Med Office Daily - January 29, 2025

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NEWS ROUNDUP

ACQUISITION: Lee Healthcare Holdings LLC acquires a 16,136 SF medical office building in Lee County's Health Park for $5.9 million. Located at 9090 Park Royal Drive, near Golisano Children’s Hospital of Southwest Florida, the property spans 1.32 acres and features 16 exam rooms and seven offices. Built in 2005, the facility was sold by B&K Building Partnership LLP. Fischler Property Co. represented the seller in the transaction.

ACQUISITION: Cypress West Partners and TPG Angelo Gordon acquire Cool Springs Professional Center, a 47,000 SF medical office building in Franklin, Tennessee. Located at 2001 Mallory Lane, the property houses tenants such as Vanderbilt University Rheumatology and Results Physiotherapy, with a weighted average lease term (WALT) of 4.9 years. Built in 1996, this marks the joint venture’s first acquisition in Tennessee and the eighth in their plan to invest up to $300 million in medical office assets across West Coast and Sun Belt markets. The seller and sales price remain undisclosed.

ACQUISITION: A 10,000 SF medical office building in York, PA, sells for $2.9 million. Fully leased to the University of Pittsburgh Medical Center (UPMC), the property represents a stabilized investment opportunity. The identities of both the buyer and seller remain undisclosed.

DEVELOPMENT: A 51,552 SF medical office building with a retail component is planned for Anastasia Island in St. Augustine. The proposed project will feature five interconnected buildings across 5.97 acres. The site includes south of Florida 312, east of Mizell Road, a Gate gas station, and a convenience store. Site plans include 129 parking spaces. Gulfstream Design Group LLC is serving as the civil engineer, with Viviani Holdings LLC as the landowner and developer. The development will also feature a dermatologist’s office and a mix of office and retail spaces.

DEVELOPMENT: A 12,700 SF surgery center and medical office is being proposed in Platte City, adjacent to Compass Elementary School. PC Medical Partners, LLC, an orthopedic group with an existing office on Platte Falls Road, purchased 2.5 acres from the Platte County R-3 Board of Education for $762,300. The single-story facility will feature prep and recovery rooms, a waiting room, storage and operating rooms, staff and administrative spaces. Located south of Kentucky Avenue and west of Bent Oak Court, the project will be rezoned for general business use. Atlas Land Consulting is the applicant and engineer, with Pulse Design Group handling the building design, and Land3 Studio providing the landscaping plan.

FINANCING: CBRE secures $21M loan for the refinancing of The Pines Medical Professional Centre, a 91,956 SF medical office complex in Pembroke Pines, FL. The property, located near Memorial Hospital West, features 4 two-story office buildings built between 2000 and 2002, and is 97% occupied by medical providers. Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets arranged the seven-year, fixed-rate loan from Bank United on behalf of the borrower, a private investor.

MED OFFICE PROPERTIES FOR SALE

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4331 SF Building | 100% Occupancy | 6.25% CAP Rate

20,127 SF Building (2 Stories) | Access to 241 Toll Road and John Wayne/Orange County Airport | 5.23/1,00 Parking Spaces | 11’ Slab to Slab

97,222 SF Suite | 56,000 SF Building (2-story) and 17,180 SF Building | Fully Sprinklered | 159 Parking Spaces

MED OFFICE PROPERTIES FOR LEASE

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2,073 SF Suite | 39,903 SF Building (3 Stories) | 3 Exam Rooms, Procedure Room, 2 Offices | Access to Hwy 1 and 101 | 40 Surface Parking Spaces

11,737 SF Building | Access to I-95 and US-1 | 5.8/1,000 Parking Spaces

1,783 SF-1,925 SF Suites | 60,000 SF Building | Access to 134/210/110 Freeways and Bob Hope Airport | Surface Parking at $55/month

ONE MORE THING

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