Multi-Million-Dollar Medical Facility Coming To Riviera Beach

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New health care options will soon be available for those living in Riviera Beach.

City council has paved the way to build a multi-million-dollar medical facility that will provide health and behavioral services for those in need.

“Adult medicine, pediatrics, woman’s health services, dentistry, pharmacy, we also have behavioral health and psychiatry” said Christopher Irizarry, the CEO of FoundCare.

The facility will cater to any resident regardless of income or insurance.

“If they don’t have money to pay, they aren’t turned away for inability to pay,” Irizarry said.

And that’s welcoming news for residents like Jeanette Johnson.

“That would be a lot better than coming all the way south,” Johnson said.

Johnson said the FoundCare center in Palm Springs was her only option she could find to get help for her nephew.

“He called 30 places, I called 30 places, and we got no where,” Johnson said. “This is the only place we could really get a primary and a dental, so it worked out great.”

The plan is to build on an empty lot along the Broadway Avenue corridor next to McDonalds , where statistics show there’s a desperate need for a one-stop-shop medical facility.

“The 33404 zip code we’ve seen that the life expectancy, in that zip code, is 69 compared to to the rest of the county which is 81,” Irizarry said.

It’s why City council voted unanimously to green-light the $15 million project which is being funded by FoundCare.

“Having this facility here will be a way to provide a lot of preventatives so that we can get out of those high number of having high blood pressure, diabetes, and all of that,” said Kashamba Miller-Anderson, the chair pro-tem of the Riviera Beach City Council.

The center will also include space for small business startups.

“Help give them an extra boost, get their-selves started. I think it just goes hand-in-hand with our CRA master plan of what we’re trying to do in that area,” Miller-Anderson said.

City leaders hope to break ground within the next six months.

 

Source:  WPTV

 

Remedy And MedProperties Form $350 Million Medical Office Building Joint Venture

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Remedy Medical Properties and MedProperties Realty Advisors LLC formed a $350 million-plus joint venture to recapitalize an 11-state, 23-asset healthcare real estate portfolio totaling more than 1 million square feet owned by MedProperties.

Capital One provided senior debt for the transaction. Terms were not disclosed. The CBRE Healthcare & Life Sciences Capital Markets team marketed the portfolio.

The portfolio contains primarily medical office buildings as well as some post-acute facilities, including a rehabilitation hospital and ambulatory surgery center in Texas and rehabilitation hospital in Ohio. The properties are located in Texas (eight facilities), Florida (two), Pennsylvania (two),  Ohio (two), Kentucky (two) and one each in Tennessee, New York, North Carolina and Missouri.

The properties are located in some of the country’s top metropolitan areas and strategic, secondary markets. The assets are 94 percent occupied and 71 percent leased by high-caliber investment-grade tenants, including leading hospitals and health systems. One of the properties in the portfolio is Founders Square, a 35,000-square-foot medical office building in Naples, Fla., developed in 2020 by MedProperties and Catalyst Healthcare Real Estate.

Investment-grade healthcare tenants include: Baylor Scott & White, Children’s Hospital of Los Angeles, CommonSpirit, Rady Children’s Hospital, U.S. Department of Veterans Affairs, University of Southern California, UF (University of Florida) Health and WVU (West Virginia University) Medicine.

Deal Details

Darryl Freling, managing principal of Dallas-based MedProperties, said in a prepared statement his company aggregated a large number of assets through the years through its various funds and investment partnerships. In fall 2020, the firm’s leadership decided to offer a portfolio of about a two dozen of those properties as a recapitalization investment opportunity rather than an outright sale. He said the offering was taken to market in early 2021 and Remedy emerged as the joint venture partner in summer 2021.

The joint venture enabled Chicago-based Remedy, the nation’s largest owner of medical properties, to acquire a majority interest in another high-quality portfolio that complements its own holdings. Remedy’s properties total more than 26 million square feet across 42 states.

Joe Magliochetti, chief investment officer for Remedy, said in prepared remarks the portfolio is a logical addition to Remedy’s holdings and complements his company’s existing assets in terms of geography and tenancy.

The two companies have transacted smaller deals in the past and Remedy has made previous recapitalization deals with other private equity HRE investors. But this was the first time Remedy had done a transaction of this size with a private equity firm that was also another operator and competitor.

Earlier MOB Deals

In May, Remedy paid $55.2 million for Andover Medical Center, a 69,992-square-foot medical office property in the Boston suburb of Andover, Mass., owned by EverWest Real Estate Investors. The deal nearly doubled Remedy’s metro Boston footprint.

A month earlier, Remedy teamed with Kayne Real Estate Advisors in a joint venture to acquire Gresham Station Medical Plaza, a four-building, 100,419-square-foot medical office campus in Gresham, Ore. The joint venture paid $30.9 million for the Class B asset, according to public records. CommercialEdge data stated the previous owner was Stockdale Capital Partners, which had owned the property since 2017.

In one of its recent deals, MedProperties Fund III acquired a 67,060-square-foot multi-tenant medical office building in Glendale, Calif. The six-story facility is located on the campus of CommonSpirit-affiliated Glendale Memorial Hospital.

 

Source: Commercial Property Executive

Colorado, Arizona Medical Office Building Portfolio Trades For $56 Million

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Centum Health Properties has sold a 180,000-square-foot medical office building portfolio encompassing three properties in Greater Phoenix, and another asset in the Denver market.

Wentworth Healthcare Properties, the health-care arm of Wentworth Property Co., purchased the four properties for a combined $56 million. CBRE represented the seller in the transaction.

The largest property in the portfolio is the 79,624-square-foot Princess Medical Center at 8573-8575 E. Princess Drive in Scottsdale, Ariz. The two-story Class A facility built in 2003 traded for $25.1 million, Maricopa County records show.

Wentworth paid $15.5 million for Anthem Medical Plaza in Anthem, Ariz., a property totaling 49,847 square feet. The 1997-built low-rise is situated at 3618-3654 W. Anthem Way. Rounding out the Greater Phoenix properties is the 39,168-square-foot Sun Lakes Medical Center in Sun Lakes, Ariz. The Class B facility at 10440 E. Riggs Road changed ownership for nearly $8.7 million, according to public documents.

Based on Jefferson County records, Centum Health Properties received approximately $6.8 million for Wadsworth Medical Office Building in Littleton, Colo. Encompassing 20,350 square feet, the 2005-built property sits on more than 3 acres at 5920 S. Estes St.

Aggressive Expansion

“Wentworth Healthcare Properties intends to continue to invest significantly in core-plus and value-add medical office facilities as well as development projects across Western U.S,” Jason Meszaros, Managing Director of Wentworth Healthcare Properties, said in prepared remarks.

Most recently, the company announced plans to develop Goodyear Medical, a 57,000-square-foot project in Goodyear, Ariz.

The four value-add properties in Arizona and Colorado were roughly 80 percent leased at the time of the sale, with vacancies at the three Greater Phoenix facilities. Capital One provided acquisition financing for the four-property transaction.

The new owner appointed Kidder Mathews to market Princess Medical Center, and chose JLL to lease Sun Lakes Medical Center and Anthem Medical Plaza.

 

Source: Commercial Property Executive