Central Florida Medical O ce Report - cushwakeorlando.com · Arnold Palmer Hospital for Children &...
Transcript of Central Florida Medical O ce Report - cushwakeorlando.com · Arnold Palmer Hospital for Children &...
Welcome to the third edition of Cushman & Wakefield’s Central Florida Medical Office Report. This comprehensive report covers all space in the market dedicated to outpatient medical services, including owner-occupied and multi-tenant medical office buildings, community clinics, imaging centers, ambulatory surgery centers and specialized outpatient treatment facilities. If a property caters to both office and medical users, it must have at least half existing medical tenancy to be included in the inventory.
This comprehensive report will be published annually, with a basic market update published quarterly. It is prepared by Anne Spencer and Cushman & Wakefield’s Healthcare Practice Group. She brings over 10 years experience to the healthcare advisory platform.
Cushman & Wakefield’s Healthcare Practice Group is a national platform of real estate professionals with a focus on the sales, leasing, valuation, management and financing of healthcare properties around the US including: medical office, assisted living, skilled nursing and hospital facilities.
Medical Office ReportCUSHMAN & WAKEFIELD
Cushman & Wakefield of Florida, Inc. 20 North Orange Avenue Suite 300Orlando, FL 32801cushmanwakefield.comcushwakehealthcare.com
Anne SpencerDirector [email protected] +1 407 541 4434floridamedicaloffice.com
Cushman & Wakefield 1
Table of ContentsConstruction & Investment Activity
Hospital MapHospital Clusters
Orlando HealthAdventist Healthcare
Central Florida Health AllianceSt. Cloud Regional Medical Center
HCAMedical City at Lake Nona
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Construction ActivityWith continued expansion and new development by hospital groups, MOB construction in 2016 is expected to pick up pace.
Orlando Health:
• Spring Lake Health & Living Campus is being developed by Dr. Phillips as a senior living and healthcare community. The senior housing component will contain 180 beds and operated by Harbor Retirement Associates. The campus will also have a 60,000 SF MOB called the Orlando Health Medical Pavilion at Spring Lake. The project is on 26 acres in the Dr Phillips area of Orlando. The MOB will be occupied by Physicians Associates and Orlando Health Physicians. Expected delivery of the MOB is Fall 2016.
• Health Central is expanding by adding a 5-story tower, 100 emergency beds and 40 private patient beds. Expected completion is in Fall 2016.
• Health Central is under construction of a MOB called Summerport in Windermere at the intersection of County Road 535 and West Lake Butler Road. The 60,000 SF building will house physicians from Orlando Health. Expected completion is late summer 2016.
Adventist Health:
• Florida Hospital planning to open an 18,000 SF freestanding ER in Lake Mary, which will have 24 beds.
• The new Florida Hospital for Women opened in January 2016. Located on the main Florida Hospital campus near Downtown Orlando, the 420,000 SF facility is 12-stories and will have 330 beds. The hospital will offer general and high-risk obstetrics, gynecology, a level-three NICU, the region’s only milk depot, oncology, surgery, breast care, cardiovascular care, and wellness education.
• Florida Hospital’s Winter Garden facility is expected to open this year. It has no overnight beds but the 97,000 SF facility will have an emergency department, acute care services, on-site imaging, pharmacy, and outpatient surgical services.
• Florida Hospital’s Winter Park expansion will begin in spring 2016. The new construction will add new patient rooms to the emergency department, along with a new 177,000 SF 5-story patient tower that will house 97 beds.
HCA:
• HCA has broken ground on a new hospital in Oviedo, which will be a 64-bed acute care facility opening Jan 2017. There is also a 40,000 SF MOB currently under construction that will deliver first in July 2016.
• Central Florida Regional Hospital, based in Sanford, FL is building a freestanding ER in Deltona. The 10,500 SF, 12-bed facility will come online by the end of 2016.
• In November 2015, Poinciana Hospital had a ribbon cutting ceremony for their 2-floor expansion at their existing facility. The additional floors added 46 patient beds and 40,000 SF to the relatively new hospital.
Investment ActivityMOB sales in Central Florida have been limited due to a lack of investment inventory being marketed. The majority of MOB sales have occurred in smaller single tenant buildings or for medical condos acquired by owner-users. Two investment medical sales that have occurred:
• Studio Plaza, 5979 and 6001 Vineland Road, 2-builidng portfolio sold for $5,900,000
• 1210 East Plant Street in Winter Garden, purchased by Community Healthcare Trust for $5,405,000
Leasing ActivityOn the leasing side, direct vacancy in the Orlando MSA has steadily decreased since 2011, falling 2.8 percentage points during the five year period to 8.5%. The reason for the tightening in the market is due to the decrease in rental rates, which have slowly declined since 2011, dropping 3.5% to $19.14 PSF/YR. However, as the market continues to tighten, rental rates should stabilize in the near term. Consequently, there has been no significant MOB construction independent of a hospital system since 2009, which is expected to change in the next year with an estimated 100,000 SF under construction to begin 2016. MOB market fundamentals have been under pressure over the past five years as the healthcare industry remains uncertain as to the effect of the implementation the Affordable Care Act will have on real estate needs going forward.
Featured Listing
Oviedo Medical Office Building
• 40,000 SF class A medical office building
• On the campus of HCA’s newest hospital, Oviedo Medical Center
• Hospital will have 64 acute-care beds and feature a Mother-Baby Unit, Inpatient and Outpatient surgery, 24/7 emergency care, cardiac catheterization lab, cardiopulmonary services, pharmacy, and diagnostic imaging.
• MOB delivering July 2016
• Hospital delivering January 2017
• Cushman & Wakefield is the exclusive leasing agent for the Oviedo MOB.
