Real Deal

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Florida Cancer Specialists To Take 37,000-SF Of Office Space In Winter Park

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Winter Park Village has landed a new office tenant as it undergoes a multimillion-dollar facelift.

Florida Cancer Specialists signed a deal to take 37,000 square feet of office space above the Winter Park Village retail at 510 Orlando Ave.

Cresa Orlando‘s Sarah Castor represented Florida Cancer Specialists, and Colliers‘ Matthew McKeever and Rick Solik represented the landlord in the deal.

 

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Alabama REIT Pays $171M For Broward Hospital And Medical Office Buildings

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An Alabama-based real estate investment trust is gaining a large footprint in Lauderdale Lakes after making one of the largest commercial buys in Broward County this year.

An affiliate tied to Birmingham-based Medical Properties Trust paid $171 million for a 459-bed hospital property, three office buildings and a medical office mall near the Florida Turnpike in Lauderdale Lakes, records show. The sellers are a consortium that includes Scottsdale, Arizona-based Healthcare Trust of America, Dallas, Texas-based Altera Development Company and Tenet Healthcare.

The deal includes the building at 5000 West Oakland Park Boulevard that is home to Florida Medical Center; a trio of three-story office buildings located at 4900 West Oakland Park Boulevard; and the FMC Medical Mall at 4850 West Oakland Park Boulevard, a two-story converted shopping center with 138,103 square feet of medical office space.

In June, Tenet Healthcare sold Florida Medical Center’s operations and four other South Florida hospitals to Dallas, Texas-based Steward Healthcare.

Real estate investors have been bullish on medical office properties in South Florida. ShareMD has been active over the last two years, most recently paying $6.5 million for a Boynton Beach medical office building.

The Lauderdale Lakes hospital and the other properties were built in the 1970s. The consortium’s FMC Land Trust paid a combined $19.5 million for the properties in 1993, records show.

Medical Properties Trust, led by chairman, president and CEO Edward K. Aldag Jr., was established in 2003 and deals exclusively in medical properties and hospital facilities. It also owns assets in the United Kingdom, Germany, Switzerland and Spain. The total value of its assets is $22.3 billion, according to a company press release.

In the second quarter, the REIT acquired four Los Angeles hospitals operated by Pipeline Health System for $215 million and closed on the acquisition of a hospital in Stiling, Scotland for 15.6 million pounds, according to its website. Since the first quarter, Medical Properties Trust sold 12.2 million shares, generating net proceeds of between $253 million to $320 million.

 

Source:  The Real Deal

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Orlando’s Holy Land Experience Theme Park Sells To Hospital Giant

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The owner of Orlando Christian theme park The Holy Land Experience has sold to health care giant AdventHealth in one of Central Florida’s most high-profile property sales so far this year.

Holy Land Experience Ministries Inc. — an entity related to Tustin, California-based theme park operator and landowner Trinity Broadcasting Network — sold 14 acres at 4655 Vineland Road for $32 million to Adventist Health System Sunbelt Inc., an entity related to the Altamonte Springs-based nonprofit health care system, according to Orange County records.

The deal closed Aug. 2.

The sale appears to only include the theme park and not the rest of Trinity Broadcasting Network’s roughly 65 acres, which includes several office buildings.

 

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Steward Health Care System Acquires Five Tenet Healthcare Florida Hospitals In Miami-Dade And Broward County

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The hospitals include North Shore Medical Center, Coral Gables Hospital, Hialeah Hospital and Palmetto General Hospital in Miami-Dade County and Florida Medical Center in Broward County.

The deal brings the total number of hospitals under Steward to 44 worldwide.

“I am humbled by the opportunity to expand our footprint in my beloved home state. We know there are health challenges here and we are eager to work with local leaders to address them together,” said Steward’s CEO Dr. Ralph de la Torre.

The deal more than doubles Steward’s presence in Florida, which includes Melbourne Regional Medical Center, Rockledge Regional Medical Center and Sebastian River Medical Center.

Overseeing the new hospitals is Dr. Sanjay Shetty, Steward’s president of North America. Shetty has held numerous leadership roles at the healthcare system and helped expand its presence across the U.S. He also helped oversee the establishment and implementation of clinical protocols at Steward for addressing challenges created by the COVID-19 pandemic.

The pandemic is one of the motivating factors behind Steward’s desire to expand its presence. It previously motivated the healthcare system in March 2020 to open the first dedicated care center in the U.S. for COVID-19 patients at Carney Hospital in Boston.

“Steward understands that combatting the resurgence of the COVID pandemic in South Florida is our most urgent and immediate priority,” said Shetty. “Already, we have begun to redeploy PPE, ventilators, and other vital supplies needed for the care of COVID patients from our other facilities throughout the country to hospitals in this market.”

Steward annually cares for 12.3 million patients at hospitals, urgent care centers, skilled nursing facilities, multispecialty physician practices and behavioral health service facilities across the U.S., Colombia and Malta. It employs more than 5,500 clinicians and 43,000 healthcare professionals.

Tenet’s ambulatory facilities operated by United Surgical Partners International in these areas are not included in the transaction and will remain with Tenet.

No financial details were disclosed. 

 

Source:  DotMed

 

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