Medical Groups Eye Winter Park’s Skycraft Site For New Office Development

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An iconic Winter Park property — that’s been targeted for redevelopment for months — may soon land a buyer.

“Several medical office groups have signed letters of intent to buy the Skycraft Parts & Surplus Inc. property at 2245 W. Fairbanks Ave.,” said Glen Jaffee, senior associate at Cushman & Wakefield, who is marketing the site.

A company was under contract to buy the site, but the deal fell through due to Covid-19. The property has been on the market for less than a year.The Skycraft building may be razed to make way for up to 25,000 square feet of office space on the site.

“No plans have been submitted to the city of Winter Park, but a company is expected to go under contract for the site in the next month,” Jaffee said. “Medical doesn’t go away. There’s always going to be an interest and a need for medical use.”

The site is attractive because it’s in the affluent city of Winter Park and it’s next to Interstate 4, which has 157,000 vehicles a day. That access to I-4 means people from all over the region may be more willing to drive to the site for medical services.

Skycraft Parts & Surplus Inc. currently owns the 0.76-acre property, which features a 6,492-square-foot commercial structure built in 1978, according to Orange County records. The property’s market value is $1.2 million, Orange County records showed.

It’s the latest redevelopment project either proposed or recently completed along Fairbanks Avenue, which is located in an in-demand Winter Park retail area. That’s because retail space on Fairbanks is a bit more affordable than along nearby U.S. 17-92.

“The Fairbanks corridor is going to continue to see a significant uptick in new development, repositions and re-skins,” said Matt Weinberger, vice president of office and industrial advisory services at Millenia Partners, who isn’t involved with the Skycraft property.

More Medical

There may be more medical space that rises nearby. In July, Winter Park-based Raja Investors LLC purchased 954 S. Orlando Ave. for $3.5 million, according to Orange County records. The entity is tied to medical company Orlando Neurosurgery at 1605 W. Fairbanks Ave., state records showed. One of the entity’s managers is Dr. Ravi Gandhi, a physician with Orlando Neurosurgery. Dr. Gandhi wasn’t available for comment. The property’s seller was Krlkm LLP, and the 0.84-acre property features roughly 16,800 square feet of commercial space.

It’s the latest investment for Gandhi whose Winter Park-based Verax Fairbanks LLC in May 2018 paid $3.5 million to buy a 1.6-acre, vacant city-owned site at 1111 W. Fairbanks Ave. A roughly two-story, 20,000-square-foot medical office building was built on the site, and Orlando Health Women’s Pavilion opened as a tenant in June 2020.

Retail Stats

The Winter Park/Maitland retail submarket is one of the most in-demand areas in Central Florida. The submarket features 1.5 million square feet of retail space and a 1.8% average vacancy rate, Colliers International Central Florida reported. That’s well below the Orlando area’s 5.8% average vacancy rate, showing demand for retail space. In addition, the submarket’s average retail rental rate of $36.41 per square foot is nearly double the Orlando-area average of $18.87 per square foot, showing big demand for retail.

 

Source: Orlando Business Journal

Mortenson Development, Seavest Healthcare Partner On Candelas MOB

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Mortenson Development Inc. and Seavest Healthcare Properties will joint venture on SCL Health’s new 43,732-square-foot Class A medical office building at the intersection of West 91st Place and Candelas Parkway within Candelas in Arvada. Mortenson’s construction arm will build the two-story facility, which was designed by Davis Partnership Architects.

Over the last decade, Mortenson has worked with SCL Health to deliver more than 40 projects. This marks the first project in which Mortenson will act as a developer/owner for the nonprofit health care organization.

“Access to quality health care has never been more important, and we’re proud to be working with SCL Health to bring this primary care facility to the Candelas community,” said Taber Sweet, director of real estate development with Mortenson Development Inc.

Mortenson was responsible for site planning and design services for the development, including managing all entitlements and city approvals.

Asked what patients and providers will most appreciate: “The continuity of design as it flows from the exterior to the interior, which is reflected in the use of warm wood tones and the linear patterns in the ceilings and floors,” said Wendi Ekborg, Davis Partnership principal. “For this growing community, having access to an outpatient clinic facility such as this will be more than just a convenience; it will continue to build community and home.”

 

“The design inspiration pays tribute to the open fields of northwest Arvada through the notion of two overlapping branches laying in prairie grass,” said Davis Partnership’s Cody Weaver, AIA, NCARB, LEED Green Associate. “The gray panel used at the screen wall, entry and stair reflects the texture of bark that wraps the branch with adjacent warm tone panels echoing the wood core of the branch creating openings in the façade for connection from the exterior to interior. The irregular window patterning is much like the voids within grass allowing light to pass through the dense prairie. The brick masonry color represents the hues found in prairie grass while the brick banding reflects the setting sun,” he said.

Associated Bank provided the construction financing loan totaling approximately $9.6 million. The project team anticipates completion next summer.

 

Source:  CREJ

Montecito Medical Real Estate Acquires MPoA Medical Office Portfolio

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Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of six medical office buildings that were part of the portfolio of Medical Properties of America (MPoA).

The six properties span four states and include:

• Four facilities operated by Outpatient Imaging Affiliates (OIA) in Nashville, TN; Knoxville, TN: Madison, AL; and Wake Forest, NC.

• Clarksville Surgery Center in Clarksville, TN.

• Hartmann Commons in Lebanon, TN

Altogether, the properties that Montecito acquired from MPoA involve more than 80,000 square feet.

“As a company, we have been super active in seeking out and evaluating prime medical office properties at a time when many buyers have pulled back from the market,” said Chip Conk, CEO of Montecito Medical Real Estate. “You can see the fruit of our efforts in an acquisition like this, involving an outstanding group of medical office assets.”

The four MOBs in the OIA portfolio, which total 51,621 square feet, are 100% leased to Outpatient Imaging Affiliates, the ninth-largest operator of non-hospital imaging facilities in the US. The facilities were constructed between 1984 and 2000, with substantial investments in capital improvements and systems upgrades since 2012.

The Clarksville Surgery Center is a fully leased, 12,656 square-foot freestanding ambulatory surgical facility involving a partnership between United Surgical Partners International (USPI) and St. Thomas Health System. The center is strategically located in a fast-growing market located one hour northwest of Nashville near the Tennessee-Kentucky border.

Hartmann Commons is a one-story, 15,907 square-foot medical office building Lebanon, TN, a growing exurb east of Nashville. The building, constructed in 2013, is anchored by Tennessee Oncology, one of the nation’s largest community-based cancer care specialty groups.

 

Source: HREI