Woodside Health Buys 2 Orlando MOBs
The properties were fully leased at the time of sale.
Woodside Health has acquired Town Loop Medical Center and Parkway Medical Office Plaza, two medical outpatient facilities in Greater Orlando, Fla. The properties, totaling almost 50,000 square feet, were fully leased at the time of sale.
A private investor previously owned the assets, according to Yardi Research Data. He acquired them in two separate transactions, in 2016 and 2018, for a combined $12.5 million.
Completed in 1997, Town Loop Medical Center is at 14050 Town Loop Blvd. in Orlando, close to Highway 417 and 20 miles from the city center. Orlando International Airport is less than 11 miles away.
The two-story, 25,800-square-foot facility has 145 parking spaces and a passenger elevator. Tenants include DaVita Kidney Care, Quest Diagnostics and HCA Florida Physicians.
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The other building came online in 2007 at 3280 Greenwald Way N. in Kissimmee, Fla., less than 2 miles from Town Loop Medical Center. The two-story Parkway Medical Office Plaza spans 22,500 square feet and has more than 60 parking spaces. The tenant roster features Kendrick Orthodontics and CenterWell Home Health.
Other medical providers in the area include AdventHealth Centra Care Hunter’s Creek, HCA Florida Osceola Hospital and Medical Pavilion and AdventHealth Kissimmee.
MOB investment volume up year-over-year
In the first quarter of this year, medical office building investment fell 42 percent quarter-over-quarter to $1.6 billion, according to a national CBRE report. However, the sector’s total sales were up 5 percent on a year-over-year basis.
One of the properties that traded so far this year in Orlando was the 160,000-square-foot Upshot Medical Center at Mills Park. AdventHealth acquired the asset from Upshot for $60 million in April, Yardi Research Data also shows.
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