Market Commentary
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Market/SubmarketTotal
Inventory
Direct Vacancy
Rate
Overall Vacancy
Rate
Overall Net Absorption Leasing Activity Full Service Gross Wt. Avg. Rent
QTR YTD QTR YTD Direct Sublet Overall
Central Orange 4,220,701 5.2% 5.3% 9,647 57,926 18,810 76,218 $21.02 $18.91 $20.98
East Orange 608,331 11.1% 11.5% 6,608 18,837 2,500 18,763 $23.07 $11.65 $22.90
West Orange 1,376,302 8.8% 8.8% (8,522) (6,311) 10,022 36,155 $22.17 N/A $22.17
Orange (Total) 6,205,334 6.2% 6.3% 7,733 70,452 31,332 131,136 $21.64 $15.28 $21.65
Seminole 2,216,724 10.5% 10.7% 11,417 58,394 30,247 122,573 $17.59 $18.73 $17.60
Osceola 1,245,485 14.8% 14.8% (3,314) 21,167 19,967 33,274 $23.39 N/A $23.39
Lake 991,401 9.8% 9.8% (3,790) 12,403 1,184 10,857 $13.92 N/A $13.92
Total 10,658,944 8.5% 8.6% 12,046 162,416 82,730 297,840 $19.14 $17.01 $19.14
On Campus 3,767,442 8.0% 8.0% (8,995) 25,474 38,437 101,526 $17.94 $20.00 $17.94
Off Campus 6,891,502 8.7% 8.9% 21,041 136,942 44,293 196,314 $20.44 $17.96 $20.42
Total 10,658,944 8.5% 8.6% 12,046 162,416 82,730 297,840 $19.14 $17.01 $19.14
Market Statistics
STATS ON THE GO
4Q12 3Q13 4Q13 Y-O-Y CHANGE
12-MONTH FORECAST
Overall Vacancy 10.5% 9.1% 8.6% 1.5 pp q
Direct Asking Rents
(PSF/MO) $19.88 $20.87 $19.14 $(0.74) q
Gross Activity (SF) 40,559 97,133 82,730 42,171 o
Under Construction 28,000 - 100,000 72,000 p
MEDICAL OFFICE INVENTORY by Submarket
Central Orange
39%
East Orange6%
West Orange13%
Seminole21%
Osceola12%
Lake9%
ON & OFF CAMPUS CONSTRUCTION DELIVERIES
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20,000
40,000
60,000
80,000
100,000
120,000
2010 2011 2012 2013 2014 2015 UC
Off Campus On Campus
VACANCY VS. ABSORPTION Annual SF
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400,000
600,000
800,000
1,000,000
1,200,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2009 2010 2011 2012 2013 2014 2015
Vacancy vs. Absorption
Vacancy Net Absorption
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FLORIDA COUNTYWIDE HOSPITAL LOCATOR MAP
Cushman & Wakefield of Florida, Inc. 20 North Orange Avenue Suite 300 Orlando, FL 32801
SEMINOLECOUNTY
OSCEOLACOUNTY
ORANGECOUNTY
LAKECOUNTY
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Arnold Palmer Hospital for Children& WomenOrlando Regional Medical CenterWinnie Palmer Hospital for Women & BabiesUF Health Cancer Center OrlandoDr. P. Phillips HospitalSouth Seminole HospitalSouth Lake HospitalHealth Central Hospital
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1 Florida Hospital OrlandoFlorida Hospital AltamonteFlorida Hospital ApopkaFlorida Hospital Celebration HealthFlorida Hospital East OrlandoFlorida Hospital KissimmeeFlorida Hospital WatermanWinter Park Memorial HospitalFlorida Hospital Winter Garden
Leesburg Regional Medical Center1
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Lake Mary
Orlando
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Central Florida Regional HospitalOsceola Regional Medical CenterPoinciana Medical CenterHunter’s Creek ERCOviedo Medical Center
UCF Health Sciences CampusBurnett Biomedical Sciences CampusSanford-Burnham at Lake NonaNemoursUF Research & Academic CenterVA Medical CenterMD Anderson Orlando Cancer Research Institute
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East Submarket
St. Cloud Regional Medical Center
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Anne Spencer Director [email protected]
+1 407 541 4413
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ORMC - Orlando 1414 Kuhl Avenue Orlando, FL 32806 • 804 beds
• Full service medical/surgical facility
• Orlando Health hospital system
• Private, non-profit, community-based health system
• Central Florida’s only level one trauma center www.orlandohealth.com/orlandoregionalmedicalcenter
UF Health Cancer Center 1400 S. Orange Avenue, Orlando, FL 32806 • 60 beds
• 10-story comprehensive multidisciplinary cancer center www.orlandohealth.com/mdanderson
Arnold Palmer Hospital For Children 92 W. Miller Street, Orlando, FL 32806 • 158 Beds
• Pediatrics hospital
• Orlando Health hospital system
• Only Central Florida hospital with a dedicated pediatric emergency and trauma department
• Home of Congenital Heart Institute www.orlandohealth.com/arnoldpalmerhospital
Winnie Palmer Hospital Women & Babies 83 W. Miller Street, Orlando, FL 32806 • 285 beds
• Third largest birthing center in the U.S.
• Complete ob/gyn care
• Fourth largest level IV NICU in the US www.orlandohealth.com/winniepalmerhospital
1 | ORLANDO HEALTHORMC | UF Health Cancer Center
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# Building Name Building Address SF Occupancy Rate Notes
3 93 W. Columbia St. 93 W. Columbia St., Orlando, FL 52,908 100.00% NA Owned by Orlando Health
4 Columbia Street Medical Center 21 W. Columbia St., Orlando ,FL 32,665 100.00% NA Owned by Orlando Health
5 1315 S. Orange Ave. 1315 S. Orange Ave., Orlando, FL 30,000 100.00% NA
6 89 Copeland Dr. 89 Copeland Dr., Orlando, FL 28,804 100.00% NA Owned by Orlando Health
7 Underwood 77 Medical Building 77 W. Underwood St., Orlando, FL 18,500 100.00% NA
8 Orlando Professional Center - Building 1 1720 S. Orange Ave., Orlando, FL 18,297 100.00% NA
9 1300 S. Kuhl Ave. 1300 S. Kuhl Ave., Orlando, FL 14,469 100.00% NA Owned by Orlando Health
10Richard Hornick, MD Medical Education Building
86 W. Underwood St., Orlando, FL 14,322 100.00% NA Owned by Orlando Health
11 Thorsen Building 1414 Kuhl Ave. Orlando, FL 53,443 100.00% NA Owned by Orlando Health
12 1222 S. Orange Ave. 1222 S. Orange Ave., Orlando, FL 284,169 100.00% NA Owned by Orlando Health
13 1725 Kuhl Ave. 1725 Kuhl Ave., Orlando, FL 27,948 100.00% NA
2. ORLANDO PROFESSIONAL CENTER - BUILDING 2 22 W. Lake Beauty Dr., Orlando, FL 32806
TOTAL SF% LEASEDASKING RENT NOTES
30,42790.60%$22.00 MGThree suites available; Holladay Properties is the listing agent.
