The medical office building was acquired by private investor DW Lake Nona.
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Cushman & Wakefield and Flagler Healthcare Investments have been awarded the 500,000-square-foot medical office leasing assignment for Highland Park Miami, a $1 billion planned mixed-use and transit-oriented development project totaling 7 acres in Miami.
Ryan Holtzman, Andrew Trench, and Michael Feldman of Cushman & Wakefield and Chris Coots of Flagler Healthcare Investments will collaborate to oversee medical office leasing efforts on behalf of the developer, which is a partnership between Black Salmon and The Allen Morris Company. The teams will handle leasing for the entire medical office portion of Highland Park Miami which includes two buildings.
“We are thrilled to launch Highland Park Miami – the most innovative, state-of-the-art medical office project ever developed in South Florida. This development represents a significant step forward in ownership’s commitment to advancing healthcare infrastructure in Miami. Our partnership with Flagler Investment Healthcare will harness the collective wisdom, innovation, and experience of both organizations to create a world-class medical facility that meets the diverse needs of our community,” said Holtzman, Executive Managing Director at Cushman & Wakefield.
Highland Park Miami will feature six buildings located at 800 NW 14th St. that will be developed over various phases with Arquitectonica planning the design of the entire project. Included will be 1,000 multifamily units designed by Oppenheim Architecture, offering modern living spaces and top-notch amenities for its residents. The project will also have 500,000 square feet of dedicated medical office, retail and restaurants, green space, and a hotel with 150 rooms.
“The Highland Park Miami project will be one of the most sought-after high-profile healthcare destinations in South Florida. The quality and amenities are a real game changer for the Miami Healthcare District and the visibility from State Road 836 and Interstate 95 is just incredible,” added Coots, Founding Partner of Flagler Healthcare Investments.
Located one block south of the existing Miami Health District, the second largest medical hub in the U.S., Highland Park Miami is expected to increase the district’s footprint by 10 percent. It will also be near State Road 836, the largest jobs centers, and commercial hubs in Miami including Wynwood, Downtown Miami, Brickell, and the Design District.
Source: CRE-sources
Cushman & Wakefield has brokered the sale of the West Orange Professional Center, a portfolio of two medical office buildings located at 10125 & 10131 W Colonial Dr in Ocoee.
The two-story buildings are located directly across the street from the Orlando Health – Health Central Hospital campus. The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years. The property was acquired by OrbVest and SG Property Services. OrbVest is a global real estate company focused on acquiring healthcare real estate assets across the United States.
Anne Spencer and John Skinner with the Florida Healthcare Advisory Practice in partnership with Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team represented the seller, Miami-based Larkspur Properties, in the transaction.
“Desirably located adjacent to a major regional hospital facility, the property was a unique opportunity to acquire a dependable income stream from an esteemed tenant roster combined with a value-add opportunity in the lease-up of vacant space,” said Ives, Managing Director. “During the seller’s ownership, several new tenants were signed to the property that increased the overall occupancy and stability of the asset. This building and location offers exceptional synergy across the healthcare landscape.”
Spencer, Director said, “Ocoee is part of the greater Orlando MSA, one of the fastest growing regions in the country for its fantastic climate, affordable housing stock and abundance of shopping and employment opportunities. This growth has led to the rising need and demand from medical users, and therefore investors. The market for medical space on and around the property is nearly fully occupied, putting this asset in great position for further potential future success.”
Orlando Health – Health Central Hospital is a 211-bed, general acute care hospital that features nationally accredited programs in orthopedics, spine and heart care. In addition, the hospital recently completed a 30,000-sf cancer treatment facility.
Cushman & Wakefield has arranged the sale of The Centre at Stirling & Palm, two boutique medical and professional office buildings located in Cooper City.
The final sale price was $15.25 million.
Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm, Inc., in the transaction. ATCG LLC acquired the property and was represented by Cushman and Wakefield’s Jason Hochman in sourcing a $9.35 million acquisition loan.
“At 93.5% occupancy, investors had the opportunity to acquire a secure in-place and on-going income stream that continues to outperform the broader submarket,” O’Donnell said. “Recent leasing through the pandemic saw rents increase by 4% on average while maintaining the exceptional occupancy levels the property is accustomed to enjoying.”
Located at 9900 and 10000 Stirling Road, the buildings total 64,436 square feet. Proximity to both to Interstate 75, Interstate 595 and Florida’s Turnpike offers excellent access to all of South Florida and a full range of nearby amenities.
The property consistently receives strong demand from medical tenants due to its proximity to four of Memorial Healthcare System’s top performing regional hospitals and Nova Southeastern University’s Sanford L. Ziff Medical Center, resulting in over 2,300 hospital beds within a 10-mile radius.
