Florida Based Real Estate Developer Sells Medical Office Building For $18.2 Million In Gainesville

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Onicx has sold its class A, 46,483 square foot medical office building to an investor group of Florida Cancer Specialists physicians for $18.2 M.

Gainesville Medical Center

The property is located at 6500 W. Newberry Rd., Gainesville, FL. Completed in 2016, the building is located on the HCA North Florida Regional Medical Center‘s campus, a full-service medical and surgical acute care center.

The building purchase transaction was led by a group of FCS physicians who are current tenants in the building. Dhvanit Patel, CEO and Arjun Choudhary, Vice President led the disposition on behalf of The Onicx Group.

When asked about the purchase, Onicx CEO Dhvanit Patel said, “This is part of a broad trend of physicians interested in owning the real estate they use. Our group is driven by the desire to serve our clients to the best of our abilities by developing patient and physician centric spaces that support our client’s goal of providing excellent care.”

In a statement from Dr. Lucio Gordan of Florida Cancer Specialists regarding the relationship with the Onicx Group, “We partner with Onicx because they have the expertise and experience necessary for execution. They shoulder the burden of development and property management which allows us to focus on our core expertise which is delivering world class cancer treatments.”

Arjun Choudhary, Vice President of Onicx explained, “The current economic conditions have led investors to double down on their bet on healthcare and Onicx can help provide opportunities for real estate investors.”

Onicx has offices in Tampa, Miami and New York and over 50 employees driving its success. They have been listed on the Inc. 5000 list three consecutive years.

 

Source: PR Newswire

Flagler Health, UF Health Sign Letter Of Intent To Collaborate On Health Campus

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St. Augustine, Fla.-based Flagler Health+ has signed a letter of intent with Gainsville-based University of Florida Health to collaborate on a comprehensive health campus in Florida.

If a final deal is reached, the healthcare campus would be built on a 40-acre parcel of land in St. Johns, Fla., which was bought last year by Flagler. The land is known as Flagler’s Durbin Park Campus.

With the letter of intent, which is nonbinding, the two organizations will explore options for the healthcare campus. The options being considered include building hospital facilities and ambulatory surgery centers, as well as establishing space for medical residency programs or other educational programs.

Flagler Health+ already plans to build its health village on the parcel, but is now looking to expand its health campus with UF Health. Flagler expects to break ground on the health village this fall.

“Collaboration is an important part of our strategy at Flagler Health+, as we look to create individualized experiences and customized service offerings for the distinctly unique communities we serve today, and those we will serve in the future,” said Flagler Health+ President & CEO Jason Barrett.

“We are looking forward to continuing discussions with Flagler Health+ to establish shared goals on behalf of residents of the region,” said David Nelson, MD, president of UF Health.

 

Source: Becker’s Hospital Review

Ridgeline Capital Partners Acquires 10 Medical Office Buildings In Dallas-Fort Worth Metroplex

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Dallas-based Ridgeline Capital Partners, an investment firm focused on acquiring and operating healthcare real estate, has acquired a portfolio of 10 fully leased medical office buildings with a total of 99,072 square feet.

The one and two-story properties are principally located in Tarrant County (Fort Worth) on commercial corridors with high traffic.

The $5.3 million of equity capital raised on CrowdStreet was from 79 investors on the platform. CrowdStreet operates an online commercial real estate investment marketplace that gives investors access to institutional-quality offerings.

The primary tenant is U.S. Renal Care, the third-largest dialysis center operator in the U.S. The company is the sole tenant or the primary tenant at each of the 10 buildings. The other tenant is PPG Health, a multi-specialty healthcare organization with 30 locations in Dallas-Fort Worth.

Dialysis patients require consistent treatment for their entire lives until they get a transplant, which could be up to 10 years. The U.S. 1972 Medicare ESRD program insures any American who needs dialysis, insulating the industry from economic cycles. Dialysis tenants are highly sticky with an estimated historic 99% tenant retention rate for the industry. This is due to the lengthy 18-month+ licensing process for new facilities, the significant upfront capital investment required, and the necessity for frequent visits from patients who are referred by local medical providers.

The acquired properties are NNN (triple-net-leased) with tenants responsible for all expenses including taxes, insurance and maintenance.

In Sponsor’s Own Words

Jeffrey Axleym Founder and Managing Principal, Ridgeline Capital Partners, Dallas, Texas

“This was Ridgeline’s third offering on the CrowdStreet Marketplace and, as I suspected, the deal was a good fit for CrowdStreet’s investment team and the individual investors who chose to participate. The portfolio is 100% net leased, nicely cash flowing, with tenants that provide medical services that are needed in any economic environment. Ridgeline plans to add value to the properties and, likely, sell the properties individually. It’s an understandable story to investors, who are looking for yield and stability in these tumultuous times.”

In CrowdStreet’s Own Words

Ian Formigle, Chief Investment Officer, CrowdStreet, Portland, Oregon

“Despite the current market uncertainty, there was extremely high investor demand for this offering. We are seeing that our investors continue to have an appetite for investment opportunities like this one – a recession-resistant business plan, a sponsor with a strong track record, and deep expertise with the asset class.” 

 

Source: HREI