Optimal Outcomes Buys Fort Myers Site For Possible Medical Ofifce

Optimal Outcomes LLC, a St. Petersburg-based developer that specializes in medical office and related projects, has acquired a 5.11-acre tract in Fort Myers.

The company bought the site at 14537-14543 Global Parkway for $1.3 million, property records show. The seller was an affiliate of Colson Associates Inc., of Chicago.

Commercial real estate brokerage Lee & Associates’ principals Bob Johnston, Jerry Messonnier and Derek Bornhorst negotiated the transaction.

In Fort Myers, the company previously developed a 50,000-square-foot administrative building for Florida Cancer Specialists and is currently developing a 46,000-square-foot medical office in Lakewood Ranch, in master developer Schroeder-Manatee Ranch’s 265-acre CORE business park.

 

Source: Business Observer

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Florida Hospital To Build $152 Tower In St. Petersburg

St. Petersburg, Fla.-based St. Anthony’s Hospital plans to build a $152 million, 90-bed patient tower, according to the Tampa Bay Times.

The four-story, 143-square-foot tower will house cardiology suites, inpatient dialysis units, preadmission testing services and nel classrooms. With the addition, the hospital will have a total of 448 beds.

Construction is slated to begin next year, and the facility is expected to open in 2022.

St. Anthony’s Hospital is owned by Tampa Bay-based BayCare.

Source: Becker’s Hospital Review

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Florida-Based Developer Acquires Mult-Tenant MOB In Tampa

A Florida-based developer has acquired a 25,634-square-foot, multi-tenant medical office building in Tampa, Fla., from a group of local investors.

The asset traded through a 1031 exchange for $8.6 million and at a 7.44 percent cap rate. Director James Ullrich, Senior Director Jeff Matulis and Associate Michael Macchia of Stan Johnson Co. worked on behalf of the seller, while the company’s Houston office represented the buyer.

Located at 4531 S. Dale Mabry Highway in a dense residential area, the asset is close to important developments in the South Tampa submarket, such as the Gandy Bridge overpass project or the waterfront housing development in the Westshore Marina District. According to Ullrich, the lot is one of the deepest on South Dale Mabry. Tampa Sports Academy anchors the property, occupying roughly half of the building, while the remaining space is leased to three tenants on triple net leases.

 

Source:  CPE

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Tenants Increasingly Seek Medical Office Space Near Jacksonville’s Major Hospitals

The medical office market in Jacksonville, Florida continues to improve as vacancies among medical office buildings have reached their lowest point in the past 10 years, at roughly 5.8%. This is around 280 basis points below the metro average for all office inventory. Vacancy levels are not expected to rise much, as construction in the region has slowed.

Medical office properties in Jacksonville have generally performed well this cycle, as demand for this subset of office space has been increasing. While medical offices comprise merely 15% of total office space in the metro, it has accounted for around one-third of office deliveries over the past decade.

Overall, medical office properties are typically built adjacent to major healthcare facilities and hospitals, creating clusters of healthcare services and tenants. For example, developers have built several medical offices surrounding St. Vincent’s Medical Center’s Southside campus. Around 76,000 square feet of space is either underway or has opened in the area since 2010. The largest building, at 7021 A.C. Skinner Pkwy., is home to the Jacksonville Surgery Center’s 21,200-square-foot location.

With minimal construction activity compared to previous years, year-over-year rent growth is around 4.5% in the medical office subset. These facilities are generally more standard-built as opposed to the sprawling office parks found in Jacksonville’s top-performing Southside submarket. Thus, rents are more on par with Class B properties in Jacksonville, with gross asking rents of around $20 per square foot.

An aging population, and the popularity of outpatient services, has helped fuel demand for medical office buildings in recent years. In Jacksonville, population growth among those aged 65 years or older has increased faster than any other age segment over the past five years. On the economic side, jobs numbers in the education and health services industry have grown at a faster pace than almost any other industry in the past 10 years, behind only professional and business services. These demand drivers are expected to remain vital pieces of the demographic and economic profile of the region in the coming years.

 

Source: CoStar

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$65 Million Expansion Of Sebastian River Medical Center Due To Open In February

A $65 million expansion of Sebastian Medical Center, that adds 48 private patient rooms, is scheduled for completion by the end of December.

It is expected to serve its first patients in February.

Officials from Steward Health Care, which owns the hospital, joined with general contractors from Suffolk Construction Wednesday to ceremonially place the final beam in the three-story building under construction at the rear of the hospital, 13695 U.S. 1 near Roseland Road.

The 90,000-square-foot expansion was announced in January 2016 by former owner Community Health Systems Inc. and was expected to be completed in 2018. But the acquisition of Sebastian River Medical Center by Steward in May 2017 changed the construction timeline.

The expansion moves the hospital’s main entrance and registration toward the back of the building. All pre-surgical services, operating rooms and recovery facilities now will be on the first floor.

The second and third floors of the new wing each will have 24 beds, bringing the total number of licensed, inpatient patient beds to 202, an increase of 31%.

“It was definitely time to upgrade to a new facility,” said Kyle Sanders, president of Sebastian River Medical Center. “This is a $65 million investment into the community.”

A similar tower wing was opened in 2010, providing 42 private rooms and a 16-bed intensive-care unit. That expansion cost about $25 million.

Sanders said the addition and reconstruction of the hospital’s first floor will help meet the needs of the Sebastian community well into the future.

“With the last beam going up, it is a great time to celebrate this construction milestone,” said Sanders. “It also gives us the chance to recognize the great work they’ve done on this project.”

Sebastian River Medical Center competes for patients with both Cleveland Clinic Indian River Hospital to the south and Health First’s Palm Bay Hospital to the north. Its new facilities will be attractive to patients who prefer private rooms, Sanders said.

Surgeons and primary-care physicians participated in planning the expansion/renovation. The medical center is expanding its primary-care physician affiliations, particularly in Vero Beach, where 51 percent of primary-care doctors now are part of the Stewart Health Care network.

“We’re definitely here for the long haul,” said Sanders. “We feel this project will allow us to better serve the community as a whole.”

 

Source: TCPalm

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