1. ORLANDO MEDICAL PLAZA - BUILDING 1000 1405 S. Orange Ave., Orlando, FL 32806
TOTAL SF% LEASEDASKING RENT NOTES
38,71583.00%$16.00 NNNUp to 6,600 SF available; RJ King is the listing agent.
On Campus Medical Office Buildings
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# Building Name Building Address SF Occupancy Rate Notes
3 Physician Associates Central Florida 7472 Docs Grove Cir., Orlando, FL 15,411 100.00% NA Owner occupied
4 SW Orlando Family Medicine 7400 Docs Grove Cir., Orlando, FL 7,876 100.00% NA Owner occupied
5Lake View Medical Park - Lakeview GI Center
7448 Docs Grove Cir., Orlando, FL 10,494 100.00% NA Medical office condos
6 Sand Lake Imaging 9350 Turkey Lake Rd., Orlando, FL 14,892 100.00% NA
7 Orlando Heart Center 7236 Stonerock Cir., Orlando, FL 9,851 100.00% NA Owner occupied
8 Sand Lake Medical Park 7301 Stonerock Cir., Orlando, FL 9,281 100.00% NA Sand Lake Cancer Center.
9Orofacial & Dental Implant Surgery Associates
7352 Stonerock Cir., Orlando, FL 5,725 66.80% $21.00 NNN 1,700 SF available; RJ King is agent
10Sand Lake Medical Park - Women's Care Florida
7200 Stonerock Cir., Orlando, FL 7,209 100.00% NA Owner occupied
11 Sand Lake Physicians Building 9430 Turkey Lake Rd., Orlando, FL 28,878 100.00% NA Medical office condos
12 Sand Lake Surgery Center
7477 Sand Lake Commons Blvd., Orlando, FL 16,976 100.00% NA
W. Sandlake Road
Martin Anderson Beachline ExpresswayInternational D
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4Dr. P. Phillips Hospital 9400 Turkey Lake Road, Orlando, FL 32819
• 237 beds
• Full service medical/surgical facility
• Orlando Health hospital system
• Private, non-profit, community-based health system
www.orlandohealth.com/drpphillipshospital
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1 | ORLANDO HEALTHDr. Phillips Hospital
1. SAND LAKE COMMONS - MEDPLEX B 7350 Sand Lake Commons Blvd., Orlando, FL 32819
TOTAL SF% LEASEDASKING RENT NOTES
66,00081.80%$17.00-20.00 NNNMedical office condos
2. SAND LAKE COMMONS - MEDPLEX A 7300 Sand Lake Commons Blvd., Orlando, FL 32819
TOTAL SF% LEASEDASKING RENT NOTES
66,00081.10%$17.00 NNNMedical office condos; Health America Realty is agent.
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3 451 Milwee St. 451 Milwee St., Longwood, FL 11,899 100.00% NA
4 450 W. S.R. 434 450 W. S.R. 434, Longwood, FL 19,605 100.00% NA
5 ProMed Center 225 W. S.R. 434, Longwood, FL 15,800 100.00% NA
6 451-455 W. Warren Ave.
451-455 W. Warren Ave., Longwood, FL 23,139 49.80% $13.00 NNN Holladay Properties, agent
South Seminole Hospital 555 West State Road 434, Longwood, FL 32750
• 206 beds
• Full service medical/surgical facility
• Orlando Health hospital system
• Home to Orlando Health’s Behavioral Healthcare
• Private, non-profit, community-based health system
www.orlandohealth.com/southseminolehospital
1 | ORLANDO HEALTHSouth Seminole Hospital
1. SOUTH SEMINOLE MEDICAL OFFICE 515 W. S.R. 434, Longwood, FL 32750
TOTAL SF% LEASEDASKING RENT NOTES
54,12585.30%$22.00 MGHolladay Properties, agent.
2. SOUTH SEMINOLE MEDICAL PLAZA 521 W. S.R. 434, Longwood, FL 32750
TOTAL SF% LEASEDASKING RENT NOTES
44,167100.00%$18.00 MGMedical office condos; Holladay properties, agent.
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1 | ORLANDO HEALTHSouth Lake Hospital
# Building Name Building Address SF Occupancy Rate Notes
3 1381 Citrus Tower Blvd.
1381 Citrus Tower Blvd., Clermont, FL 8,120 100.00% NA
4 South Lake Medical Arts Center
805 Oakley Seaver Dr., Clermont, FL 5,635 100.00% NA Department of
Veterans Affairs
5 South Lake Medical Arts Center
871 Oakley Seaver Dr., Clermont, FL 6,000 100.00% NA Clermont Radiology;
owner occupied
6 South Lake Surgery Center
1800 Oakley Seaver Dr., Clermont, FL 6,029 100.00% NA
South Lake Surgery Center; owned by South Lake Hospital
7 Skytop Professional Plaza
1804 Oakley Seaver Dr., Clermont, FL 20,480 100.00% NA Medical office condos
8 2020 Oakley Seaver Dr.
2020 Oakley Seaver Dr., Clermont, FL 8,417 100.00% NA
9 2040 Oakley Seaver Dr.
2040 Oakley Seaver Dr., Clermont, FL 14,000 100.00% NA South Lake
Endoscopy Center
Orlando Health South Lake Hospital 1900 Don Wickham Drive, Clermont, FL 34711
• 122 beds
• Full service medical facility
• Orlando Health hospital system
• Home to the National Training Center
• Private, non-profit, community-based health system
www.southlakehospital.com
1. NTC MEDICAL PLAZA 1361 Citrus Tower Blvd., Clermont, FL 34711
TOTAL SF% LEASEDASKING RENT NOTES
20,700100.00%NAUp to 15,000 available for sub-lease. Lee & Associates, agent.
