Baptist Health is planning to build a medical facility on the 4.75-acre parcel, according to property records.
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Baptist Health South Florida intends to construct a free-standing emergency room and medical office next to Pembroke Pines’ Shops at Pembroke Gardens.
On January 25, the city’s Planning & Zoning Board will take a look at changing the Edison Pembroke development plan. It is about the 37-acre area between Pembroke Road and Pines Boulevard on the east side of Interstate 75.
Situated just to the south of the popular outdoor shopping center, Duke Realty first approved the land’s use for four residential complexes back in 2007. Of those office buildings, two have been built, one by Atlanta-based TPA Group following its acquisition of the land. TPA Group was given permission in 2021 to convert one of the 7.6-acre office buildings into 350 apartments.
Pembroke 2 Owners LLC, an affiliate of the TPA Group, now wishes to replace plans for a third office building with a project that will house Baptist Health South Florida, a Miami-based organization. It would have a free-standing emergency department and 70,000 square feet of business space spread across three stories.
The project was designed by Miami-based MSA Architects.
The 350-unit apartment project, which is still in the planning stages, along with 125 hotel rooms and an extra 35,000 square feet of offices, would all be permitted to TPA Group.
This site is situated between Memorial Hospital West and Memorial Hospital Miramar, two facilities run by Memorial Healthcare System. Baptist Health has been rapidly growing its outpatient, urgent care, and free-standing emergency department (ED) services in Broward despite not having a major hospital there.
Source: SFBJ
In what could be the largest medical office building (MOB) portfolio sale since last year’s Duke Realty sale, multiple healthcare real estate (HRE) industry sources tell Healthcare Real Estate Insights that CNL Financial Group plans to sell the MOB portfolio owned by its Orlando-based CNL Healthcare Properties real estate investment trust (REIT).
Sources say CNL has hired HFF and KeyBank to market the properties.
Efforts to contact executives of CNL, HFF and KeyBank have been unsuccessful. However, multiple HRE industry sources have told HREI that they have heard that a sale is in the works.
Not to be confused with CNL Healthcare Properties II, which was launched in 2016 and is still open to new investors, CNL Healthcare Properties is a non-traded REIT closed to new investors on Sept. 30, 2015.
According to a fact sheet available on its website, CNL Healthcare Properties developed and acquired properties with a total investment of about $3.02 billion from 2012 to 2015. The REIT consists of 58 percent senior housing, 31 percent MOBs, 6 percent post-acute and 5 percent acute care facilities, based on purchase price, development budget and/or capitalized cost.
Sources say that at this time CNL plans to sell only the MOBs, not the other assets. The REIT’s portfolio includes 54 MOBs totaling about 3.26 million square feet, according to the fact sheet.
The MOBs with the greatest valuation include: Midtown Medical Plaza, Charlotte, N.C., $54.7 million; Presbyterian Medical Tower, Charlotte, N.C., $36.3 million; Bend Memorial Clinic MOB, Bend, Ore., $36 million; Center One, Jacksonville, Fla.; $34.4 million; and UT Cancer Institute Building, Knoxville, Tenn., $33.7 million.
The total investment amount for the MOBs was $931.4 million, according to the fact sheet, which would almost certainly mean they would fetch more than $1 billion if sold in a competitive bidding situation.
Source: HREI
Industrial REIT Duke Realty has completed its $2.8 billion sale of 72 medical office buildings to Healthcare Trust of America as it ramps up its bulk-space strategy.
“I am happy to announce that we have substantially completed the previously announced sale of our medical office business, generating $2.45 billion in proceeds to date, with the remaining properties expected to close during the third quarter,” said Duke CEO Jim Connor in a second quarter results statement.
Duke used some of the sale proceeds to pay down its debts and placed $796 million in escrow to finance future acquisitions and development, according to Mark Denien, Duke’s chief financial officer.
Source: Real Estate Weekly
