Orlando Medical Real Estate Developer Aiming To Sell Trio Of Buildings Near Downtown

2000, 2008 and 2010 N. Orange Ave.

An Orlando medical real estate developer is looking to sell a trio of buildings near downtown.

Developer Tim Majors’ Headquarters Investments LLC wants to sell three properties — 2000, 2008 and 2010 N. Orange Ave. — for $13 million, according to LoopNet. NAI Realvest Partner Paul Partyka is marketing the properties, which have a combined market value of $4.1 million, according to Orange County records.

The properties include Majors’ headquarters, which was named an OBJ “coolest office space” in 2019, the vintage car-themed M Bar and the rooftop M Lounge that offers skyline views of downtown.

Majors bought the properties for roughly $3.6 million between July 2015-May 2018, according to Orange County records. The properties feature a 21,150-square-foot office building built in 1996, a 5,000-square-foot retail structure built in 1954 and a 5,057-square foot retail building built in 1928.

The properties — on 0.82 acres — can be sold separately or together and “can be combined with other adjacent properties to make a major presence especially if in the medical field or any complementary use,” according to marketing materials.

 

Source:  OBJ

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West Kendall Baptist Hospital Breaks Ground On Clinical Expansion Project

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A recent virtual groundbreaking event officially began a clinical expansion project at West Kendall Baptist Hospital, part of Baptist Health South Florida.

At the heart of the project, scheduled to be completed in early 2023, is a new four-story, 126,000-square-foot tower that will house 35 additional emergency department treatment rooms, 70 new observation/inpatient beds and growth areas for imaging services and more.

The groundbreaking event on Nov. 18 was streamed live via Zoom and hosted by Lourdes Boue, CEO of West Kendall Baptist Hospital, and Aida Shafer, chair of the West Kendall Baptist Hospital Board of Directors, alongside a group of socially distanced Baptist Health executives and community leaders.

“Since our opening in 2011, we have been a vital part of the neighborhood,” Boue said during the event. “We are committed to providing an excellent patient experience along with the most advanced technology. This expansion is an investment in our community.”

When it opened, West Kendall Baptist Hospital was Miami-Dade County’s first non-replacement hospital in more than 35 years. The hospital supported a vision of West Kendall as a convenient central hub where area residents can live, work and play, and the campus’ award-winning design anticipated rapid growth in the area.

The new construction will match the modern Mediterranean style of the existing hospital and feature the same eco-friendly features that earned the hospital LEED Gold certification for Leadership in Energy & Environmental Design, a green building certification program used worldwide.

West Kendall Baptist Hospital is part of Baptist Health South Florida, the largest healthcare organization in the region, with 11 hospitals, nearly 23,000 employees, more than 4,000 physicians and more than 100 outpatient centers, urgent care facilities and physician practices spanning across Miami-Dade, Monroe, Broward and Palm Beach counties.

 

Source:  Community Newspapers

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Florida Hospital In Clearwater Buys Medical Office Building With Surgery Center, Land

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Clearwater, Fla.-based Morton Plant Hospital Association purchased a medical office building and vacant land, both located north of the hospital, the Catalyst reported Nov. 25.

Morton Plant paid $1.4 million for the assets. The association owns several vacant parcels of land on the block but does not own the entire block.

The medical office building is 13,200 square feet. It formerly housed the Orthopaedic Surgery Center of Clearwater.

Morton Plant is exploring options for the property, and will pursue deals for other plots on the block.

 

Source:  Becker ASC

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West Palm Beach Medical Office Trades Hands

West Palm Medical Plaza in West Palm Beach, FL has been purchased by WPB Medical Office LLC, an affiliate of a local investment group, for $5.2 million.

The three-story, 43,797-square-foot, multi-tenant property, located at 4700 N. Congress Ave., is currently 63% leased; occupied by seven medical-related tenants. The building is subject to a long-term ground lease.

Situated on 5.1 acres of land, the medical office building was originally built in 1987 and underwent renovations in 2011.

Located near Interstate 95 and 45th St. in northern Palm Beach County, the property offers access to Palm Beach International Airport, Downtown West Palm Beach and the nearby Mangonia Park Tri-Rail Station. The property is additionally situated in close proximity to JFK Medical Center and St. Mary’s Medical Center.

Colliers International Florida’s executive director, Harry Blyden and senior associate, Bastian Laggerbauer represented the seller in the transaction and brokered the sale.

“At a time of so much uncertainty, medical office buildings remain a bright spot in commercial real estate,” Blyden stated. “Closing this deal required overcoming several challenges but the tenacious efforts and cooperation of all parties involved in the transaction made it possible. More than ever, it pays off thinking outside the box and having strong relationships in the real estate market.”

The healthcare real estate sector has continually experienced increased demand and low vacancy rates within South Florida, due to the area’s expanding, aging population.

“We’re very pleased to have represented the owners of West Palm Medical Plaza in the sale of this rare, value-add opportunity involving a highly-desirable medical office space in the Palm Beach County market,” says Laggerbauer. “Investors and users are aware of the space supply constraints in South Florida at a time when demand is being fueled by demographic changes, advances in technology, and policy changes. The medical office sector remains attractive in terms of both stability and diversification with demand peaking to 3.6 million square feet of space across South Florida over the past three years.”

 

Source:  GlobeSt.

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Fort Lauderdale Medical Office Buildings Trade For $313 Per Square Foot

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, TDH 2866, LLC and TDH 2870, LLC, in the sale of two freestanding medical office buildings located at 2866-2870 East Oakland Park Blvd. in Fort Lauderdale.

Sun Medical Center consists of two newly renovated buildings located adjacent to one another. The 2866 building comprises approximately 12,113 square feet on 3 floors. Broward Health, one of the 10 largest health systems in the U.S., is the main tenant in the building. The 2870 building comprises 1,940 square feet. Extensive renovations featuring Class A medical finishes were completed in 2018. The subject also features ample surface parking to accommodate medical use.

Sun Medical 2866 LLC, a New York-based investor, purchased the 1967-built, building for $4.4 million. The deal closed July 24. The buyer intends to occupy a portion of the building for its own medical practice.

The property is located on well-traveled East Oakland Park Boulevard, just east of Bayview Drive and west of the Intracoastal Waterway.

“There is tremendous demand for medical office buildings due to the stability of the sector and historically long-term tenants,” commented Hyatt. “The medical office building sector continues to be at the forefront of leading real estate sectors, even in this challenging market, and continues to show encouraging signs for acquisition as well as development.”

The buyer was represented by Lyman Phillips with Karlington Commercial.

 

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