Tenet buys Palm Beach Gardens Medical Center real estate from landlord

pbg-health

Palm Beach Gardens Medical Center, or at least the real estate where the hospital operates, has a new owner.

Tenet Healthcare paid landlord HCP Inc. $43.4 million for the 282,000-square-foot facility on Burns Road, according to property records. HCP is a California-based real estate investment trust that specializes in medical facilities.

The companies also recorded a lease termination that took effect last week. Palm Beach Gardens Medical Center is in the midst of a $16 million renovation.

The Palm Beach County Property Appraiser records no previous sale price for the hospital, but HCP says in its latest annual report that it paid $24.9 million for the facility in 2011.

Dallas-based Tenet Healthcare operates 10 hospitals in Florida, and the 199-bed Palm Beach Gardens Medical Center was the only one it leased rather than owned, according to the company’s latest annual report.

Jupiter Medical to open urgent care center in Palm Beach Gardens

John Couris, chief executive of Jupiter Medical Center
John Couris, chief executive of Jupiter Medical Center

While Jupiter Medical Center plots its expansion to downtown West Palm Beach, the medical complex is opening up another urgent care center in northern Palm Beach County — this time in Palm Beach Gardens.

Jupiter Medical Chief Executive John Couris said an urgent care center is in the works for 3250 PGA Boulevard, across from The Gardens mall. The 96,920-square-foot building was sold last year to an affiliate of Stiles, a South Florida-based real estate developer.

This marks the third separate urgent care center in north county for Jupiter Medical Center, based at 1210 S. Old Dixie Highway

Jupiter Medical already has two standalone urgent care centers in Jupiter: One is at 1335 W. Indiantown Road and the other is at 5430 Military Trail in the Abacoa Shopping Center.

Couris said it’s likely Jupiter Medical will expand to western Palm Beach County, possibly Wellington, through the opening of an urgent care center and a physicians’ practice group, too.

Jupiter’s expansion to Palm Beach Gardens comes as the non-profit plans an urgent care and medical offices with Mount Sinai Hospital of New York. The two hospital companies are taking 15,000 square feet in the ground floor space of the Bank of America Centre at 625 N. Flagler Drive. Plans are to rename the building the Jupiter Medical Center Mount Sinai New York Plaza.

The center will offer urgent care and physician services affiliated with Mount Sinai, a respected center of clinical trials and research and a national leader in cardiac care.

It’s possible some medical services will compete with nearby Good Samaritan Medical Center, up the street at 1309 N. Flagler Drive. But the Jupiter Medical/Mount Sinai complex is not a hospital, and it will not have an emergency room or hospital beds.

Urgent care is a hot trend in the health field, and hospitals are opening up offices for minor emergency visits throughout the county, in a bid to compete with independently owned urgent care centers.

But urgent care centers owned by hospitals raise concerns that patients may be directed to that hospital if in-patient care is required, even if the hospital is not located close to the urgent care centers.

Couris sought to allay those concerns about Jupiter Medical’s new West Palm Beach location, which should open in the next six months.

Couris said if any patient comes into its urgent care centers and is diagnosed with a condition that requires immediate hospitalization, that patient will be directed to the nearest hospital — and not necessarily Jupiter Medical, if it’s not the closest facility.

For example, if a patient visited the West Palm Beach facility and say, tests showed alarming heart symptoms, “they will go to the nearest hospital,” even if it’s Good Sam, Couris said.

“We will always do the right thing by the patient,” Couris said. “You’ll go to the closest facility. Period.”

 

 

At Azure condo in Palm Beach Gardens, bigger is better

Tom Frankel at Azure condominium in Palm Beach Gardens
Tom Frankel at Azure condominium in Palm Beach Gardens

The luxury Azure condominium in Palm Beach Gardens, now under construction, will break ground on its second phase on Aug. 24.

But this second building will be a little different from the first building.

Developer Tom Frankel said residents moving from large homes with 7,000 square feet or more wanted more space, so he redesigned the second building to meet demand.

Plans were for the second building to have 67 units. But due to demand for big condos, the number of units was cut to 55, with each about 5,000 square feet in size.

The bigger-is-better trend surprised Frankel, who was worried that 2,700 square feet in the first building would be too large for some buyers.

But then a couple of buyers ended up combining units to create a 6,000 square foot unit. More would have done the same, but there weren’t enough condo units left, Frankel said.

The property is  off of Donald Ross Road, near the Loggerhead Marina.

Buyers at Azure will be able to enjoy two swimming pools, a putting green and fitness center with steam rooms and saunas. The property spans 14 acres.

Of 55 units planned in the second, five-story building, 37 already are pre-sold, Frankel said.

The first building is nearly sold out, with 45 of 46 luxury units sold. Prices range from the $900,000s to $3 million. Construction on the first building is nearly complete, and Frankel said residents will be moving in by October.

Residents in this first building will be able to reside in units ranging from 2,600 to more than 5,000 square feet, with additional covered terraces overlooking the marina.

Buyers have been a mix of local residents moving in from nearby country club communities and buyers from the Northeast seeking second homes.

Frankel said condo sales in January were slow, due to the stock market’s roller coast performance.

But the stock market roared back and so have sales. The past few months more than made up for the sluggish 2016 sales start, Frankel said.

 

 

Medical implant firm wins incentives to expand in Palm Beach Gardens

Gov. Rick Scott tours Zimmer Biomet's dental implant facility in Palm Beach Gardens.
Gov. Rick Scott tours Zimmer Biomet’s dental implant facility in Palm Beach Gardens.

Medical implant firm Zimmer Biomet will receive $1.6 million in state and local tax incentives to add 178 jobs in Palm Beach Gardens, Gov. Rick Scott said Monday.

The announcement ends the suspense surrounding Project Bruin, as the economic development project was codenamed. Biomet long has run a dental implant operation in Palm Beach Gardens.

Zimmer Holdings and Biomet Inc. merged this year to create Zimmer Biomet Holdings (NYSE: ZBH) of Warsaw, Indiana.

After that deal closed, the new company had to decide whether to consolidate their dental implant operations at Zimmer’s facility in Carlsbad, California, or Biomet’s operation in Palm Beach Gardens.

“We were pitted against Southern California,” said David Josza, general manager of Zimmer Biomet’s Palm Beach Gardens operation.

Zimmer leases its 125,000-square-foot plant in Carlsbad, while Biomet owns the 165,000-square-foot operation in Palm Beach Gardens.

Other factors that played into the decision, Josza said, included Florida’s lower taxes and lower cost of living, along with the $1 million subsidy Florida offered. That includes $1 million from the state, $350,000 from the city of Palm Beach Gardens and $250,000 from Palm Beach County.

As part of the incentive package, Zimmer Biomet promised to keep 473 jobs and create 178 new ones. The average salary is $83,000.