2. SOUTH LAKE MEDICAL PLAZA 1920 Don Wickham Dr., Clermont, FL 34711
TOTAL SF% LEASEDASKING RENT NOTES
67,02381.00%$10.00 NNNLee & Associates, agent.
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1 | ORLANDO HEALTHHealth Central Hospital
# Building Name Building Address SF Occupancy Rate Notes
3 1161 Blackwood Office Strip
1161-1193 Blackwood Ave., Ocoee, FL 12,365 100.00% NA
4 West Orange Dental Group
1201-1291 Blackwood Ave., Ocoee, FL 10,494 100.00% NA
5 Clermont - Ocoee Pediatrics 1551 Boren Dr., Ocoee, FL 8,056 100.00% NA
6 Lake Bennett Medical Center II 1128-1148 Kelton Ave., Ocoee, FL 22,804 100.00% NA 1,740 SF available. Charles
Rutenberg, agent
7 Associates in Dermatology
530-534 Ocoee Commerce Pkwy., Ocoee, FL 5,168 100.00% NA
8 2704 Rew Cir. 2704 Rew Cir., Ocoee, FL 7,038 100.00% NA
9 2706 Rew Cir. 2706 Rew Cir., Ocoee, FL 8,700 100.00% NA
10 1111 Blackwood Ave 1111 Blackwood Ave, Ocoee, FL 16,283 100.00% NA Physicians Associates
11 Lake Bennett Medical Center 1151 Blackwood Ave., Ocoee, FL 14,840 83.20% NA Medical office condos
Health Central Hospital 10000 West Colonial Drive, Ocoee, FL 34761
• 171 beds
• 440,060 square foot, 85-acre medical complex
• Orlando Health hospital system
• Private, non-profit, community-based health system
www.healthcentral.org
2. WEST ORANGE PROFESSIONAL CENTER 10125 W. Colonial Dr., Ocoee, FL 34761
TOTAL SF% LEASEDASKING RENT NOTES
28,00086.40%$18.00-20.00 NNNMultiple medical condos/suites available. Realty Capital, agent.
1. WEST ORANGE PROFESSIONAL CENTER 10131 W. Colonial Dr., Ocoee, FL 34761
TOTAL SF% LEASEDASKING RENT NOTES
20,93286.50%$15.00 NNN2,800 SF available. Realty Capital, agent.
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2 | ADVENTIST HEALTHFlorida Hospital Orlando
# Building Name Building Address SF Occupancy Rate Notes
3 Translational Research Institute 301 E. Princeton St., Orlando, FL 51,711 100.00% NA Owned by Adventist Health.
4 Loch Haven Executive 615 E. Princeton St., Orlando, FL 41,844 100.00% NA Owned by Adventist Health.
5 2520 N. Orange Ave. 2520 N. Orange Ave., Orlando, FL 33,044 100.00% NA Owned by Adventist Health.
6 235 E. Princeton St. 235 E. Princeton St., Orlando, FL 28,856 100.00% NAOwned by Adventist Health. Occupied by Florida Radiology.
7 2855 N. Orange Ave. 2855 N. Orange Ave., Orlando, FL 23,814 100.00% NA Owned by Adventist Health.
8 2400 Bedford Rd. 2400 Bedford Rd., Orlando, FL 19,789 100.00% NA Owned by Adventist Health.
9 Scottsdale Campus 2350 Bedford Rd., Orlando, FL 17,911 100.00% NA Owned by Adventist Health.
10 Orlando Medical - Dental Center 2909 N. Orange Ave., Orlando, FL 15,469 80.90% $20.00 -
$22.00 MGTwo suites available directly from building owner.
11 2320 N. Orange Ave. 2320 N. Orange Ave., Orlando, FL 14,087 100.00% NA
12 Arthritis Associates 324 E. Par St., Orlando, FL 6,973 100.00% NA Owner occupied.
Florida Hospital - Orlando 601 E. Rollins Street, Orlando, FL 32803
• 1,177 beds
• Full service medical/surgical facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospital.com
1. FLORIDA MEDICAL PLAZA/FH CANCER INSTITUTE 2501 N. Orange Ave., Orlando, FL 32804
TOTAL SF% LEASEDASKING RENT NOTES
180,000100.00%NAMedical office condos
2. HEALTH VILLAGE MEDICAL OFFICE BUILDING 2415 N. Orange Ave., Orlando, FL 32804
TOTAL SF% LEASEDASKING RENT NOTES
113,947100.00%NAOwned by Adventist Health.
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2 | ADVENTIST HEALTHFlorida Hospital Altamonte
# Building Name Building Address SF Occupancy Rate Notes
3 Altamonte Medical Center I
106 Boston Ave., Altamonte Springs, FL 27,577 82.10% $10.00 Full
ServiceFirst Capital Property Group, agent.
4 160 Boston Ave. 160 Boston Ave., Altamonte Springs, FL 25,166 100.00% NA
5 Florida Surgery Center 180 Boston Ave., Altamonte Springs, FL 9,442 100.00% NA Owner occupied.
6 201 Maitland Ave. 201 Maitland Ave., Altamonte Springs, FL 15,000 100.00% NA
7 Atrium III 499 E. Central Pkwy., Altamonte Springs, FL 30,000 100.00% NA Multi-tenant building.
8 Altamonte Medical Center 2
616 E. Altamonte Dr., Altamonte Springs, FL 16,454 66.30%
$10.00 Modified
Gross
First Capital Property Group, agent.
9 Altamonte Medical Plaza
661 E. Altamonte Dr., Altamonte Springs, FL 32,338 100.00% NA Medical office condos.
10 Florida Heart Group 689 E. Altamonte Dr., Altamonte Springs, FL 7,100 100.00% NA Owner occupied.
11 Florida Hospital Lakeview Plaza
701 E. Altamonte Dr., Altamonte Springs, FL 41,348 100.00% NA Owned by Adventist Health
System.
12 Florida Hospital Lakeview Plaza
711 E. Altamonte Dr., Altamonte Springs, FL 68,754 100.00% NA Owned by Adventist Health
System.
