Why Medical Office Developer Targeted Pumpkin Patch

ORLANDO--As healthcare real estate continues gaining momentum in Florida, one developer is getting especially proactive in the Orlando suburb of Winter Park. A prominent parcel of land just traded hands there.

Cushman & Wakefield senior director Margery Johnson and associate presented St. John Evangelical Lutheran Church in the sale of a 1.3-acres of undeveloped land at 1500 South Orlando Avenue. The parcel is known locally as the Pumpkin Patch because of a popular church fundraiser held on the site each fall.

Pumpkin Patch Properties purchased the land for $2.1 million, or $1.6 million per acre. Results Realty's Jeff Gindi represented the buyer, which plans to develop a new medical office building on the site. The healthcare real estate will house The Center for Reproductive Medicine (CRM), a leading fertility and reproductive medicine practice in Central Florida.

“This site was one of the few remaining infill locations near Florida Hospital Orlando,” Johnson, tells GlobeSt.com. “It represents a great opportunity to capitalize on the incredible development and growth driven by Florida Hospital's expansion and the improvements in infrastructure brought about by SunRail and the I–4 Ultimate Improvement Project.”

Nationwide, asking rents for available medical office space remains essentially stable at $22 per square foot in the first quarter, up roughly 1% from a year earlier, according to Marcus & Millichap. In fact, the firm reports, over the past seven years, the national rental average has not fluctuated dramatically.  

As for the pumpkins, there's no need to worry. Johnson says the annual pumpkin sale will continue elsewhere on church property.

Wendy Anderson of Wendy Anderson, P.A. provided legal representation for the seller. Rebecca Wilson of Lowndes, Drosdick, Doster, Kantor & Reed, P.A. provided legal representation for the buyer.