West Palm Beach, FL
Total Investment: $228.6 Million
GLA: 994 Thousand SF
Key Tenants / Affiliations:
Tenet Healthcare System
Miami is the most populous metro region in the Southern U.S. after Washington, D.C. It is also one of the largest urban areas in the country and has evolved into a year-round destination for both business and leisure travel. Greater Miami supports a diversified economy, representing the manufacturing, tourism and technology industries, to name a few. With its warm climate and low cost of living, the area continues to be a premier retirement destination that is attractive to 65+ individuals.
HTA’s Miami portfolio includes 17 MOBs and almost 1 million square feet of healthcare real estate, the majority of which are all on-campus properties. It is highlighted by the South Florida Tenet Portfolio located in West Palm Beach. The portfolio of six MOBs and approximately 430,000 square feet was acquired directly from a regional firm that specializes in South Florida medical real estate. This regional firm spent considerable time and capital improving the management and efficiency of the building, which will result in renewed leasing momentum, improving occupancy and positive renewal rates.
HTA continuously seeks to work with local developers who know their markets and health systems in-depth. As a result of the South Florida Tenet Portfolio acquisition, HTA received a reverse inquiry from another local developer and later purchased another portfolio of high quality, on-campus, MOBs in Florida. The relationship with these developers will be a great avenue for further opportunity in the area.