The Real Deal Miami

REIT pays $10M for medical development site in Jupiter

Seller paid $7.7M for the land in 2010, and received approval to build a medical institute

August 11, 2015 12:45PM

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The vacant land in Jupiter

The vacant land in Jupiter

A healthcare real estate investment trust just paid $10 million for 9.4 acres of vacant land in Jupiter, according to Palm Beach County records.

American Realty Capital Healthcare Trust, which is based in Pennsylvania, purchased three vacant parcels just east of Florida Atlantic University. They are part of a strip of undeveloped land that sits between the university and single-family homes to the west, and medical offices to the east.

The seller was Jupiter HRE Investments, headed by executives from the NuVista Living at Wellington Green, a health center. The company paid $7.7 million for the land in 2010, and applied to build a $70 million medical institute on the land. The plan was approved in December, and the land was readied for development in January, but it’s not clear what this sale means for the project. 

The company paid $7.7 million for the land in 2010, Palm Beach County property records show.

This sale marks the second time the REIT is buying NuVista’s real estate holdings. Last year, American Realty paid $41 million to acquire the health center’s Wellington location, according to county records. Despite the sale, NuVista signed on a 15-year lease to stay in the property.

The American Realty Capital Healthcare Trust is a publicly traded company based in Maryland. It was bought out for an undisclosed amount in January by its competitor Ventas, another healthcare REIT.