10D — September 2023 — Fall Preview — M id A tlantic Real Estate Journal AdventHealth Palm Coast Parkway hospital 158,000 sf $167M Palm Coast, Florida Wiregrass Ranch/ Orlando Health and multispecialty physician group Florida Medical Clinic (FMC) are planning a new 300-bed hospital /5,000-acre master-planned community Wesley Chapel, Florida. The Jupiter Medical Center Surgical Institute 90,000 SF / $100M Jupiter Medical Center campus/Jupiter FL Jupiter Medical Center 92-bed Hospital/ $110M Jupiter Medical Center Memorial Cancer Institute in Pembroke Pines -Memorial Cancer Institute and Florida Atlantic University/ 121,000 sf / $125M Pembroke Pines, Florida Florida AdventHealth Palm Coast Parkway hospital 158,000 sf $167M Palm Coast, Florida Wiregrass Ranch/ Orlando Health and multispecialty physician group Florida Medical Clinic (FMC) are planning a new 300-bed hospital /5,000-acre master-planned community Wesley Chapel, Florida. The Jupiter Medical Center Surgical Institute 90,000 SF / $100M Jupiter Medical Center campus/Jupiter FL Jupiter Medical Center 92-bed Hospital/ $110M Jupiter Medical Center Memorial Cancer Institute in Pembroke Pines -Memorial Cancer Institute and Florida Atlantic University/ 121,000 sf / $125M Pembroke Pines, Florida F all P review continued from page 6D Jackson Health System emergency department expansion $300M/130,000 sf Miami, Florida
www.marej.com
continued from page IC-D By Rory Creegan, PE, AKF Group . . . equipment power loads, in some cases tripling them.
s/f / $100M Jupiter Medical Center campus/Jupiter FL • Jupiter Medical Center 92- bed Hospital/ $110M Jupiter / $125M Pembroke Pines, FL Kim Kretowicz is senior VP of USA Capitals Market Group/Healthcare Services Colliers. MAREJ Exploring the Healthcare Real Estate . . . Medical Center • Memorial Cancer Institute in Pembroke Pines -Memorial Cancer Institute and Florida Atlantic University/ 121,000 s/f New Jersey / Florida Healthcare Commercial real estate 2023 Stats New Jersey / Florida Healthcare Commercial real estate 2023 Stats
or operational needs. These gases can typically be provided from a common tank manifold room, which should be pro- grammed to be located in the vicinity of a loading dock for tank delivery and replacement. Vertical piping pathways are required to bring the gases to their point of use in the program space. CONCLUSION: While there are many dif- fering requirements between commercial and healthcare programs, there are more potential solutions than there are potential challenges. As the current lifestyle of the American people evolves into something more local, so must the layout of the American healthcare system. In this ef- fort, there is nothing more im- portant than consistent (and early) contact and discussion between an owner and their design team. Creative own- ers, architects, engineers, and designers are in the business of problem solving to improve the lives of those around us, and the current cultural shifts provide boundless opportunity. 1. https://wfhresearch.com/ https://thehill.com/policy/ technology/3862069-nearly- 30-percent-of-work-remains- remote-as-workers-dig-in/ 2. https://www.nbcnews. com/business/economy/empty- office-buildings-downtown- what-happened-rcna7744 3 Rory Creegan, PE is a Principal at AKF, an MEP/ FP Engineering and Inte- grated Services firm with offices throughout North America. MAREJ
FUEL OIL/NATURAL GAS: On-site energy sources can be found in some existing com- mercial properties, but their sizes and capacities must be studied alongside the proposed infrastructure requirements they plan to serve. The emer- gency power system (see Power Density section above) may operate from a separate fuel oil or natural gas tank or may employ a packaged “belly tank” constructed in the factory. The Facility Guidelines Institute (FGI) requires a backup heat- ing source for several program types, including surgery. A building owner may have fur- ther preferences for heating and cooling backup for opera- tional reasons. Stand-alone fuel oil tanks benefit from being grade-mounted, basement- mounted, or buried due to their immense size and weight. MEDICAL GAS: It would be quite surpris- ing to stumble upon a non- medical commercial building with an existing medical gas infrastructure (but it would be nice, once in a while). For that reason, these systems are typi- cally considered a new addition as part of a renovation. For an on-site surgical suite, a bulk oxygen tank on grade adjacent to the building is often the most elegant solu- tion. For lower acuity spaces, mobile oxygen tanks could be employed based on staff op- erations and procedures. Nitrogen, nitrous, or carbon dioxide may also be required, either to meet FGI regulations
