Tag Archive for: baptist health south florida

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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Boca Raton Regional Hospital Completes Merger With Baptist Health

Boca Raton Regional Hospital is now part of the biggest health care system in South Florida.

The hospital completed its merger with Baptist Health South Florida on Monday, which gives Baptist Health 11 hospitals from the Florida Keys to Palm Beach County. It now has nearly 23,000 employees, over 4,000 physicians and 100 outpatient centers.

“Our organizations share the same calling to improve the health and well-being of individuals and to deliver compassionate healthcare to our patients at the highest standards of excellence and safety,” said Brian E. Keeley, president and CEO of Baptist Health. “We foresee an exciting future at Boca Raton Regional Hospital that will cement its title as the preeminent healthcare provider in the community.”

The 400-bed Boca Raton Regional Hospital is the top-ranked hospital by U.S. News & World Report’s Best Hospital list. The nonprofit medical facility has facilities for oncology, neuroscience, women’s health, and more. It also hosts Florida Atlantic University’s College of Graduate Medical Education.

After 11 years as CEO of Boca Raton Regional Hospital, Jerry Fedele will retire in August. He will be replaced by Lincoln S. Mendez, who is currently CEO of Baptist Health’s South Miami Hospital.

“Establishing our partnership with Baptist Health represents an important milestone in the history of Boca Regional,” Fedele said. “It is one that continues the positive momentum and trajectory of Boca Regional as the premier healthcare provider in South Florida.”

For Baptist Health, the merger grows its presence in Palm Beach County, where it already has Bethesda Hospital East and Bethesda Hospital West.

Being part of a larger hospital system will allow Boca Raton Regional to operate more efficiently with stronger bulk purchasing power and better access to financial markets.

According to an announcement to its bondholders on July 1, Boca Raton Regional said it and Baptist Health are seeking to issue a bond to refund the 2014-issued bonds by the Boca Raton hospital.

For the quarter that ended March 31, 2019, Boca Raton Regional had net income of $10.2 million on revenue of $157.2 million, according to a report to its bondholders.

During the same period, Baptist Health had net income of $224 million on revenue of $844.8 million. Combined, their revenue that quarter exceeded $1 billion.

Boca Raton Regional has a robust fundraising pipeline. It raised $51.3 million in donations for the nine months that ended March 31, 2019.

 

Source: SFBJ

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Hilton, Baptist Health Open Wellness Hotel In Kendall

Baptist Health South Florida and Virginia-based Interstate Hotels held a grand opening for the new Hilton Miami Dadeland, a hotel with amenities for healthy living.

The 184-room property at 9100 N. Kendall Drive in Miami includes fitness equipment in each room, a meditation garden, on-site walking and jogging trails; and a farm-to-table restaurant. Thirty-four of its rooms are designated for extended stays.

“Early on, we knew we wanted to introduce a unique product to the market that would serve a variety of needs,” said Ana Lopez- Blazquez, chief strategy and transformation officer for Baptist Health. “Hilton embraced our vision of a multipurpose hotel, with rooms equipped for extended stays, and our desire to incorporate wellness into the design of the guest rooms and amenities.”

Coral Gables-based CallisonRTKL designed the hotel. It has 10,000 square feet of indoor and outdoor meeting space and a 6,250-square-foot ballroom with a private outdoor area.

The hotel’s restaurant is Table 55, led by Executive Chef Andrew Edwards. Its menu includes ingredients sourced from local farms and the hotel’s on-site garden.

James Shandor is the general manager. Room rates start at $149 a night.

Hilton Miami Dadeland broke ground in December 2016 after Baptist Health and Hilton Worldwide announced their partnership in August that year. The property complements the patient offerings at Miami Cancer Institute.

South Florida is ripe to capture a share of the growing worldwide medical tourism market. The trend is valued at $50 billion globally.

Source: SFBJ

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Boca Raton Regional Hospital Seeks To Raise $250M, Expand Campus

Boca Raton Regional Hospital has launched a campaign to raise $250 million for expanding, including the construction of a patient tower on its campus.

The announcement came as the nonprofit hospital prepares for a merger with Miami-based Baptist Health South Florida. That affiliate is expected to be finalized in summer 2019. However, BRRH will maintain its identity.

