The Real Deal Miami

Baptist Health continues buy streak with $44M deal

October 14, 2013 01:30PM

Baptist Health's headquarters at 8900 North Kendall Drive

Baptist Health’s HQ at 8900 North Kendall Dr.

Baptist Health South Florida has paid $43.75 million for a Coral Gables office building, the latest in a $96 million acquisition streak for the nonprofit hospital operator.

Baptist Health bought the 276,274-square-foot Atrium building at 1500 San Remo Avenue, next door to its headquarters. The seller was Fund VII Atrium San Remo, which paid $43.8 million for the property in 2006, according to public records.

Ralph Lawson, an executive at Baptist Health, told the South Florida Business Journal that it bought the 1984 building because it already leases space there. Lawson also discussed Baptist Health’s recent $30.4 million acquisition of a hotel at 9100 North Kendall Drive, also adjacent to the company’s headquarters.

The “hotel is contiguous to our campus and it is prime real estate from our standpoint,” Lawson told the Business Journal. “We plan to construct a cancer institute on our campus and that will give us additional flexibility.”

The Business Journal did not include a comment from the seller. [South Florida Business Journal]  – Hiten Samtani