MedProperties, Catalyst to Develop Medical Office in Naples
The 35,000-square foot building will be part of Founders Square, a 55-acre mixed use development of residences and retail stores.
MedProperties Realty Advisors and Catalyst Healthcare Real Estate plan to develop a medical office building in Naples, FL.
The building will be 35,000 square feet and part of Founders Square, a 55-acre mixed use development of residences and retail stores. Located at Immokalee Road and Colliers Boulevard, the plan for Founders Square includes restaurants, grocery stores, and a high-end spa in more than 270,000 square feet of retail space. Founders Square will also house more than 400 luxury multifamily apartments.
Trustmark Bank provided the debt for the acquisition. Catalyst Healthcare Real Estate is a healthcare real estate firm and MedProperties Realty Advisors is a healthcare real estate private equity firm based in Dallas. This latest project is part of MedProperties Fund III LP, the third discretionary fund of MedProperties. Launched in 2018, the fund contains a two-building portfolio in Maryland and acquisitions in other Arizona, Pennsylvania, Tennessee, Ohio, West Virginia, and Nevada.
Barron Collier Co. built the infrastructure for Founders Square. Catalyst, based in Pensacola, Florida, will develop the medical office building. The building is already fully pre-leased for an initial 15-year term by Physicians Regional Healthcare, said Darryl Freling, managing principal of MedProperties.
“More healthcare systems are offering outpatient care in convenient, high-visibility locations that also feature housing, shopping, restaurants, entertainment venues and other special services,” Freling said. The development of a medical office building in a mixed-use site follows a trend in the U.S. where shoppers can receive care in retail locations.”
“Residents like having all of these amenities together where they live, work and play,” he said.
Catalyst founder and CEO Chad Henderson described Naples as an “ideal” choice for the new medical office building, citing that the new tenant Physicians Regional Healthcare will offer “primary care, urgent care, physical therapy and rehab, imaging and a lab.”