IRA Capital Makes $16M Medical Office Play In Boca Raton

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An Irvine, California-based private equity firm that focuses on medical real estate bought an outpatient center in Boca Raton.

IRA Capital paid $16 million for a nearly 3-acre site with a single-story office building at 501 West Glades Road, according to records. The buyer took out a $12 million mortgage with Siemens Financial Service.

The property is fully leased to Boca Raton Outpatient Surgery & Laser Center and Joe DiMaggio Children’s Hospital Specialty Care.

The seller is Kireland West Glades Road Boca Raton LLC, an entity managed by attorney Alex Kurkin. Kireland bought the property for $13.7 million in 2014, records show. The 22,110-square-foot building was completed in 1992.

IRA Capital, co-founded by Amer F. Kasm and Mohannad S. Malas, specializes in buying and trading medical buildings. The firm has acquired over 6 million square feet of property in 30 states, valued in excess of $2.5 billion, according to IRA Capital’s website.

The Boca Raton outpatient center is IRA Capital’s first acquisition in South Florida, but the firm has other real estate holdings across the state.

 

Source:  The Real Deal

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Wickshire Senior Living Buys Fort Lauderdale ALF For $17M

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Wickshire Senior Living bought a Fort Lauderdale facility for $17.3 million, as Florida’s reputation as a magnet for retirees continues to spur investor demand in the sector.

The Brentwood, Tennessee-based company bought the property at 2855 West Commercial Boulevard from an affiliate of Denver-based Healthpeak Properties, records show.

The deal for the 293-unit facility equates to $59,044 per unit. The 303,992-square-foot building was constructed in 1988 on 18 acres, property records show.

The facility offers independent living, assisted living and memory care, according to Wickshire’s website.

Healthpeak Properties, a real estate investment trust led by Thomas Herzog, has been selling off its senior living facilities, including at least four in South Florida this year.

It sold three facilities in Boynton Beach and near Delray Beach and Boca Raton to Fortress Investment Group in May for $29.3 million.

 

Source:  The Real Deal

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Baptist Health, Belmont Village Obtain $74M Loan To Build Senior Living Center

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A joint venture between Baptist Health South Florida and Belmont Village Senior Living obtained a $74.1 million construction loan to build a high-end senior living facility in Coral Gables.

First, Miami-based nonprofit Baptist Health sold the 1.4-acre site at 4111 Salzedo St. for $18.5 million to BVBP PO CG LLC, a joint venture between Houston-based Belmont Village and Baptist Health that’s led by CEO Patricia Will. Wells Fargo Bank provided the construction loan to the buyer.

Belmont Village Coral Gables was approved in 2020 for 232 units of independent living, assisted living and memory care, plus 18,388 square feet of ground-floor commercial space. A Healthy Living Center by Baptist Health will also be on the ground floor to offer wellness services.

According to the project’s website, Belmont Village Coral Gables is expected to open in spring 2023.

 

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Boca Raton Church Could Be Redeveloped Into Assisted Living Facility

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A Boca Raton church is under contract to a developer who wants to replace it with an assisted living facility.

City officials received an application for the Park Square Assisted Living Facility on the 3.56-acre site at Two S.W. 12th Ave., which is just south of Palmetto Park Road. It’s currently owned by Religious Science Unlimited, which has an 8,460-square-foot church there.

The application says the site is under contract to Jay Whelchel of Boca Raton-based Whelchel Partners.

Under the proposed site plan, the assisted living facility would total 135,238 square feet in three stories. It would have 120 units, with 128 beds.

 

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Developer Proposes Mixed-Use Project Including Medical Office Near Turnpike In Palm Beach County

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A property just west of Florida’s Turnpike near Wellington could be developed as a mixed-use project with a hotel, medical offices and self-storage.

KS Lake Worth LLC filed a small-scale land use amendment titled Lake Worth Crossing with Palm Beach County officials concerning the 9.15-acre site at 8344 Lake Worth Road, plus 4049, 4089 and 4111 Hooks Road. It currently has a barn and a single-family home but it’s mostly vacant.

The property is currently zoned “agricultural residential.” The county approved a development plan there in 2009 for a “lifestyle center” with a mix of restaurants, hotel, residential, and live/work units that mix homes and workplaces in a single space.

Lauren McClellan, senior project manager at Palm Beach Gardens-based JMorton Planning & Landscape Architecture, explained her client aims to build different types of uses, but with the same overall development intensity. The new zoning would be “multiple use planned development” and permit up to 199,287 square feet of commercial space. The requirements for residential and live/work would be deleted from the plan.

KS Lake Worth submitted a preliminary site plan to the county showcasing a 196,970-square-foot project. It would consist of a 127-room hotel in three stories totaling 53,690 square feet, 107,030 square feet of self-storage in three stories, and 36,000 square feet of medical offices in three stories. There would be 348 surface parking spaces.

“The proposed uses will better serve the surrounding community as it will provide for additional services and employment opportunities,” the developer stated in the application.

This small-scale land use application is scheduled for its first hearing before the County Commission in February 2022 and it will need two votes to pass. The county must also sign off on the site plan through a separate process.

 

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