Bethesda Health City

Flagler acquires Bethesda Health City, Florida’s largest “medical mall” with 133,000 sqf and develop an additional 36,000 sqf.

A joint venture between Flagler and Investcorp, acquired Bethesda Health City, a  unique 133,473sf  medical mall located  at 10301 Hagen Ranch Road in Boynton Beach on October 11, 2011. The acquisition served to monetize Bethesda Health’s real estate asset and was structured as a sale-lease-back with BHS renting more 50% of the Asset for a 15-year term. Within 23 months, Flagler achieved the following milestones: i) full occupancy through the renewal of  12 tenants with an average 8-year WALT, and the attraction of new key physician practices; ii) complete renovation of the asset through a $2 Million investment campaign; and iii) new entitlements with the approval of 100,000 sqf of additional development rights. Subsequently Flagler developed develop 2 new MOBs for a total of 36,000 sqf as a build-to-suit for 3 leading regional medical practices.