13 The Altamonte Forum Center
745 Orienta Ave., Altamonte Springs, FL 56,952 71.70% $15-$17 Plus
Electric Dunhill Properties, agent.
Florida Hospital - Altamonte 601 East Altamonte Drive, Altamonte Springs, FL 32701
• 341 beds
• Full service medical/surgical facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospital.com
2. ALTAMONTE CAPITAL CENTER 249 Maitland Ave., Altamonte Springs, FL 32701
TOTAL SF% LEASEDASKING RENT NOTES
26,11882.40%$16.00 Full ServiceLee & Associates, agent
1. ALTAMONTE CAPITAL CENTER 251 Maitland Ave., Altamonte Springs, FL 32701
TOTAL SF% LEASEDASKING RENT NOTES
26,11894.10%$16.50 Full ServiceLee & Associates, agent
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2 | ADVENTIST HEALTHFlorida Hospital Apopka
# Building Name Building Address SF Occupancy Rate Notes
3 200 N. Park Ave. 200 N. Park Ave., Apopka, FL 3,375 100.00% NA
4 Mid-Florida Eye Center 12 S. Park Ave., Apopka, FL 3,387 100.00% NA
5 20 S. Park Ave. 20 S. Park Ave., Apopka, FL 3,500 100.00% NA
6 125 S. Park Ave. 125 S. Park Ave., Apopka, FL 3,283 100.00% NA
Florida Hospital - Apopka 201 N Park Avenue, Apopka, FL 32703
• 50 beds
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospitalapopka.com
1. 202 N. PARK AVE. 202 N. Park Ave., Apopka, FL 32703
TOTAL SF% LEASEDASKING RENT NOTES
9,600100.00%NA
2. APOPKA MEDICAL PLAZA 203-205 N. Park Ave., Apopka, FL 32703
TOTAL SF% LEASEDASKING RENT NOTES
10,063100.00%NA
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2 | ADVENTIST HEALTHCelebration Health
# Building Name Building Address SF Occupancy Rate Notes
3Celebration Health Medical Office Building
400 Celebration Pl., Celebration, FL 80,000 100.00% NA
Celebration Health's Women's Clinic, imaging and medical office. Expected delivery Fall 2013. Owned by Adventist Health.
4 Town Center Celebration 741 Front St., Celebration, FL 20,023 62.10% $25.00 MG 6,300 sf available; Lexin
Realty, agent.
Florida Hospital Celebration Health 400 Celebration Place, Celebration, FL 34747
• 172 beds
• Acute care facility
• Florida Hospital system
• Private, non-profit, community-based health system
www.celebrationhealth.com
1. CELEBRATION MEDICAL OFFICE CENTER 1530 Celebration Blvd., Celebration, FL 34747
TOTAL SF% LEASEDASKING RENT NOTES
90,34949.80%$24.00 NNNSeveral spaces available. Realty Capital, agent.
2. CELEBRATION HEALTH MEDICAL PLAZA 410 Celebration Pl., Celebration, FL 34747
TOTAL SF% LEASEDASKING RENT NOTES
78,320100.00%NAOwned by Duke Realty.
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2 | ADVENTIST HEALTHFlorida Hospital East
# Building Name Building Address SF Occupancy Rate Notes
3 Lake Underhill Medical Building
7824 Lake Underhill Rd., Orlando, FL 20,836 100.00% NA
4 7806 Lake Underhill Rd.
7806 Lake Underhill Rd., Orlando, FL 9,674 100.00% NA
5 7848 Lake Underhill Rd.
7848 Lake Underhill Rd., Orlando, FL 4,752 100.00% NA
6 7800 Lake Underhill Rd.
7800 Lake Underhill Rd., Orlando, FL 4,439 100.00% NA
Florida Hospital East 7727 Lake Underhill Road, Orlando, FL 32822
• 225 beds
• Full service medical/surgical facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospitaleast.com
1. LAKE UNDERHILL MEDICAL OFFICE BUILDING 7975 Lake Underhill Rd., Orlando, FL 32822
TOTAL SF% LEASEDASKING RENT NOTES
61,923100.00%NAOwned by Healthcare Trust of America. R.J. King, agent.
2. EAST ORLANDO MEDICAL SURGICAL PLAZA 258 S. Chickasaw Trl., Orlando, FL 32825
TOTAL SF% LEASEDASKING RENT NOTES
59,97059.10%$19.00 NNNOwned by Duke Realty
Cushman & Wakefield 17
2 | ADVENTIST HEALTHFlorida Hospital Kissimmee
# Building Name Building Address SF Occupancy Rate Notes
2 201 Hilda St. 201 Hilda St., Kissimmee, FL 30,000 100.00% NA
3 101 Park Pl. Blvd. 101 Park Pl. Blvd., Kissimmee, FL 7,172 100.00% NA
4 200 Park Pl. Blvd. 200 Park Pl. Blvd., Kissimmee, FL 16,500 100.00% NA
5 Horizon Specialty & Rehab Center 221 Park Place Blvd., Kissimmee, FL 49,584 100.00% NA
6 205 Park Pl. Dr. 205 Park Pl. Dr., Kissimmee, FL 7,257 100.00% NA Center for Advanced Gynecology & Asthetics.
7 Park Medical Plaza 207 Park Pl. Blvd., Kissimmee, FL 13,100 100.00% NA
9 Kissimmee Surgery Center 2275 N. Central Ave., Kissimmee, FL 12,193 100.00% NA
10 Florida Eye Clinic 2225 N. Central Ave., Kissimmee, FL 9,383 100.00% NA
Florida Hospital Kissimmee 2400 North Orange Blossom Trail, Kissimmee, FL 34744
• 225 beds
• Full service medical/surgical facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospitaleast.com
1. FLORIDA HOSPITAL MEDICAL PLAZA 2400 N. Orange Blossom Trl., Kissimmee, FL 34744
TOTAL SF% LEASEDASKING RENT NOTES
85,90165.70%$18.50 NNNOwned by Duke Properties and leased by Lee & Assocates
Celebration Boul
evar
d
Celebration Place
W. Irlo Bronson Memorial Highway
Osceola Parkway
Central F
lorid
a Gre
enw
ay
Wor
ld D
rive
Inte
rnat
iona
l Driv
e
Celebratio
n Avenue
E. Donegan Avenue
Irlo Bronson Memorial Highway
N. M
ain Street
N. John Young Parkw
ay
441
2
64
435
1
9
10
7
18
E. Burleigh Boulevard
S.Mount H
omer
Road
19A
David W
aker Drive
4413
4
5 1267
2 | ADVENTIST HEALTHFlorida Hospital Waterman
# Building Name Building Address SF Occupancy Rate Notes
3 1300-1330 Burleigh Blvd.
