Medical Practice Plans 88,000-SF Headquarters Project

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A Manatee County orthopedic practice recently announced plans to build a new headquarters and medical facility — in what could be one of the largest construction projects of 2021 in the Bradenton area.

The project, for Coastal Orthopedics, calls for an 88,000-square-foot facility on a 17-acre parcel on State Road 64, just east of Interstate 75. Coastal has had a large presence in east Manatee County for 16 years, and this move, says Coastal Orthopedics President Dr. Arthur Valadie, recognizes that and the area’s continued rapid population surge.

“We’ve made a huge commitment to east County by putting our largest location, to include all of our administrative offices, out there,” Valadie says in an interview with the East County Observer, sister paper of the Business Observer. “We think that’s going to allow us to provide care for that whole corridor, all the way from Parrish and Ellenton, all the way down to that huge amount of growth in Lakewood Ranch and south down to Sarasota County. And the fact that we’re about a half-mile off the interstate really makes all of our services accessible.”

Construction is expected to begin in January. Coastal officials declined to put a total projected value of the project because they were still bidding out work through mid-December. The building will be designed in the style of Sarasota modern architecture — open-plan structures and large panels of glass that fit with the surrounding area, according to the East County Observer story. Albany, N.Y-based BBL Construction Services will oversee construction.

Plans for the facility include clinical services, an ambulatory surgery center, physical therapy department, administrative offices and diagnostic imaging services such as X-ray and MRI. Coastal Orthopedics plans to move into the building in spring 2022. There will also be a six-room surgery center to help address increasing demand for outpatient surgery, particularly joint replacement and spine surgeries.

Coastal Orthopedics, founded in 1973 and now with nearly 300 employees, has four other Manatee County locations. Some 150 to 200 employees will be based out of the new facility. “It’s going to be our largest clinic location,” Valadie says. “And obviously, it’s going to be a large surgery center. We’d like to have our administrative offices under the same roof so that there’s more seamless operations.”

 

Source:  Business Observer

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Two Broward Boutique Medical/Professional Office Buildings Sell For $15.25 Million

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Cushman & Wakefield has arranged the sale of The Centre at Stirling & Palm, two boutique medical and professional office buildings located in Cooper City.

The final sale price was $15.25 million.

Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm, Inc., in the transaction. ATCG LLC acquired the property and was represented by Cushman and Wakefield’s Jason Hochman in sourcing a $9.35 million acquisition loan.

“At 93.5% occupancy, investors had the opportunity to acquire a secure in-place and on-going income stream that continues to outperform the broader submarket,” O’Donnell said. “Recent leasing through the pandemic saw rents increase by 4% on average while maintaining the exceptional occupancy levels the property is accustomed to enjoying.”

Located at 9900 and 10000 Stirling Road, the buildings total 64,436 square feet. Proximity to both to Interstate 75, Interstate 595 and Florida’s Turnpike offers excellent access to all of South Florida and a full range of nearby amenities.

The property consistently receives strong demand from medical tenants due to its proximity to four of Memorial Healthcare System’s top performing regional hospitals and Nova Southeastern University’s Sanford L. Ziff Medical Center, resulting in over 2,300 hospital beds within a 10-mile radius.

 

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Investors Buy Weston Office Building For $9M

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A partnership between two South Florida investment firms sold a Weston office building for $8.9 million.

Highline Real Estate Capital, based in Miami, and Sefira Capital, based in North Miami Beach, sold the 27,000-square-foot building at 1040 Weston Road, according to a press release.

The buyer is Shaked 21 LLC, managed by husband and wife Sagi and Anat Shaked. Sagi Shaked is a personal injury attorney and real estate agent in Aventura. Anat Shaked is also an attorney, according to records.

The real estate investment firms bought the building, constructed in 1990, in a two-building, $13 million deal in 2017, according to the release.

The building’s occupancy rose from 84 percent to 100 percent over the three years. The partnership is led by Highline principal David Moret. Sefira was founded by managing partners Aby Galsky and Mijael Attias.

Avison Young represented the seller.

The building is anchored by JPMorgan Chase, but most of the tenants are medical use, including Advanced OBGYN Institute, Sweet Tooth Pediatric Dentistry and Zombek Orthodontics.

 

Source:  The Real Deal

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Cleveland Clinic Buys 44 Acres
In Port St. Lucie

 Cleveland Clinic Florida purchased 44 acres near its Tradition Hospital from the city for $5.7 million, but what might be built there remains unknown.

The health-care giant has grown its operation in Tradition significantly since acquiring Martin Health System, the owner of Tradition Hospital, nearly two years ago.

Last year it took over the former Vaccine & Gene Therapy Institute of Florida facility in Tradition, renamed it the Florida Research and Innovations Center and in April transformed it into a global and emerging-pathogens center to conduct COVID-19 research and more.

While the land deal lays the groundwork for continued expansion in Tradition, hospital officials said they have no immediate plans for the newly purchased property in Southern Grove.

For now, hospital spokesman Scott Samples said, Cleveland Clinic is still analyzing what medical services the community needs.

Cleveland Clinic still could develop the site, north of Discovery Way, for the  $30 million Neuroscience Center of Excellence that Martin Health proposed in August 2018.

The neuroscience center was proposed to meet the need for stroke treatment, brain and spine surgery and neurology on the Treasure Coast and northern Palm Beach County, officials said.

At the time, officials said It would create about 150 jobs over five years, and Martin Health even received an economic-incentives package from the city of Port St. Lucie to build the center.

Since then, however, Cleveland Clinic has incorporated parts of that program into existing buildings at Tradition Hospital, Samples said.

In purchasing the 44 acres, Cleveland Clinic told the city only that it would develop at least 400,000 to 500,000 square feet of medical offices to conduct scientific research and development.

Cleveland Clinic paid $2 million less than the land’s $7.7 million appraisal. The city bought the land in 2018 for about $400, according to the Property Appraiser’s Office, after Tradition Land Company bailed out on the $5.4 million it owed in property taxes and assessments.

Port St. Lucie officials, who approved the land sale Monday, said they were unaware of any plans Cleveland Clinic has for the property.

 

Source:  TC Palm

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HCA Florida Hospital To Build $100 Million, 5-Story Tower In Fort Pierce

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Fort Pierce-based Lawnwood Regional Medical Center & Heart Institute, owned by Nashville, Tenn.-based HCA Healthcare, will invest $100 million into a five-story tower, according to TCPalm. 

Construction on the 92,500-square-foot tower is expected to start Jan. 11. It will be completed in several phases.

The first phase of construction, expected to be completed in 2023, will include building the first three floors of the tower. The first phase will add 32 medical surgical beds, three operating rooms and expanded preoperative and recovery areas.

Phase two will add a new emergency department, while phase three and four will add the fourth and fifth floor and create space for more beds.

The fifth phase includes building a 550-space parking garage.

 

Source:  Becker’s Hospital Review

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