Florida VS New Jersey Florida VS New Jersey
Q2 2023 | Florida Summary 358,046,043 Q2 2023 | Florida Summary 358,046,043 Total MOB Inventory
93.7%
$25.13
3.8%
Average Occupancy Rate
Average Rental Rate
Average Rent Growth YOY
93.7%
$25.13
3.8%
: Q2 2023 | New Jersey Summary 141,132,450 Total MOB Inventory : Q2 2023 | New Jersey Summary 141,132,450 Total MOB Inventory
Average Occupancy Rate
Average Rental Rate
Average Rent Growth YOY
92.6%
$23.82
3.7%
Average Occupancy Rate
Average Rental Rate
Average Rent Growth YOY
92.6%
$23.82
3.7%
Q2 2023 MOB Snapshot Total MOB Inventory
Average Occupancy Rate
Average Rental Rate
Average Rent Growth YOY
Florida
New Jersey 141,132,450
Total MOB SF* Construction Q2 2023 MOB Snapshot
353,046,043
8,688,177
1,142,696
Florida
New Jersey 141,132,450
Sold Volume TTM Occupancy TTM Total MOB SF* Avg. Rent (NNN) Construction Sold Volume TTM
$3,345,793,734
$499,342,713
353,046,043
93.7% $25.13
92.6% $23.82
8,688,177
1,142,696
$3,345,793,734
$499,342,713
Source: Revista, Colliers
Q2 2023 MOB Transaction Stats | Past 12 months Number of Transactions Occupancy TTM 93.7% Avg. Rent (NNN) $25.13
92.6% $23.82
Transaction Volume $3.3 Billion $499 Million
Total SF
Avg. Price per SF
Florida
284
8,907,318 2,048,980
$376 $244
New Jersey Q2 2023 MOB Transaction Stats | Past 12 months Number of Transactions 73
Transaction Volume $3.3 Billion $499 Million
Total SF
Avg. Price per SF
Source: Revista, Colliers FL Top Health Systems
NJ Top Health Systems
Florida
284
8,907,318 2,048,980
$376 $244
Hospital Name
Hospital Name
New Jersey
73
AdventHealth (FKA Adventist Health System) Baptist Health South Florida
RWJ Barnabas Health
Hackensack Meridian Health
Source: Revista, Colliers
BayCare Health System
Atlantic Health System
Orlando Health
Viruta Health Capital Health
HCA North Florida Division
The Wilf Family’s Skyline Developers breaks ground at 18 West 55th Street
Inspira Health Network (FKA South Jersey Healthcare)
HCA East Florida Division
HCA West Florida Division
St. Josephs Health
NEW YORK, NY — The Wilf family’s Skyline De- velopers this summer broke ground at 18 West 55th St. in Manhattan, launching a development that will trans- form a vacant lot into new multifamily residences. The 152,000 s/f, 26-story tower will include 97 rental apartments and lifestyle amenities. With an expected 2025 de- livery, 18 West 55th St. sits on the same block as The Peninsula New York Hotel, near globally recognized land- marks such as The Museum of Modern Art (MoMA), Central Park and Fifth Avenue retail. Skyline Developers appointed renowned architect Morris Adjmi to design 18 West 55th Street; Goldman Sachs Bank USA is serving as the project’s construction lender. “It’s gratifying to see this
project underway in one of New York’s most iconic and desirable neighborhoods,” said Orin Wilf, principal of Skyline Developers, the firm behind such high-profile Manhat- tan multifamily projects as ML House (1050 Ave. of the Americas) and 200 East 79th St. “We’re looking forward to bringing forth the quality product Skyline Developers is recognized for delivering.” 18 West 55th St. builds upon Skyline Developers’ and the Wilf family’s great tradition of building that began in 1954. Founded in 1999 as the New York City affiliate of Garden Homes, Skyline introduced the family’s decades-long expertise into the world’s largest real estate market. The company was one of the first developers to bring luxury living to the Financial District. MAREJ
University of Florida Health System (FKA Shands Healthcare)
AtlantiCare
Jefferson Health – New Jersey (FKA Kennedy Health System)
Memorial Healthcare System
Lee Health (AKA Lee Memorial Health System) University of Miami Health (AKA UHealth)
St. Peters Healthcare System
CarePoint Health
Baptist Health (Jacksonville, FL)
Kessler Institute for Rehabilitation
Moffitt Cancer Center
Saint Clares Health
Palm Beach Health Network (FKA Tenet Florida)
SUN Behavioral Health
Jackson Health System
Christian Health
Ascension Sacred Heart Health System Sarasota Memorial Health Care System
CareOne
AcuteCare Health System
New Jersey Division of Mental Health Services (DHS)
Broward Health
Health First Ascension St Vincents Healthcare Nemours Childrens Health System Cleveland Clinic Florida (FKA Cleveland Clinic Martin Health)
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