Tag Archive for: citrus tower

Four Recent Florida Medical Office Building Deals

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Florida is one of the most active states for medical real estate.

Four Florida medical office building transactions in the last 30 days:

1. The Citrus Tower medical office building in Clermont, was acquired by Flagship Healthcare Trust, an outpatient healthcare real estate investment trust. The property is 20,964 square feet.

2. A medical office building in Brandon, was sold for $39 million. The building houses an OB-GYN practice that offers pregnancy, gynecology, women’s health and cancer services.

3. A medical office building in Plantation, was sold for $45.5 million. The 101,851-square-foot building is fully leased to the University of Miami Health System and was bought by real estate investment firm Anchor Health Properties.

4. A former movie theater in Kissimmee, is being converted into a medical office building that will be home to an ASC, a lab and a radiology center. The 19,618-square-foot building will be transformed into a nearly 40,000-square-foot, two-story building. The project is estimated to cost $5 million.

 

Source:  Becker’s ASC Review

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Flagship Healthcare Trust Acquires Clermont MOB

Citrus Tower medical office building in Clermont, Florida

Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired the Citrus Tower medical office building (MOB) in Clermont, Florida.

Located at the Citrus Tower Boulevard and Johns Lake Road intersection, the 20,964-square-foot, Class A property serves as the anchor building for Citrus Tower Park and is home to the newest location for IMA Medical Group (IMA), the area’s leader in patient-centered care for wellness and preventative medicine. The MOB is approximately 1.5 miles from the 170-bed Orlando Health South Lake Hospital and AdventHealth Clermont Park, a 24-bed freestanding Emergency Department and health park.

Clermont is a suburb of Orlando, one of central Florida’s fastest-growing cities and a thriving healthcare sector. The region is home to three other hospitals in addition to Orlando Health South Lake and AdventHealth: Nemours Children’s Hospital, Orlando VA Medical Center, and HCA – Central Florida Regional Hospital.

“This property is well-positioned in the Orlando MSA, close to two major hospitals and with excellent access to commercial and transportation corridors. The newly constructed Citrus Tower MOB will be an attractive option for medical practices in this dynamic and rapidly growing market,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “We look forward to complementing the existing tenant mix all the while providing first-class real estate services that support their missions and business aspirations.”

Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management and property management services for the property. The team at Fifth Third Bank, led by Michael Perillo, will provide financing for this off-market transaction.

 

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