UHealth, the healthcare division of the University of Miami, has expanded its presence in South Florida by acquiring a medical office building in Deerfield Beach for $16.4 million. The facility, located at 1192 East Newport Center Drive, spans 45,136 square feet and is currently leased to the Sylvester Comprehensive Cancer Center.
The purchase price equates to $363 per square foot, which is about $7 million more than what the previous owner paid for the property 14 years ago. Records indicate that an affiliate of Welltower, based in Toledo, Ohio, acquired the site for $9.5 million in 2011. The sale to UHealth is part of Welltower’s broader effort to divest from a $6 billion portfolio of medical office properties.
Built in 2001 within the Newport Center business park, the two-story building houses a radiation oncology center and chemotherapy infusion unit. UHealth already owns another nearby medical office building at 1300 East Newport Center Drive, purchased for $8.2 million in 2018.
This acquisition aligns with UHealth’s strategy to expand beyond its main campus in Miami Health District. According to information on its website, earlier this year UHealth leased space at Northwest 87th Avenue and Northwest 53rd Terrace in Downtown Doral for a new medical outpost that will offer services such as those provided by the Bascom Palmer Eye Institute and physical therapy programs.
UHealth also leases the six-story UHealth Doral Medical Center—spanning 160,000 square feet—in Downtown Doral. This area is a large mixed-use community developed by Codina Partners.
Last December, UHealth assembled three commercial properties near its Allapattah campus for a total of $68 million. These acquisitions included a strip mall anchored by medical offices and a parking lot just north of Jackson Memorial Hospital. In summer of last year, UM paid $40 million for a former Macy’s furniture store at 13251 South Dixie Highway in Pinecrest as part of potential further healthcare expansion.