1300-1330 Burleigh Blvd., Tavares, FL 6,000 100.00% NA Grizzard Commercial
Realty, agent.
4 1691-1707 Mayo Dr. 1691-1707 May Dr., Tavares, FL 10,032 100.00% NA Central Florida Cardiovascular Center.
5 1879 Nightingale Ln. 1879 Nightingale Ln., Tavares, FL 25,000 100.00% NA Multi-tenant building
6 Salk Medical Clinic 1937 Salk Ave., Tavares, FL 5,285 100.00% NA Also available for sale at $227 psf.
7 2020 Nightingale Ln. 2020 Nightingale Ln., Tavares, FL 10,000 100.00% NA Expresscare of Lake County.
Florida Hospital Waterman 1000 Waterman Way, Tavares, FL 32778
• 269 beds
• Full service acute care facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.floridahospitaleast.com
1. FOUNTAINS AT LAKEVIEW VILLAGE BLDG. 3 1922 Salk Ave., Tavares, FL 32778
TOTAL SF% LEASEDASKING RENT NOTES
9,063100.00%NAMulti-tenant building
2. FOUNTAINS AT LAKEVIEW VILLAGE BLDG. 1 AND II 1928-1936 Salk Ave., Tavares, FL 32778
TOTAL SF% LEASEDASKING RENT NOTES
18,24343.30%$18.50 NNNMulti-tenant building. 2,200 sf available.
Cushman & Wakefield 19
Aloma Avenue
Lakemont Avenue
2
4
6
5
1
3
7
119 12
10
2 | ADVENTIST HEALTHWinter Park Memorial Hospital
# Building Name Building Address SF Occupancy Rate Notes
3 133 Benmore Dr. 133 Benmore Dr., Winter Park, FL 23,595 100.00% NA Owned by Adventist Health
4 Winter Park Internal Medicine
1855 Hollywood Ave., Winter Park, FL 6,802 100.00% NA Owner occupied.
5 Royer Building 111 N. Lakemont Ave., Winter Park, FL 6,647 100.00% NA Multi-tenant building.
6 Winter Park Professional
255 N. Lakemont Ave., Winter Park, FL 16,000 73.70% $18.00 NNN
Family Physicians Group, owner; Leasing agent is RJ King.
7Winter Park Physician Office Building
1925 Mizell Ave., Winter Park, FL 26,360 100.00% NA
8 Maternal Fetal Center 147 Moray Ln., Winter Park, FL 4,412 100.00% NA Owned by Adventist Health
9 Winter Park Professional Building
320 N. Edinburgh Dr., Winter Park, FL 8,000 100.00% NA 1,400 SF available. City
Commercial, agent.
10 Central Florida Breast Center
2200 Glenwood Dr., Winter Park, FL 14,210 100.00% NA Owner occupied.
11 Winter Park OB-GYN 100 N. Edinburgh Dr., Winter Park, FL 6,739 100.00% NA
12 Florida Hospital Cancer Institute
2100 Glenwood Dr., Winter Park, FL 9,160 100.00% NA Owned by Adventist Health
Winter Park Memorial Hospital 200 N. Lakemont Avenue, Winter Park, FL 32792
• 297 beds
• Acute care facility
• Adventist Health hospital system
• Private, non-profit, community-based health system
www.winterparkhospital.com
1. PHYSICIANS SURGICAL CARE CENTER 2056 Aloma Ave., Winter Park, FL 32792
TOTAL SF% LEASEDASKING RENT NOTES
18,64162.30%$17.50-20.50 MG4,600 SF available. Taurus South-ern, agent.
2. LAKEMONT CENTER 201 N. Lakemont Ave., Winter Park, FL 32792
TOTAL SF% LEASEDASKING RENT NOTES
20,93092.80%$21.50 MGMulti-tenant building.
8
20
2 | ADVENTIST HEALTHFlorida Hospital Winter Garden
Florida Hospital Winter Garden 2000 Fowler Grove Boulevard, Winter Garden, FL 34787
• Free standing emergency department
• New facility opening Spring 2016
• Services will include acute-care, on-site imaging and women’s care
• 97,000 SF no overnight beds
www.floridahospitalwintergarden.com
Currently there are no medical office buildings on the future campus of Florida Hospital Winter Garden. This freestanding emergency department is being developed in a new part of Winter Garden, known as Fowler's Grove. The area is dominated by residential and retail. We are currently seeing physician practices occupying space in retail sites, although we anticipate more traditional medical office development to break ground over the next 12 to 18 months.
Fowler Grove BlvdD
aniel
’s Rd
Daniel W
ebster
West
ern Beltw
ay
Cushman & Wakefield 21
E. Dixie Avenue
W. Main Street
N. 14th Street
North Boulevard W.
4
56
3
7
11
91 810
13 2
12
3| CENTRAL FLORIDA HEALTH ALLIANCELeesburg Regional Medical Center
# Building Name Building Address SF Occupancy Rate Notes
3 210 S. Lake St. 210 S. Lake St., Leesburg, FL 19,788 100.00% NA U.S. Health Works.
4 312 S. Lake St. 312 S. Lake St., Leesburg, FL 7,890 100.00% NA
5 501 Medical Plaza Dr. 501 Medical Plaza Dr., Leesburg, FL 6,120 100.00% NA Multi-tenant.
6 511 Medical Plaza Dr. 511 Medical Plaza Dr., Leesburg, FL 35,820 100.00% NA Florida Heart & Vascular Center
7 601 Medical Plaza Dr. 601 Medical Plaza Dr., Leesburg, FL 6,120 100.00% NA Neurological Center.
