Med Office Daily - March 19, 2025

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NEWS ROUNDUP

ACQUISITION: Montecito Medical acquires a medical office building in Fort Walton Beach, Florida. The 47,000 SF fully leased property is anchored by Orthopaedic Associates and features a 10,135 SF ambulatory surgery center with three operating suites. The building is located on the campus of HCA’s Fort Walton-Destin Hospital. CEO Chip Conk and Senior Vice President of Investments at Montecito Medical Rus Gudnyy represented Montecito Medical in the transaction. This marks Montecito’s tenth acquisition in Florida in 2024 and its second in the Fort Walton-Panama City area.

ACQUISITION: Dominion Real Estate Advisors LLC arranges the sale of a medical office condominium in Flint Township, Michigan. The 1,632 SF property at 1128 S. Linden Road is located near Flint’s “Medical Mile,” and is home to major hospitals such as Hurley Medical Center and McLaren Hospital. James Mitchell of Dominion represented the seller, Imperial Holdings LLC, while Jack Fox of Piper Realty Co. represented the buyer, Peace of Mind Counseling LLC, which will use the space for counseling services. The price of the sale remains undisclosed.

LEASE SIGNING: Indian Health Service (IHS) and the Chickasaw Nation will sign a joint venture agreement and lease for the Newcastle Medical Center in Newcastle, Oklahoma. The Newcastle Medical Center, situated in the outer suburbs of the Oklahoma City Metropolitan Area, will span approximately 2.4 million SF on a 158-acre campus, serving patients in the Ada Service Unit and surrounding communities. The three-phase project will provide comprehensive healthcare services, including primary care, specialty care, surgery, emergency care, and labor and delivery services. Director Roselyn Tso represented IHS and Governor Bill Anoatubby represented Chickasaw Nation.

DEVELOPMENT: Cooper University Health Care breaks ground on a patient tower in Camden, New Jersey. The 335,000 SF, 10-story facility, located outside of Philadelphia in Southern New Jersey, will feature 125 private rooms, additional operating rooms, and research/education areas. A new pedestrian bridge will connect the building to the MD Anderson Cancer Center and other existing Cooper facilities. Designed by HKS Architects and Array Architects, the project is part of a $3 billion expansion of Cooper’s Camden footprint. The engineering team includes O’Donnell & Naccarato, Langan, BR+A Consulting Engineers, and Highland Associates. Completion is expected in 2028.

DEVELOPMENT: UF Health Jacksonville is expanding its emergency services with the $90 million Dr. Leon L. Haley Jr. Emergency and Trauma Center at 655 W. Eighth St. The project, funded with $80 million from the state and $10 million from the city, will be completed in five phases. Phase one will expand the facility by 35,000 SF, increasing emergency and trauma rooms from 78 to 125 and adding 53 new beds. Completion is expected in 18 months. Phases two through five will renovate the existing 41,500 SF emergency room, adding diagnostic equipment, a radiology section, and behavioral health space.

FINANCING: Cushman & Wakefield arranges financing for a three-property healthcare portfolio in the Houston area. The 110,636 SF portfolio comprises three medical office buildings, which were built between 2015 and 2017, and are fully leased to Memorial Hermann Health System. The buildings are located in League City, Spring and Katy, ranging in size from 30,523 SF to 47,859 SF. The financing, provided by a syndicate of lenders including Siemens and First Horizon Bank, represents a senior loan. Tyler Morss and Gideon Gil of Cushman & Wakefield arranged the financing on behalf of the owner, a partnership between Big Sky Medical and GFH Partners.

MED OFFICE PROPERTIES FOR SALE

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22,515 SF Building (Two Story) | 15 Exam Rooms, 3 Procedure Rooms, 5 Physician Offices

39,424 SF Three Office Building (2 Story) | Access to I-495 | 183 Parking Spaces

32,056 SF Medical / Wellness Building | 10’ Slab To Slab | 90 Parking Spaces

MED OFFICE PROPERTIES FOR LEASE

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1,040 SF Suite | 26,000 SF Building (Two Story) | Access to Routes 4 & 17, US-208, I-80, US-46, & LaGuardia Airport | 79 Surface and 3 Covered Parking Spaces

2,476-16,871 SF Suites | 50,128 SF Building (3 Story) | Access to I-40/Hwy 158 | 5/1,000 SF Parking Ratio

1,409 SF Suite | 3,408 SF Building | 6 Treatment Rooms & 2 Offices | Access to Roberts Field Airport | 5.57/1000 SF Parking Ratio

ONE MORE THING

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