Rendina Healthcare Real Estate has purchased Wellington Medical Arts Pavilion III, a Class-A medical building spanning 48,000ft2.
It is located on the Wellington Regional Medical Center (WRMC) campus in Wellington, Florida, an establishment under Universal Health Services (UHS).
Valued at $18.25m, this acquisition is a joint venture with Artemis Real Estate Partners.
Rendina chairman and CEO Richard M. Rendina said: “It’s great to be in an ownership position with this asset again, given we developed it and the adjacent buildings in the early 2000s.
“Wellington has always been a strong market, and we are excited to be back on Bruce A. Rendina Boulevard, the crossroad dedicated to our father and founder between the medical buildings and hospital.
“We look forward to continuing our successful partnership with UHS, a top-in-class provider of healthcare services.”
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Originally developed by Rendina in 2006, the property achieved full leasing capacity prior to construction commencement.
Presently, the building has a 91% occupancy rate.
Given the scarcity of available medical space in neighbouring buildings and the Wellington sub-market, Rendina anticipates reaching full occupancy promptly.
Among the tenants housed in the building are UHS, Sanitas Medical Center, Gastro Associates of Florida, Conviva Care Centers, and Physician Partners of America.
Their presence ensures a range of complementary services and convenient access for physicians and patients in Wellington and surrounding communities.
Since 2000, Rendina and UHS, together, developed the four Medical Arts Pavilions at the Wellington Regional Medical Center, collectively offering nearly 200,000ft2 of medical space.
Rendina acquisitions senior vice president John Fry said: “We are thrilled to be back on the WRMC campus and working with UHS at this property.
“When you look at the rapidly growing patient base that surrounds this campus, strong medical office demand in the area, along with the tenancy of this specific asset, it’s a great acquisition for our team and one we are excited to have completed.”