8 Leesburg Community Plaza 620 S. Lake St., Leesburg, FL 8,960 83.30% $12.00 MG Grizzard Commercial Real
Estate Group, agent.
9 640 S. Lake St. 640 S. Lake St., Leesburg, FL 8,642 100.00% NA Total Eye Care.
10 701 Medical Plaza Dr. 701 Medical Plaza Dr., Leesburg, FL 4,028 100.00% NA Leesburg-Ocala Heart
Institute.
11 705 Doctor's Ct. 705 Doctor's Ct., Leesburg, FL 6,000 100.00% NA Multi-tenant building.
12 709 Physicians Ct. 709 Physicians Ct., Leesburg, FL 23,428 78.90% $14.00 NNN Building owner is leasing agent.
13 Family Physicians Building 801 E. Dixie Ave., Leesburg, FL 6,302 100.00% NA Owner occupied. Cardiac
Specialty Institute
Leesburg Regional Medical Center 600 E. Dixie Avenue, Leesburg, FL 34748
• 226 beds
• Award-winning, acute care facility
• Hospital Corperation of America system
• Public; for-profit hospital system
www.cfhalliance.org
6. LEESBURG REGIONAL MEDICAL CENTER (MEDICAL OFFICE PARK) 601 E. Dixie Dr, Leesburg, FL 34748
TOTAL SF% LEASEDASKING RENT NOTES
78,132100.00%NACluster of 18 medical office condos located directly across from Leesburg Regional Hospital.
2. 801 E. DIXIE AVE. (MEDICAL OFFICE PARK) 801 E. Dixie Ave., Leesburg, FL 34748
TOTAL SF% LEASEDASKING RENT NOTES
45,380100.00%NACluster of six medical office condos.
22
441
192
Florida Trail
Budinger Road
5
4
3
6
2
1
4 | ST. CLOUD REGIONAL MEDICAL CENTERSt. Cloud Regional Medical Center
# Building Name Building Address SF Occupancy Rate Notes
3 2900 - 2902 17th St. 2900 - 2902 17th St., Cloud, FL 8,799 100.00% NA
4 3100 17th St. 3100 17th St., Cloud, FL 11,008 100.00% NA
5 3106 17th St. 3106 17th St., Cloud, FL 6,802 100.00% NA
6 1525 - 1575 Budinger Ave.
1525 - 1575 Budinger Ave., Cloud, FL 6,731 100.00% NA
St. Cloud Regional Medical Center 2916 17th Street, St. Cloud, FL 34769
• 84 beds
• Acute care center offers comprehensive inpatient and outpatient support
• Orlando Health hospital system
• Private, non-profit, community-based health system
www.stcloudregional.com
1. 2916 - 2920 17TH ST. 2916 - 2920 17th St., St. Cloud, FL 34769
TOTAL SF% LEASEDASKING RENT NOTES
5,686100.00%NA1,800 SF available; Schoolfield Properties, agent.
2. ST. CLOUD PROFESSIONAL CENTER 3000 - 3018 17th St., St. Cloud, FL 34769
TOTAL SF% LEASEDASKING RENT NOTES
17,345100.00%NA
Cushman & Wakefield 23
5 | HCACentral Florida Regional Hospital
# Building Name Building Address SF Occupancy Rate Notes
3 2200 W. 1st. St. 2200 W. 1st. St., Sanford, FL 3,718 100.00% NA
4 Lexington Park 400 Lexington Green Ln., Sanford, FL 11,014 100.00% NA Central Florida Cancer
Care.
5 Lexington Park 710 - 730 Lexington Green Ln., Sanford, FL 3,840 100.00% NA
6 Lexington Park 1200 Lexington Green Ln., Sanford, FL 4,000 100.00% NA
7 Lexington Park 1708 - 1718 Lexington Green Ln., Sanford, FL 7,200 100.00% NA
8 Radiation Oncology/Cancer Care Center
200 N. Mangoustine Ave., Sanford, FL 3,338 100.00% NA
9 309 - 321 N. Mangoustine Ave.
309 - 321 N. Mangoustine Ave., Sanford, FL 5,063 100.00% NA Ability Rehabilitation.
Central Florida Regional Hospital 1401 West Seminole Boulevard, Sanford, FL 32771
• 226 beds
• Award winning acute care facility
• Hospital Corporation of America system
• Public, for-profit health system
www.centralfloridaregional.com
1. THE FORUM 305 N. Mangoustine Ave., Sanford, FL 32771
TOTAL SF% LEASEDASKING RENT NOTES
15,784100.00%NA
2. CENTRAL FLORIDA MEDICAL ARTS CENTER 1403 Medical Plaza Dr., Sanford, FL 32771
TOTAL SF% LEASEDASKING RENT NOTES
42,00094.60%$8.00 FS
N. French Avenue
S. French Avenue
W. 1st Street 463 4
5
672 8
1
9
24
Irlo Bronson Memorial Highway
John Young Parkweay
Martin Luther King Jr. Boulevard
N. C
entral Avenue
N. M
ain Street
Oak Street
E. Neptune Road
7
3
2
5
86
4
1
9
12
10
11
13
5 | HCAOsceola Regional Medical Center
# Building Name Building Address SF Occupancy Rate Notes
3 The Atrium Center 1200 N. Central Ave., Kissimmee, FL 19,966 76.60% $13.12-17.97 MG
4,507 SF available; Hold Thyssen, agent.
4 Grand Oak Professional Center 204 W. Oak St., Kissimmee, FL 19,899 75.50% $15.99-18.00
NNN
4,300 SF available; Sandev Management Company, agent.
5 309-313 W. Bass St. 309-313 W. Bass St., Kissimmee, FL 10,500 100.00% NA Florida Sports & Family Health Center
6 Central Medical 401 - 445 W. Oak St., Kissimmee, FL 47,692 91.50% $12.00-16.00
NNNSchoolfield Properties, agent.
7 Oak Commons Medical Park
601 Oak Commons Blvd., Kissimmee, FL 13,600 100.00% NA Cardiovascular Associates.
8 Oak Commons Medical Park
604 Oak Commons Blvd., Kissimmee, FL 15,167 100.00% NA Orthopaedic Associates of
Osceola.
