Palm Medical Center, the primary tenant of the Winter Haven medical office building, leases nearly 19,000 square feet of the property and has six years remaining on its lease with three five-year options to renew.
Baptist won approval to acquire 25 city-owned acres after agreeing to pay $14.3M for the property and to build a 100-bed hospital.
David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor. The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.
The 82,210-square-foot facility was developed on the 2.82-acre site in 2001.
The price equated to $224 a square foot.
Earlier this summer, the hospital system paid $32 million for the 14.2-acre site on the northeast corner of Vineland Road and Conroy Road.
Florida’s population growth, increasing baby boomer population and tax-friendly stance contribute to it becoming a key battleground for orthopedics.
Palm Coast Mayor David Alfin said the city needs more health-care services.
Palm Beach County has a growing senior population, so there’s strong demand for medical office space.
The three-story building is 90% occupied by a mix of primarily medical tenants, including Abuelo’s Medical Center LLC, West Home Care, LLC, Diagnostic Centers of America, and others.