Miami developers to partner on 4 medical office projects in Florida
Two Miami-Dade-based real estate development firms plan to break ground on three Class A medical office buildings in Florida by the fall – two of which are in the tri-county area.
The MedSquare-branded buildings will be developed by Flagler Mas AJP, a new joint venture that was formed by Coral Gables-based Mas AJP and Miami-based Flagler Healthcare Solutions.
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The South Florida locations slated to start construction later this year are 3500 S.W. 107th Ave. in the Westchester area in Miami-Dade County and 10301 Hagen Ranch Road near Boynton Beach. The third location is 190 S.W. Becker Road in Port St. Lucie.
A fourth Medsquare office building is planned at 800 N.W. 102 Ave. in Pembroke Pines, but the developers did not provide a timeframe for that location.
Led by Alberto J. Perez and Juan Carlos Mas, Mas AJP developed a 120,000-square-foot medical office building at 9408 S.W. 87th Ave. in Kendall called MedSquare Health in 2021. About a year later, Mas AJP finished MedSquare Place, + The Contemporary, a 95,000-square-foot medical office building with an 85-unit independent living community at S.W. 92nd Ave. and Coral Way in Westchester.
Mas AJP will also build a $100 million mixed-use project called The Contemporary & MedSquare in Cutler Bay that will include senior living facilities, medical offices, and retail.
Flagler Healthcare Solutions is a private firm led by founder and CEO Chris Coots that specializes in healthcare real estate investment, asset management, development, and brokerage. Flagler Healthcare Solutions has developed and owned real estate valued at $1 billion, a release announcing the joint venture stated.
The 28,000-square-foot, two-story MedSquare Westchester building will be built on about two acres of land in Westchester. Part of that development site was acquired by Westchester Real Estate LLC, managed by Perez and Mas, for $2.7 million. Another portion of the site is under contract to be acquired.
The developers are contracted to acquire the other three MedSquare sites, a spokeswoman for the joint venture said.
As for the other South Florida locations, the two-story, 40,000-square-foot MedSquare Boynton Beach is planned on an underutilized parking lot on the Bethesda Health City Campus owned by WellTower. The three-story, 49,000-square-foot MedSquare Pembroke Pines would be built just north of Pines Baptist Church.
Since the pandemic, the national medical office market has outperformed the traditional office market. The medical office market is also seen as a safe investment in South Florida due to the growth of businesses and high-income households.
By Erik Bojnansky – Reporter, South Florida Business Journal