Memorial Hospital West Could Demolish Retail Center To Build $125M Project

rendering of new Memorial Cancer Institute planned at 12235 Pines Blvd in Pembroke Pines

Memorial Hospital West is preparing to demolish a Pembroke Pines retail center so it can build a cancer institute.

The 6.8-acre site at 12235 Pines Blvd. It currently has two big box retail buildings totaling about 60,000 square feet.

Memorial Healthcare System acquired the former Toys R Us store there for $10.75 million and the former Petco store for $6.5 million in 2018. They are just south of Memorial Hospital West, one of the busiest hospitals in South Florida.

The plan shows a four-story, 120,100-square-foot building with 329 surface parking spaces, including seven electric vehicle charging stations, and a garden on the roof.

 

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Brooks Rehabilitation Plans New Outpatient Clinics In Orlando

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Brooks Rehabilitation plans to expand its presence in Orlando significantly.

The Jacksonville-based rehabilitation care organization will open five local outpatient clinics through the end of 2021 for a combined $1.9 million in build-out costs; as well as five more new locations in 2022 and another five in 2023.

Brooks Rehabilitation is expanding here due to the area’s high population growth, Ann Leinenwever, vice president of outpatient for Brooks Rehabilitation, told Orlando Business Journal. The company’s market analysis also showed a need for “more specialized rehabilitative services to the greater Orlando region, particularly in the areas of neurological rehabilitation, oncology rehabilitation and pelvic health rehabilitation.”

Locations where Brooks will open in the next several months include:

  • 1700 W. Sand Lake Road, Orlando: This 3,048-square foot location will open in August and focus on physical therapy. It will employ four physical therapists and one front desk staff member. It will cost about $335,280, or $110 per square foot, for build-out.
  • 339 Cypress Parkway, Kissimmee: The 2,519-square-foot location will open in September and focus on physical therapy. It will have three physical therapists and one front desk staff member. It will cost about $277,090 for build-out.
  • 15508 W. Colonial Drive, Winter Garden: The 3,157-square-foot location will open in October and focus on physical therapy, with four physical therapists and one front desk staff member. It will cost about $347,270 for build-out.
  • 2435 S. Hiawassee Road, Orlando: The 3,257-square-foot location will open in November and focus on physical therapy with four physical therapists and one front desk staff member. It will cost about $358,270 for build-out.
  • 2616 U.S. Highway 27, Clermont: The 5,000-square-foot location will open next January, and provide physical, occupational and speech therapies. It will have five physical therapists, one occupational therapist, one speech therapist, one front desk staff member and one rehab tech. It will cost about $550,000 for build-out.

 

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5-Property Seniors Housing Portfolio In Southeast Florida Purchased For $64 Million

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JLL Capital Markets closed the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.

JLL represented an undisclosed seller to complete the sale to the buyer, an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing. All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

Pete Stone, Managing Director at Fortress Investment Group, says, “We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio. We believe the portfolio is well positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county.”

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).

All properties were well-maintained by the previous owner, undergoing over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

 

Source:  Yield Pro

 

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Orlando Health Acquires Leesburg-Based Medical Group

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Orlando Health has made its first acquisition of 2021.

The nonprofit health care system — which has $7.1 billion in assets and $4.5 billion in annual revenue — closed a deal to acquire Leesburg-based FHV Health for an undisclosed price. The multispecialty medical group has 19 physicians and 10 locations, including primary care, cardiology practices and urgent care facilities in Lake, Sumter and Marion counties.

The group’s new name is Orlando Health Medical Group FHV Health. The acquisition will expand its presence in those three counties and advance FHV Health’s ability to provide services to patients, said Dr. Jose R. Rosado, vice chairman, in a prepared statement. FHV Health was founded in 1991 by Dr. David Lew, who is chairman. Its specialties include cardiology, general surgery, endocrinology, kidney disease, urology and primary care.

The 3,200-bed Orlando Health system includes 15 wholly-owned hospitals and emergency departments, as well as speciality care across several categories. Nearly 4,200 physicians have privileges across the Orlando Health system, which has about 22,000 employees. In fiscal 2020, Orlando Health served nearly 150,000 inpatients and 3.1 million outpatients.

 

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Healthpeak Sells Coconut Creek Senior Living Facility

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Healthpeak Properties sold the Sonata Coconut Creek assisted living and memory care facility for $11.9 million.

HCP AM/Florida LLC, an affiliate of Irvine, California-based Healthpeak, sold the 94-unit, 67,547-square-foot assisted living facility at 4175 W. Sample Road to CREF3 FSLP Coconut Creek Owners, managed by Fortress Investment Group, the New York-based private equity firm.

The price equated to $126,596 per unit. The property last sold for $9.69 million in 2002.

 

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