Baptist Health South Florida is expanding its real estate holdings after acquiring a ground lease in Palm Beach County and a Broward development site for a combined $40 million.
In the larger deal, Coral Gables-based Baptist Health, led by CEO Bo Boulenger, paid $26 million for the ground lease of a three-story medical office building at 9868 State Road 7 in Boynton Beach, according to records and real estate database Vizzda. The property is adjacent to the Baptist Health-owned Bethesda Hospital West.
The seller of the ground lease is an affiliate of Boca Raton-based The Greenfield Group.
Bethesda Hospital owns the land underneath the building and entered into a ground lease with Greenfield in 2012, records show. A year later, Greenfield completed the building. In 2017, Bethesda merged with Baptist Health.
Last year, Bethesda sold its former medical office campus in Boynton Beach for $37.7 million to Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital. The joint venture is planning to redevelop the 30.7-acre site into warehouses.
In the smaller deal, Baptist Health bought a 26.3-acre development site at 12401 West Oakland Park Boulevard in Sunrise for $14.2 million. The city of Sunrise sold the property to the health care chain, which is planning Baptist Health Sunrise Hospital, a seven-story, 100-bed medical facility with offices, city records show.
In 2022, the Sunrise City Commission voted to sell the land to Baptist Health after the nonprofit company’s competitive bid beat an offer by two tax-supported hospital systems, Broward Health and Memorial Healthcare. And last year, the city commission approved the site plan for the new hospital.
Also last year, Charlottesville, Virginia-based Anchor Health Properties scored a $58.4 million construction loan to build a 92-bed medical facility in South Miami for Baptist Health. Anchor Health has a ground lease at the 2.4-acre site, which is owned by South Miami Hospital, a Baptist Health subsidiary.
South Florida’s largest hospital operator, Baptist Health owns 12 hospitals and 200 medical care and office facilities in the tri-county region, according to its website.
