Baptist Health South Florida picked up a Coral Gables office building for $39 million, the latest booster shot to its regional growth.
The health care system bought the property at 2855 Le Jeune Road from City National Bank, in a deal that pencils out to $321 per square foot, according to records and real estate database Vizzda.
The bank sold the four-story building after it leased 145,000 square feet for its headquarters at 2701 South Le Jeune Road, also in Coral Gables. The space consolidated staff members working in its former Coral Gables building, as well as in Brickell and its former downtown Miami headquarters.
Completed in 2007, the four-story building at 2855 Le Jeune consists of a ground-level retail bank branch and drive-thru, three floors of parking with a gym, and 32,300 square feet of offices on the top floor, according to Vizzda records. It sits on a 0.7-acre lot.
Baptist Health’s expansion has been on steroids, as the non-profit and other health care systems have been scooping up sites and starting construction on new centers at breakneck speed, leading to a race to claim territory in South Florida. The region, which has become a magnet for the uber-wealthy, is still a retirement mecca.
This week, Baptist Health, led by CEO Bo Boulenger, started construction of a 197,000-square-foot neuroscience center at Baptist Hospital in Kendall. The start of construction coincided with billionaire Ken Griffin gifting another $25 million for neuroscience research and patient care, increasing his total donation to Baptist Health to $75 million.
Elsewhere in South Florida, Baptist is developing a seven-story, 340,000-square-foot facility with 100 inpatient beds in Sunrise, marking its first hospital in Broward County, though it has a number of other health care centers in the county. Construction started this year after Baptist in 2022 edged out a competing proposal for the site filed jointly by Memorial Healthcare and Broward Health.
Also this spring, Baptist and Florida International University started building a seven-story, 163,000-square-foot on-campus academic medical center, and is working on a 155,000-square-foot expansion of its Miami Cancer Institute in Kendall, according to hospital news releases.
Baptist dropped a combined $40 million last year for the ground lease of a medical office building in Boynton Beach and the Sunrise hospital development site, as well as $53.5 million this year for a Kohl’s department store building. Kohl’s was still open at the site, though the retailer announced closure of 27 underperforming locations last year.
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