Rendina Healthcare Real Estate Acquires Wellington Medical Arts Pavilion III
09 Jan 2024
Acquisition
WELLINGTON, Fla., Jan. 9, 2024 /PRNewswire/ -- Rendina Healthcare Real Estate (Rendina) is proud to announce its recent acquisition of the Wellington Medical Arts Pavilion III, a 48,000 square foot, four-story Class-A medical building strategically situated on the Wellington Regional Medical Center (WRMC) campus, a Universal Health Services (UHS) hospital, in Wellington, Florida.
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Rendina Healthcare Real Estate acquires Wellington Medical Pavilion.
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Source: PRNewswire
Rendina Healthcare Real Estate Acquires Wellington Medical Arts Pavilion III
This acquisition, valued at $18.25 million, is a joint venture between Rendina & Artemis Real Estate Partners, and represents a continued commitment to investing in high-quality healthcare real estate in high-demand markets.
Richard M. Rendina, Chairman and CEO of Rendina, expressed his enthusiasm about the acquisition, "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."
The property, developed by Rendina in 2006, was 100% leased before construction began. Today, the building sits 91% occupied, and with limited medical space available in the surrounding buildings and Wellington sub-market, Rendina believes they will be able to bring the occupancy to 100% in short time.
"We are thrilled to be back on the WRMC campus and working with UHS at this property," said John Fry, Senior Vice President – Acquisitions at Rendina. "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."
The building hosts notable tenants such as UHS, Sanitas Medical Center, Gastro Associates of Florida, Conviva Care Centers, and Physician Partners of America, providing complimentary services and convenient access for physicians and patients in Wellington and surrounding communities.
This acquisition marks another milestone in Rendina's longstanding relationship with UHS. Since 2000, Rendina collaboration with UHS has been pivotal in developing the four Medical Arts Pavilions at the Wellington Regional Medical Center, totaling nearly 200,000 square-feet of medical space.
About Rendina Healthcare Real Estate:
Rendina Healthcare Real Estate is a distinguished leader in healthcare real estate, renowned for providing comprehensive, single-source solutions tailored for healthcare professionals, operators, and investors. Established over 37 years ago as an innovative family-owned business, Rendina has successfully developed and acquired more than 9 million square feet with a flawless financial transaction record of nearly $2.3 billion. Rendina's unique strength lies in its experienced professionals and deep sector knowledge, coupled with a diverse suite of services encompassing everything from planning, financing, constructing, and managing properties for healthcare uses, such as ambulatory care centers, outpatient facilities, medical offices, and specialty care clinics.
SOURCE Rendina Healthcare Real Estate
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