9 Oak Medical Plaza II 800-810 Rose Ave., Kissimmee, FL 9,541 86.30% $22.00 MG Holladay Properties, agent.
10 Oak Medical Plaza I 800-820 W. Oak St., Kissimmee, FL 14,400 81.90% $14.00 NNN Holladay Properties, agent.
11 Osceola Medical Center 801 W. Oak St., Kissimmee, FL 12,000 100.00% NA
12 Central Square 901-911 N. Central Ave., Kissimmee, FL 20,000 100.00% NA Lee & Associates of Central
Florida, agent.
13 Osceola Cancer Center 737 W. Oak St., Kissimmee, FL 31,179 55.10% $12.00 NNN Property for Sale
Osceola Regional Medical Center 700 West Oak Street, Orlando, FL 34741
• 247 beds
• Located in the heart of Kissimmee; state of the art medical facility
• Hospital Corporation of America
• Public, for-profit health system
www.osceolaregional.com
2. KISSIMMEE MEDICAL PLAZA 308-314 W. Bass St., Kissimmee, FL 34741
TOTAL SF% LEASEDASKING RENT NOTES
23,86093.90%$17.50 NNNMedical office condos; Olde Town Brokers, agent.
1. OSCEOLA MEDICAL ARTS 720 W. Oak St., Kissimmee, FL 34741
TOTAL SF% LEASEDASKING RENT NOTES
61,11393.80%$18.00-20.00 NNNHolladay Properties, agent.
Cushman & Wakefield 25
5 | HCAOviedo Medical Center
# Building Name Building Address SF Occupancy Rate Notes
3 Oviedo Office Park 7560 Red Bug Lake Rd., Oviedo, FL 50,000 85.80% $20.00 MG 3 Condos for Sale
4 8000 Red Bug Lake Rd. 8000 Red Bug Lake Rd., Oviedo, FL 39,894 84.20% $16.50 NNN Owned by HTA, Florida
Hospital anchor tenant.
5 1000 Executive Dr. 1000 Executive Dr., Oviedo, FL 12,600 70.20% Negotiable
6 Oviedo Professional Plaza 7250 Red Bug Lake Rd., Oviedo, FL 18,402 90.20% $19.00 FS
7 Magnolia Corporate Center 2572 West SR 426, Oviedo, FL 60,000 100.00% NA 5 Condos for Sale
8 Oviedo Crossings Plaza 7400 Red Bug Lake Rd., Oviedo, FL 22,390 100.00% NA Multi-tenant retail center
Oviedo Medical Center 8300 Red Bug Lake Road, Oviedo, FL
• 64 beds
• 6 labor/delivery units
• Delivering January 2017
• 24/7 emergency care
1. OVIEDO MEDICAL OFFICE BUILDING 8400 Red Bug Lake Rd., Oviedo, FL
TOTAL SF% LEASEDASKING RENT NOTES
40,000Delivering July 2016$25.50 MG
2. 1000 WEST BROADWAY STREET 1000 West Broadway St., Oviedo, FL
TOTAL SF% LEASEDASKING RENT NOTES
68,93098.80%$24.00 MG
Red Bug Lake Road
W. Chapman Road
S. Central A
venue
W. State Road 426
7
2
4
5
6
1
38
26
Cypress Parkway
Marigold Avenue
1
5 | HCAPoinciana Medical Center
Poinciana Medical Center 325 Cypress Parkway, Kissimmee, FL 34758
• 30 beds - expanding to 76 beds
• New hospital - opened July 2013
• Currently adding 40,000 SF to facility
• In-patient, critical care and emergency services
• Hospital Corporation of America
• Public- for proft system
www.poincianamedicalcenter.com
1. POINCIANA MEDICAL ARTS BUILDING 339 Cypress Parkway, Kissimmee FL 32771
TOTAL SF% LEASEDASKING RENT NOTES
42,00060%$21.00 NNNCushman & Wakefield leasing agent
5 | HCAFree Standing Emergency Departments
Hunter’s Creek ER 12100 John Young Parkway, Orlando, FL 32837
• New facility - Opened June 2014
• 10,600 square feet
• 11 private beds
• 24/7 emergency care for adult and pediatric patients
Oviedo Emergency Room 8300 Red Bug Lake Road, Oviedo, FL 32765
• Opened November 2013
• 12 private beds
• Dedicated trauma room
• Emergency medicine physicians 24/7
• 11,000 square feet
Cushman & Wakefield 27
Nemours Children’s Hospital 13535 Nemours Parkway, Orlando, FL 32827
• 95 beds
• Full service pediatric emergency dept, PICU, NICU, children’s clinic, research & education facilities
• Private, non-profit system
www.nemours.org
VA Medical Center 13800 Veterans Way, Orlando, FL 32827
• 134 in-patient beds, 120 nursing home beds, 60 domicillary and mental-health beds
• First VA built in the US since 1995
• Opening scheduled for spring 2015
www.orlando.va.gov
Central Florida Greenway
Lake
Non
a Bo
ulev
ard
Tavist ock Lakes Boulevar d
417
Narcoossee Road
6 | MEDICAL CITY AT LAKE NONA
1
2
1. LAKE NONA GATEWAY 9975 Tavistock Lakes Blvd., Orlando, FL 32827
TOTAL SF% LEASEDASKING RENT NOTES
74,00095%$20.00 NNNAnchored by Florida Hospital and UCF Pegasus Health
2. GUIDEWELL INNOVATION CENTER 6555 Sanger Road, Orlando, FL 32827
TOTAL SF% LEASEDASKING RENT NOTES
92,00033%$25.00 NNNDelivering 4Q2015, anchored by Guidewell, UCF Incubator
No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same is submitted
subject to errors omissions, change of price, rental or other conditions, withdrawal without notice, and to any specific listing
conditions, imposed by our principals.
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the
property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or
between that which is incidentally depicted and C&W or its client.
Cushman & Wakefield of Florida, Inc. 20 North Orange Avenue
Suite 300 Orlando, FL 32801
www.cushmanwakefield.comwww.cushwakehealthcare.com
Anne Spencer Director
[email protected] P. +1 407 541 4434 / C. +1 407 461 0825
www.floridamedicaloffice.com