'Recession-Resistant' Property Opens Doors

MIAMI—South Florida's healthcare industry just keeps growing. A population increase and demand for medical service are driving the ship.

Mercy Medical Arts is one of the newest buildings on the scene. JLL was tapped to exclusively lease the new four-floor medical office building on the main campus of Mercy Hospital. The facility is expected to open its doors in the Spring of 2016.

Located at 3683 South Miami Avenue in Miami's Coconut Grove neighborhood, Mercy Medical Arts will offer 115,000 square feet of new medical office space with visitor parking and physician parking on ground level and waterfront views of Biscayne Bay. JLL senior vice president Noël Steinfeld will spearhead the leasing efforts on behalf of the developer Onicx.

“Strategically located between Brickell Financial District and Coral Gables in the heart of Coconut Grove, the newly built Mercy Medical Arts will offer physicians and medical practitioners an opportunity to lease state-of-the-art medical office space at competitive leasing rates,” says Steinfeld.  “With Miami's office market experiencing a strong demand and limited supply of quality medical office space, the four-floor property will appeal to tenants seeking a great location within a world-class hospital complex.”

The project is part of a major renovation initiative Mercy Hospital is undertaking including the construction of a new helipad and boat dock area. This will offer direct access to the medical complex by air and sea, a new intensive care unit, and upgrades to all patient floors and labor and delivery suites, among other improvements.

“The healthcare real estate asset class, particularly seniors housing, continues to be in demand for investors,” Imran Javaid, managing director of Healthcare Real Estate at Capital One Bank, tells GlobeSt.com. “Investors realize that seniors housing is in some ways recession-resistant, and I believe it may eventually be re-cast as one of the core property classes.”