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Tampa Bay Area
Business Observer Friday, Oct. 9, 2015 3 years ago

Commercial Real Estate

21st Century deal among top in nation; Giffin joins Cushman & Wakefield
by: Kevin McQuaid Commercial Real Estate Editor

21st Century deal among top in nation
The year's not over yet, but the sale of a portfolio of buildings owned by principals and physicians at Fort Myers-based 21st Century Oncology ranks among the top medical office deals nationwide in 2015.

Tampa-based Carter Validus Mission Critical REIT bought 17 buildings containing 208,640 square feet in its $117 million deal, which ranks as the 10th-largest medical-related acquisition this year, according to National Real Estate Investor.

Among the properties in the April transaction was 21st Century's three-story corporate headquarters at 2270 Colonial Blvd. All told, Carter Validus bought company-leased space in five states. Five other Florida properties also were part of the sale.

Medical office buildings have outperformed other commercial real estate sectors thanks to stable, typically long-term income streams and through the credit worthiness of most tenants. 21st Century Oncology, for instance, boosted revenue by more than 20% in 2014, to $1 billion.

That's translated into higher sales volume, which stands at roughly double the amount from 2014.

“Sellers are in a prime position to take advantage, because as a product type, medical office is as strong as any out there right now,” Marcus & Millichap agent Scott Niedergang told the Business Observer earlier this year.

While the Carter Validus-21st Century deal is impressive, it's small-time compared to the top medical transaction of 2015 so far. That would be the $1.6 billion purchase Ventas REIT put together involving 20 properties, including Heart Hospital of New Mexico and Lovelace Regional Hospital of Roswell, N.M., National Real Estate Investor notes.

Giffin joins Cushman & Wakefield
Wendy Giffin has left her longtime work home to join Cushman & Wakefield's Tampa office, as director of the brokerage's Florida investor services team.

She'll focus on Pinellas and Manatee counties in her new job.

Giffin comes to Cushman from Osprey Real Estate Services, where she was president, managing partner and broker of the Michigan-based company's St. Petersburg's office for more than 10 years. During her tenure, Giffin completed at least $200 million in sales and leases.

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