{"id":1004294795,"date":"2019-01-29T03:06:34","date_gmt":"2019-01-29T11:06:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004294795"},"modified":"2019-01-29T03:06:34","modified_gmt":"2019-01-29T11:06:34","slug":"ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami\/","title":{"rendered":"AJP Ventures, Mas Group to Break Ground on $40M MOB in Miami"},"content":{"rendered":"
\"\"<\/a>

MedSquare Health rendering<\/p><\/div>\n

Completing a demolition has cleared the way for the development of a new $40 million, 116,000-square-foot medical office building next to Baptist Hospital of Miami, according to AJP Ventures and Mas Group, the project\u2019s owners and developers.<\/p>\n

The site is at 9408 S.W. 87th Ave. and 8790 S.W. 94th St., essentially across the street from Baptist Hospital, a 650-bed facility that\u2019s one of metro Miami\u2019s largest hospitals.<\/p>\n

The three-story MOB, called MedSquare Health, reportedly will be the first off-campus Class A medical office building to be developed in the Baptist Hospital submarket in more than 20 years. Groundbreaking at the 4.5-acre site, where a synagogue formerly stood, is scheduled for Feb. 20. <\/p>\n

\"\"<\/a>

MedSquare Health rendering<\/p><\/div>\n

The design by Modis Architects, of Miami, reportedly will emphasize natural light throughout the building with floor-to-ceiling glass windows. Amenities will include an attached two-story parking garage with available valet parking, an on-site caf\u00e9 and shared conference room space. The building is intended to be LEED certified.<\/p>\n

Cushman & Wakefield Managing Director Gordon Messinger will lead leasing at the property. Asking rent for the office space is in the low $40s per square foot net.<\/p>\n

\u201cAs the aging American population lives longer, it will continue to drive demand for health-care real estate<\/em>,\u201d Alberto P\u00e9rez, founder & president of AJP Ventures, said in a prepared statement. \u201cMedSquare Health will fill a geographic gap for health professionals looking to better serve their patients<\/em>.\u201d<\/p>\n

A healthy sector <\/h2>\n

Nationwide, the ongoing increase in demand for outpatient services is helping to keep the MOB sector healthy, according to a second-half 2018 report from Marcus & Millichap. Average vacancy remains around 8.2 percent nationally, near a 10-year low.<\/p>\n

The Southeast is one of the stronger regions, with about 1.8 million square feet in MOB deliveries from mid-2017 through mid-2018, again per Marcus & Millichap.<\/p>\n

In December 2018, Jeremy Burton, director of originations at Calmwater Capital, described for Commercial Property Executive<\/em>\u2019s readers<\/a> why, in some ways, lenders see MOB assets as sharing characteristics not only with typical office space, but with retail properties.<\/p>\n

And in March 2018, CPE<\/em> took a long look<\/a> at why institutional investors should consider adding MOBs to their portfolios.<\/p>\n

Images courtesy of AJP Ventures and Mas Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MedSquare Health will be the first off-campus Class A medical office building to be developed in the metro\u2019s Baptist Hospital submarket in more than 20 years.<\/p>\n","protected":false},"author":882,"featured_media":1004294831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21754,1492,21742],"tags":[34126,32799,34836,36278],"class_list":["post-1004294795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-medical-office","category-miami","category-latest","tag-calmwater-capital","tag-cushman-wakefield","tag-marcus-millichap","tag-medical-office-building"],"acf":[],"yoast_head":"\nAJP Ventures, Mas Group to Break Ground on $40M MOB in Miami - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AJP Ventures, Mas Group to Break Ground on $40M MOB in Miami\" \/>\n<meta property=\"og:description\" content=\"MedSquare Health will be the first off-campus Class A medical office building to be developed in the metro\u2019s Baptist Hospital submarket in more than 20 years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-29T11:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/MedSquare-Health.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ajp-ventures-mas-group-to-break-ground-on-40m-mob-in-miami\/\",\"name\":\"AJP Ventures, Mas Group to Break Ground on $40M MOB in Miami - 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