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

The COVID-19 Shutdown Tests Medical Office Buildings As An Investment

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As U.S. health-care systems limit medical services to emergency and urgent care situations in the face of COVID-19, medical office buildings are standing empty, and the threat of tenants missing lease payments mounts.

Still, experts say, investors have every reason to keep MOBs high on their list of sector favorites. In addition to pent-up demand, strong sector fundamentals—aging Baby Boomers, expanded medical insurance coverage, new treatment options and shifts in service delivery—are expected to aid the MOB sector’s rebound and its love affair with investors.

“Medical office buildings and other outpatient care settings have been hot commodities in commercial real estate investment for the past several years,” according to Cushman & Wakefield’s 2020 Health Care Investor Outlook released at the end of last year. “Legacy investors are doubling down on the sector, while new investors are competing for the limited product supply.”

In the meantime, medical office building owners will have to wait for tenants and their patients to return.

“Most owners are trying to not make an impulsive decision, to wait and see how this situation plays out,” said Allen Bolden, a partner with HB Medical Real Estate.

But despite the MOB market’s underlying strength, too much time may prove to be an enemy.

“The fact that we don’t know if this will last another week or several months is why we can’t give solid answers to the future,” Bolden added. “The only thing we do know is the longer the economy is shut down, the more this will test the strength of MOBs as an investment.”

 

Source: CPE

Developer Plans Medical Offices Near Future Cleveland Clinic Site In Palm Beach County

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A property down the street from a future Cleveland Clinic Florida medical facility in Palm Beach County could be developed as medical offices.

Everett “Rett” Waldman, head of Wellington-based Folkstone Properties, said the Quartet Medical Offices would be the latest in a series of for-sale medical offices he’s been building in the area.

“There are many medical providers seeking to own their spaces because it’s less expensive than renting,” Waldman said.

Everett “Rett” Waldman, head of Folkstone Properties, wants to build medical offices at 8475 Lake Worth Road in Palm Beach County.

The 1.61-acre site, at 8475 Lake Worth Road, is owned by 8475LWR LLC, controlled by Waldman. Located at the northeast corner of Blanchette Trail, the property has a single-family home. The proposed land use amendment could change the site from “single-family residential” to “commercial – medical office.” This would allow up to 24,472 square feet, but Waldman said he intends to construct four medical office buildings totaling 10,000 square feet.

A few blocks to the west, Cleveland Clinic Florida has plans for a major medical center on a 35.4-acre site. There’s also a new community by Pulte Homes nearby.

“I’m selling the opportunity to be at the corridor next to Cleveland Clinic and 1,600 homes,” Waldman said. “I’m sure Cleveland Clinic will have a ton of on campus office space that doctors with privileges there will lease from them. I want the doctors who don’t need privileges at the hospital, but want to be in the medical corridor.”

The developer is also seeking a waiver to sell the four buildings “fee simple,” which usually isn’t allowed on parcels less than 3 acres. Waldman recently built and either sold or rented seven medical office buildings around Wellington and Royal Palm Beach.

“Medical office users like buildings between 2,500 to 3,500 square feet that they don’t have to share,” Waldman said.

Brian Terry of Insite Studio represents the developer in the application, which will require County Commission approval. A specific site plan would be required at a later date.

The developer acquired the property for $450,000 in 2018.

 

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