MedProperties Realty Advisors and Catalyst Healthcare RealEstate plan to develop a medical office building in Naples, FL.

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The building will be 35,000 square feet and part of FoundersSquare, a 55-acre mixed use development of residences and retailstores. Located at Immokalee Road and Colliers Boulevard, the planfor Founders Square includes restaurants, grocery stores, and ahigh-end spa in more than 270,000 square feet of retail space.Founders Square will also house more than 400 luxury multifamilyapartments.

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Trustmark Bank provided the debt for the acquisition. CatalystHealthcare Real Estate is a healthcare real estate firm andMedProperties Realty Advisors is a healthcare real estate privateequity firm based in Dallas. This latest project is part ofMedProperties Fund III LP, the third discretionary fund ofMedProperties. Launched in 2018, the fund contains a two-buildingportfolio in Maryland and acquisitions in other Arizona,Pennsylvania, Tennessee, Ohio, West Virginia, and Nevada.

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Barron Collier Co. built the infrastructure for Founders Square.Catalyst, based in Pensacola, Florida, will develop the medicaloffice building. The building is already fully pre-leased for aninitial 15-year term by Physicians Regional Healthcare, said DarrylFreling, managing principal of MedProperties.

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"More healthcare systems are offering outpatient care inconvenient, high-visibility locations that also feature housing,shopping, restaurants, entertainment venues and other specialservices," Freling said. The development of a medical officebuilding in a mixed-use site follows a trend in the U.S. whereshoppers can receive care in retail locations."

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"Residents like having all of these amenities together wherethey live, work and play," he said.

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Catalyst founder and CEO Chad Henderson described Naples as an"ideal" choice for the new medical office building, citing that thenew tenant Physicians Regional Healthcare will offer "primary care,urgent care, physical therapy and rehab, imaging and a lab."

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