Baptist Health South Florida dropped $53.5 million on a Kohl’s department store in Coconut Creek.
The retailer, led by CEO Michael Bender, sold the 92,700-square-foot stand-alone store at 6950 North State Road 7 for $577 per square foot. Kohl’s acquired the 8.2-acre property for $14.8 million in 2008, soon after the store was built. Last year, the company announced plans to shutter 27 stores in underperforming locations, though no additional closure announcements have been made since then.
The store is still open, and plans for the site are being evaluated, a Baptist Health spokesperson told the South Florida Business Journal.
Baptist Health, headed by Bo Boulenger, is South Florida’s largest hospital operator. As of last year, the nonprofit healthcare organization owned 12 hospitals and 200 medical care and office facilities across the region. Baptist operates in 10 locations across Broward County alone, with Plantation Medical Center being the largest.
Major medical centers are economic anchors that can drive up surrounding residential and commercial real estate value through a high concentration of stable healthcare employment and consistent business demand from patients.
The organization is expanding in Broward with a three-story 61,000-square-foot medical center in Pembroke Pines. That development is expected to open early next year. In 2022, Baptist beat out a competing bid for a $14.3 million, 25-acre site in Sunrise, where it’s constructing Baptist Health Sunrise Hospital, the company’s first hospital Broward. The 340,000-square-foot hospital is slated for completion in 2029.
Baptist’s expansion reaches to Palm Beach County, where it paid $26 million for a ground lease of a three-story medical office building in Boynton Beach last year.
Baptist competes with other large healthcare networks in Broward, including HCA Healthcare, Memorial Healthcare and Broward Health. Memorial Healthcare and Broward Health jointly placed the other bid for the Sunrise site.
Broward Health is also expanding in the county. The organization opened two freestanding emergency rooms earlier this year, with a third one to open in Fort Lauderdale next year. Two medical office buildings are under construction in Fort Lauderdale and Deerfield Beach, with completion expected next year.
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