New Joint Venture To Ramp Up Investment In Growing Real Estate Segment

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An Orlando real estate services and investment firm has entered a new partnership to ramp up its presence in senior residential properties that specialize in health care.

Foundry Commercial and Springfield, Missouri-based Foster Senior Living LLC created a joint venture called FSL Senior Living Ventures LLC. The partnership came out of 15 years of working with Foster Senior Living and a desire to step into a growing segment of real estate, Kevin Maddron, health care principal for Foundry Commercial, told Orlando Business Journal.

Foster Senior Living will manage the day-to-day operations of the joint venture’s communities out of its offices and Foundry will provide capital and transaction knowledge from Orlando. Community types the venture will target include assisted living, memory care and skilled nursing.

 

Source:  OBJ

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AJP Ventures, Mas Group To Develop 37,000 SF Medical Office Building In Miami

MedSquare-Place-Miami

A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami.

WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property.

The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

 

Source:  RE Business

 

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$189M University Of South Florida Morsani College Of Medicine And Heart Institute Opens

SkanskaTampa 768x534

SkanskaTampa 768x534

Construction has been completed on the $189 million University of South Florida (USF) Morsani College of Medicine and Heart Institute.

The college is now open at the Water Street mixed-use development in downtown Tampa, which is expected to become one of the most vibrant urban environments in America and the world’s first wellness district.

The 395,000-square-foot, academic building is bringing 1,800 students, faculty and researchers to the heart of downtown Tampa and is set to transform health education by focusing on more hands-on, technology-enabled learning. Standing 13 floors high, the innovative building features a 400-seat auditorium, clinical teaching labs and research laboratories, office space and a wellness center. The school teamed up with Microsoft to create the first-ever Medical School of Innovation, placing USF among the most innovative higher education institutions for integrating technology into medical education.

In December 2014, initial approval was granted to relocate and rebuild the medical college, bringing it within a mile of its primary teaching hospital, Tampa General Hospital. In collaboration with design firm HOK, Skanska began construction work in August 2017 and the project was delivered this January 2020.

Situated within the mixed-use Water Street development, faculty and staff will be able to live, work and study along the downtown Tampa waterfront and provide healthcare services to people in need through USF’s community outreach initiatives.

In Tampa, Skanska has also completed the $122 million renovation and expansion of the Tampa International Airport’s main passenger terminal in 2019 and the $35.6 million renovation and expansion of the Julian B. Lane Riverfront Park in 2018. Nearby in St. Petersburg, Skanska delivered the Johns Hopkins All Children’s Hospital Research and Education Building in 2018 and is currently reconstructing the St. Petersburg Municipal Pier and Pier Approach.

 

Source:  School Construction News

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Miami Property To Be Rebranded And Repositioned As Medical Office Space

6262 Sunset Drive Miami

Transwestern Real Estate Services’ (TRS) South Florida Agency Leasing team has been selected to exclusively lease 6262 Sunset Drive in Miami, a 96,779-square-foot, eight-story office building at the epicenter of South Miami’s healthcare hub.

Transwestern Senior Vice President Christopher Dubberly will lead the leasing efforts on behalf of building owner USAA, as well as direct the property’s repositioning from traditional office to medical office space. The building will be rebranded as Sunset Medical.

“Sunset Medical is ideally located at the footsteps of South Miami Hospital’s campus. Returning the available space to its highest and best use will appeal to physicians and healthcare providers seeking premier medical office space in a market with less than 5% vacancy,” said Dubberly. “There’s a strong underlying current of pent-up patient demand for services postponed by stay-at-home restrictions. Repositioning this property to medical office now makes it an extremely attractive option for practices that are challenged with how to handle the surge in procedures and surgeries expected the latter part of the year.”

For the past 22 years, the property was 100% occupied by a single tenant that has now consolidated into the top two floors. The remaining 43,064 square feet of availability on floors one through six offer direct entry from the parking garage – a unique feature in the market and highly desirable amenity for medical office space because it eliminates the need for tenants and guests to use elevators for suite access.

“The property also provides high-profile signage opportunities along heavily traveled Sunset Drive,” said Dubberly. “Ownership has committed to renovating the building lobby and elevators, further increasing its premium market appeal.”

6262 Sunset Drive is adjacent to Baptist Health South Florida’s South Miami Hospital campus, benefiting from the hospital’s power grid and equipped with a generator, providing secure business continuity. The average household income within 3 miles is $134,215, and the population is greater than 111,000 residents, which expands to more than 350,000 people within 5 miles. The property is walkable to Metrorail’s South Miami station, as well as local restaurants, shopping districts and entertainment venues.

 

Source: HREI

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West Orange Healthcare District Plans New Nonprofit And Office Building

The West Orange Healthcare District has plans for a new nonprofit and office building as part of its latest initiatives.

The Ocoee-based organization will create the Foundation for a Healthier West Orange, which will oversee Healthy West Orange, a health-related project launched in 2016 by the district, Orlando Health and Sarasota-based Observer Media Group Inc. The new nonprofit, in turn, will launch a new community resource center in 2020 called the Healthy User Bulletin Board (HUBB), which will help area residents find access to local health care and wellness services.

“There are a whole host of organizations delivering health and wellness programs in our community, but not everyone is aware of them, and if they are, they don’t necessarily know how to access them,” West Orange Healthcare District CEO Tracy Swanson said in a prepared statement. “HUBB will bridge the gap between these programs and the people who can benefit from them.”

With the new nonprofit will come a new building to house the Foundation for a Healthier West Orange and West Orange Health Care District in Winter Garden at the corner of Plant Street and Southwest Crown Point Road, a West Orange Healthcare District spokeswoman told Orlando Business Journal. Construction started on the $4.5 million, 25,000-square-foot building in August 2019 and should be completed in spring 2020.

Notably, more than half of the building’s space will be leased to local organizations and businesses, with the earnings from that going to the foundation’s operations. Orlando-based Baker Barrios Architects is the architect for the project, while Orlando-based McCree General Contractors and Architects general contractor.

Initial funding for the new foundation will come through two grants. The first, a $10 million grant, will establish and staff HUBB for its first three years as well as expand Healthy West Orange programs and outreach. The second grant, which totals $40 million, will create an endowed fund whose earnings will fund the organization’s programs from year four onward.

The district, which was founded 70 years ago, will keep its community health care grants program going. The organization has awarded more than $180 million in local grants, including the two grants to the new foundation.

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