Category Archives: Medical Office
Mayo Clinic just announced plans to spend an estimated $100M on improvements to their campus on San Pablo Road in Jacksonville, including the construction of a 4-story building that will house cancer and neurological related care specialists. Additionally, a state of the art proton emission tomography (PET) radiochemistry facility will be constructed on site, allowing them to produce highly advanced radiopharmaceuticals. The new facility is expected to serve 126,000 patients in its first year, and expected to open in the spring of 2018. The new additions will not only improve upon Mayo’s already impeccable clinical practice, but will also play an important role in the research that they do. The improvements will further Mayo’s goal of becoming the destination medical center of the Southeast.
From Healthcare Design, a publication on just that topic, comes a good article on the trend of hospitals and doctors going to the suburbs. Its all about market share, building a brand, convenience, and a having a presence near where people spend most of their time and where they need a doctor – their homes.
Memorial Healthcare recently purchased Mandarin Mills, a mini-golf course just south of I-295 on San Jose Boulevard, for $2M. The existing improvements will be demolished, and a 10,820 square foot Emergency Room will be built on the 2.6 acre site. The project is expected to begin early this year, with a projected cost of $5M. The facility will be open 24 hours a day, and feature a full service emergency department with “advanced imaging and laboratory services and will serve adults and children”.
The 90K SF CenterOne Medical Office Building near the St. Johns Town Center, just sold for $34.3M. The buyer was CNL Healthcare Properties, a REIT based out of Orlando. The multi-tenant building was 100% leased at the time of the sale, and the group that sold the building leased back a portion of the space.
Baptist Health plans to break ground this Fall on its new 17k SF Children’s Hospital Emergency Center near St Johns Town Center at UNF Drive and I-295, at a cost of some $8.5M, according to a staff report from The JAX Daily Record.
Mayo Clinic JAX plans to open a lung transplant center in 2017, the first of its kind in the U.S. Colleen Michele Jones of The JAX Business Journal has the announcement.
Roger Bull’s Sunday Notebook in The Florida Times-Union reports that a Wisconsin-based private REIT has paid a reported $19M for a 46k SF medical office building and surgery center at 6138 Kennerly Road off University Blvd., near Memorial Hospital. That works out to about $413/SF.
JAX-based Baptist Health and MD Anderson Cancer Center in Houston are teaming up to begin operations for the Baptist MD Anderson Cancer Center this Fall. It will initially be housed in the existing Baptist Outpatient Center in San Marco but Baptist officials say they are negotiating for a site for a nearly 200k SF building also in San Marco. Baptist MD Anderson Cancer Center becomes the third hospital in the Anderson Cancer Center Network, joining one in Arizona and one in New Jersey. Charlie Patton of The Florida Times-Union has the story.
Carter Validus, a Tampa based MOB investor, bought three condo units at Hampton Medical Arts Center in Deerwood for $7M, or about $560/SF for the combined 12,503 SF units; the remaining unit in the building with 13,350 SF was not included. Andrew Thurlow of The JAX Business Journal has the story.
Nellie Day of REBuinsessOnline.com provides a great article on the national changing needs of healthcare consumers – and doctors and medical real estate providers are listening. From overcrowded ERs to doctors being located closer to their customers, to changes in technology and information on the fly, the turf of medical real estate is changing quickly.