The JV will expand their portfolio with the development of five Class A medical office buildings in Florida.
With only a small primary care office in the city center, backlogged and delayed trying to serve over ten thousand people, leaders heard the cry for more.
The deal consisted of the Delray Beach-based investors purchasing the remaining interest in the LLCs that own the real estate, not deeds.
University of Miami has been expanding its medical clinics throughout South Florida, most recently in Downtown Doral as well as North Miami.
St. Johns County issued a permit June 5 for a $5.2 million, 30,000-square-foot medical office building at The Fountains of St. Johns.
The two-story facility will be west of Ascension St. Vincent’s Health Center – St. Johns, a 42,000-square-foot anchor of the mixed-use medical and retail development, according to a site map.
Cross Regions, a Jacksonville-based real estate development company, is the developer. Design Development Architecture Inc. is the architect. Urban Partners Construction is the contractor.
The Fountains at St. Johns is built on nearly 100 acres at northeast County Road 210 West and Interstate 95 in northern St. Johns County.
Development is taking shape in three phases: Fountains South, Fountains North and Fountains East. Cross Regions President and CEO David Ergisi said in an interview that tenants have already claimed more than 80% of the available space in the first phase.
Current tenants operating at the Fountains include Culver’s, Endeavor Health Center urgent care clinic, Lil Voyagers Academy day care and several retailers.
Source: Jacksonville Daily Record