Miami-Based Vitalis CEO On Medical Office Growth In Region, State

/in , /by

Jacksonville is an excellent target area for growth in the health care real estate sector, said the CEO of a firm specializing in medical office space that has just entered the market.

St. Johns Vein Center at 8767 Perimeter Park Blvd. (PHOTO CREDIT: VITALIS)

Miami-based real estate investment firm Vitalis bought the 10,647-square-foot St. John’s Interventional and Vascular Institute last month for $3.8 million. Located at 8767 Perimeter Park Blvd. near Tinseltown, the property is the home of St. Johns Vein Center, a vascular catheterization laboratory that is one of the few vascular testing facility in the region.

“Jacksonville’s positive demographic trends for health care and demand led to the deal — and that more might be on the way,” Vitalis founder and Managing Director Elliot LaBreche told the Business Journal. “It’s a higher acuity use, those tenants tend to stay and reinvest in their space. They don’t move around a ton.”

Vitalis, which has properties in 12 states, has done a variety of deals in the health-care-focused real estate space, including providing bridge loans to developers, sale-leasebacks and tenant representation.

Growth in the sector is driven by an aging population and changes in the way health care is provided, with services like surgery, imaging, gynecology or orthopedic care taking place outside of hospitals.

“You have insurance companies pushing health systems to deliver care in a more cost-effective way, and that’s not in a hospital. It’s really in these outpatient facilities,” LaBreche said. “There are a lot of growth drivers for these facilities to do really well.”

In the wake of the vein center acquisition, LaBreche said Vitalis has a letter of intent signed for another Jacksonville property, a surgery center.

“We’re just as interested in growing in the Northeast part of Florida because deals are a little more attractive from a buyer’s standpoint, but the fundamental drivers for healthcare are there,” LaBreche said.

Pivotal Healthcare Partners acquired St. Johns Vein Center in February. Given the property’s central location, size, and cutting-edge catheterization lab, Pivotal Healthcare Partners’ plans to designate St. Johns Vein Center as the hub all affiliated practices will refer their higher-acuity catheterization lab procedures toward, a press release said.

 

Source: JBJ

Mayo Clinic In Florida Relocating Organ Transplant Team Offices In $5.7 Million Project

/in /by

The city issued a permit July 11 for Fickling Construction Inc. of Jacksonville to renovate space at Mayo Clinic in Florida to relocate its transplant team offices at a project cost of almost $5.7 million.

The permit is for about 26,000 square feet of space on the fourth floor of the Davis Building at the Mayo campus at 4500 San Pablo Road S.

Plans indicate existing outpatient exams room will be renovated and the existing office layouts will be reconfigured to accommodate the relocation of Mayo’s transplant team. HKS Architects Inc. of Orlando is the architect.

“July 12 work is underway,” said Mayo Communications Manager Kevin Punsky. “Mayo anticipates completion late this year for a first-quarter 2024 opening. The entire solid organ transplant team will be relocated to this new area from where they are now on Mayo 3rd floor, The team is moving to free up and expand hospital space.”

The scope includes a new door opening connecting the Davis Building and Mayo Clinic Hospital.

“The transplant team performs different types of transplants, from the straightforward, though serious, kidney transplant, to the most complex, multiorgan transplants accompanied by rare disorders,” says Mayoclinic.org.

The site says that more than 150 surgeons and physicians and hundreds of allied health staff, specifically trained to care for transplant patients, perform more than 2,000 solid organ and bone marrow transplants every year in Mayo Clinics in Arizona, Florida and Minnesota.

“Mayo Clinic has preeminent adult and pediatric transplant programs, offering heart, liver, kidney, pancreas, lung, hand, face, and blood and bone marrow transplant services, the site says. “Mayo doctors performed their first clinical transplant in 1963.”

 

Source: Jacksonville Daily Record

10 Texas Medical Office Building Updates From The First Half Of 2023

/in /by

The market for medical office buildings has been booming this year, as investors and real estate managers have touted their stability and upside potential.

Here are 10 Texas medical office building updates from 2023:

  1. A 40,000-square-foot building in Stafford, Texas, that sits on 3.4 acres was sold.
  2.  Ground was broken on a 60,000-square-foot office, the Frisco Medical Pavillion II, set to open in 2024.
  3. A 31,247-square-foot medical office building in Plano, Texas, anchored by Dallas Neurological and Spine, was acquired by Montecito Medical.
  4. Wolf Capital Partners acquired the newly rebranded HeightsMED building, launching renovations that are expected to be complete in mid-2023.
  5. Big Sky Medical acquired a 110,465-square-foot medical office building with rentable space in El Paso, Texas.
  6. The Memorial Hermann Medical Plaza in Houston was awarded an Energy Star certification by the U.S. Environmental Protection Agency.
  7. Remedy Medical Properties and Medical Facilities Holdings completed a 59,741-square-foot medical office building in San Antonio, Texas, that is anchored by a Physician Surgical Network Affiliates ASC.
  8. An 82,328-square-foot Methodist Southlake (Texas) medical office building outside of Fort Worth, Texas, attached to a Methodist hospital sold.
  9. The 61,660-square-foot medical office building the Medical Center of Tomball (Texas) has been purchased for $24.6 million.
  10. Two Texas residents are in custody for burning down a three-story medical office building under construction in Spring, Texas.

 

Source: Becker’s ASC Review