UHealth, the health care division of the University of Miami, continues expanding its portfolio of South Florida medical office facilities after acquiring a Deerfield Beach building for $16.4 million.
Coral Gables-based UHealth bought a 45,136-square-foot building at 1192 East Newport Center Drive, records show. The two-story facility is leased to the health system’s Sylvester Comprehensive Cancer Center. The University of Miami is led by President Joe Echevarria.
The deal breaks down to $363 per square foot. UHealth paid roughly $7 million above the previous sale price 14 years ago.
The seller, an affiliate of Toledo, Ohio-based Welltower, paid $9.5 million for the 3.1-acre site in 2011, records show. The sale to UHealth is part of Welltower’s sell-off of a $6 billion medical office portfolio.
Completed in 2001 within the Newport Center business park, the building houses a radiation oncology center and chemotherapy infusion unit.
Uhealth also owns an adjacent medical office building at 1300 East Newport Center Drive in Deerfield Beach, which it purchased for $8.2 million in 2018, records show.
The latest Deerfield Beach acquisition is part of UHealth’s growth strategy beyond its main campus in Allapattah’s Miami Health District, according to the health system’s website. In January, UHealth leased 11,200 square feet at Northwest 87th Avenue and Northwest 53rd Terrace in Downtown Doral for a new medical outpost, offering services from the Bascom Palmer Eye Institute and physical therapy programs.
The health system also leases the six-story, 160,000-square-foot UHealth Doral Medical Center that is also within Downtown Doral, a massive mixed-use community master developed by Coral Gables-based Codina Partners.
In December, UHealth assembled three commercial properties near its Allapattah medical school campus for a combined $68 million, including a medical office–anchored strip mall and a parking lot just north of Jackson Memorial Hospital. Last summer, UM paid $40 million for the former Macy’s furniture store at 13251 South Dixie Highway in Pinecrest, hinting at another potential health care expansion.
