Baptist Health City

A unique 133,473sf medical mall located on a 44-acre campus at 10301 Hagen Ranch Road in Boynton Beach on October 11, 2011. The acquisition served to monetize Bethesda Health’s real estate asset and was structured as a sale-lease-back with BHS renting more 50% of the Asset for a 15-year term.

Within 23 months, SPHERE achieved the following milestones: i) full occupancy through the renewal of  12 tenants with an average 8-year WALT, and the attraction of new key physician practices; ii) complete renovation of the asset through a $2 Million investment campaign; and iii) new entitlements with the approval of 100,000 sqf of additional development rights. Subsequently SPHERE developed develop 2 new MOBs for a total of 36,000 sqf as a build-to-suit for 3 leading regional medical practices. The main campus was sold to Welltower and the 2 newer MOBs were recently sold to Remedy.