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rendering of new Memorial Cancer Institute planned at 12235 Pines Blvd in Pembroke Pines

Memorial Hospital West is preparing to demolish a Pembroke Pines retail center so it can build a cancer institute.

The 6.8-acre site at 12235 Pines Blvd. It currently has two big box retail buildings totaling about 60,000 square feet.

Memorial Healthcare System acquired the former Toys R Us store there for $10.75 million and the former Petco store for $6.5 million in 2018. They are just south of Memorial Hospital West, one of the busiest hospitals in South Florida.

The plan shows a four-story, 120,100-square-foot building with 329 surface parking spaces, including seven electric vehicle charging stations, and a garden on the roof.

 

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Memorial Healthcare Systems just bought a Petco store in Pembroke Pines for $6.5 million, just a few months after acquiring the Toys “R” Us next door.

Memorial Healthcare Systems, one of the largest public healthcare systems in the country, purchased the 15,775-square-foot building at 12251 Pines Boulevard for $412 per square foot, property records show.

C. Kennon Hetlage, executive vice president of west operations at Memorial Healthcare System said the Petco and Toy’s “R” Us buildings will be used as part of the expansion of Memorial Hospital West.

Hetlage said plans for the development of the site are currently underway and will include the relocation and expansion of the Memorial Cancer Institute. Construction is anticipated to begin in mid-to-late 2019, according to Hetlage.

The site includes a parking lot, and the combined property totals 94,857 square feet. The building was originally built in 1990 and renovated in 2004.

Alexandra Escudero of Fortune International Realty represented the seller in the deal.

Petco, a privately-held pet retailer with about 1,500 locations, purchased the building for $5.8 million in 2015, records show.

In August, Memorial Health Systems bought the 15,755-square-foot Toys “R” Us store. The Pembroke Pines store was one of about 800 Toys “R” Us stores across the country that closed after the company filed for Chapter 11 bankruptcy. Landlords are now struggling to find new tenants for those properties.

Source: The Real Deal