Its fundraising campaign has showcased how the Boca Raton hospital has one of the deepest donor networks in South Florida. It has already raised $115 million, with donations coming from board members Christine E. Lynn, Stanley and Marilyn Barry, Richard and Barbara Schmidt, Elaine J. Wold, and Louis B. and Anne W. Green.

“We stand at the threshold of an extraordinary future for Boca Raton Regional Hospital, one borne of a powerful and visionary long-term plan,” said BRRH President and CEO Jerry Fedele, who will retire after the Baptist Health deal is consummated. “As always, our supporters of the Hospital have demonstrated their spirit, commitment, and unflagging devotion by helping ensure these plans become reality. We all owe them a debt of gratitude for the sophisticated level of healthcare we will all enjoy as we move forward with this transformative initiative.”

The hospital hopes to expand its campus with a seven-story patient tower. This 180,000-square-foot building would include surgical suites, a patient lobby, and three floors set aside for future growth. The 400 rooms in the current hospital building would be converted to all private rooms with a major renovation, plus a 20-bed observation unit would be added.

BRRH also plans to build a 972-space parking garage.

“We’ve all come together in the spirit of Gloria Drummond, whose pioneering spirit helped build this hospital, to help take us to the next level as a healthcare provider,” said Lynn, chairman of BRRH. “We hope and expect those who care deeply about sophisticated world-class healthcare will embrace this effort and help us bridge the gap between the $115 million we’ve raised to date and the $250 million we need to move forward. Our community has always been there for the hospital, as demonstrably as the hospital has been there for the community.”

Source: SFBJ

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Boca Raton Regional Hospital And Baptist Health South Florida Agree On Letter Of Intent

Baptist Health South Florida and Boca Raton Regional Hospital announced that they have reached an agreement on a formal Letter of Intent regarding a strategic partnership between the respective organizations. This development marks an important step forward in structuring an agreement that would finalize the affiliation.

“We are most pleased to have achieved this milestone in our discussions with such a prestigious and high-quality healthcare organization,” said Jerry Fedele, President and CEO of Boca Raton Regional Hospital. “It is an exciting development for our Hospital and our community and reflects the hard work and thoughtful interactions of our Ad Hoc Partnership Steering Committee, our Board and Baptist Health leadership.”

Baptist Health is the largest not-for-profit healthcare organization in the region with 10 hospitals and more than 100 physician and outpatient locations from Palm Beach County to the Florida Keys.

“Like Baptist Health, Boca Raton Regional Hospital is a top-ranked organization with a not-for-profit mission and commitment to providing high-quality compassionate care. We are confident that the synergies between our organizations will allow us to better serve our communities and increase access to affordable, high quality care for our patients,” said Brian E. Keeley, President and CEO of Baptist Health.

A Letter of Intent essentially serves as an “agreement to agree” between two parties, clarifies key points in the relationship and is considered as an announcement that the two entities are moving forward in reaching a Definitive Agreement. It is expected that a Definitive Agreement between Boca Raton Regional Hospital and Baptist Health will be executed by early 2019 and the affiliation is expected to be finalized by summer.

Boca Raton Regional Hospital first announced its intent to seek a strategic partner in 2017. Given the growing demand for its services, along with the Hospital’s programmatic and facility expansion and financial performance, it was thought to be an opportune time to seek a partner that would help it sustain and build upon its commitment to accessible, affordable and high-quality care delivery throughout the region. “Our goal was to use our success in recent years to attract other providers and establish a partnership that would enhance our capabilities and mitigate the challenges of a stand-alone hospital in a complex and evolving healthcare industry,” said Fedele.

After issuing a Request for Proposal and receiving responses from some of the nation’s foremost healthcare systems, Boca Regional narrowed its list of suitors to five in the spring of 2018 and then selected Baptist Heath South Florida for further discussions.

“We have now advanced closer to a most important evolution for our Hospital, one that will accelerate and elevate our position as a preeminent academic regional referral medical center,” said Christine E. Lynn, Boca Raton Regional Hospital Board Chair. “It will serve to secure both our goals and objectives and those of Baptist Health South Florida.”

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