Holladay Properties has acquired the 71,000 SF former behavioral health facility adjacent to the Orlando Health Dr. P. Phillips Hospital for $11M. The property is located at 7450 Sandlake Commons Blvd and had previously been owned and operated by Westgate Resorts for the past twenty years for administrative uses.
As an experienced commercial real estate firm in the healthcare industry, Holladay Properties acquired the property to redevelop it into a state-of-the-art medical facility that can accommodate inpatient and outpatient services. Construction is commenced in August 2022 with the project being completed in roughly 12 months. The renovated property will be renamed Sand Lake Shores Medical Center.
This comes as Holladay recently announced the opening of their eighth development office across the Eastern U.S. and first in Florida (Orlando). The Florida development team, led by Jeff Ottman and Lucas Brush, have several new projects coming online across various asset classes. Holladay is no stranger to Florida, having been active in Florida for fifteen years from a healthcare brokerage and management perspective. Holladay currently oversees five million square feet of institutional healthcare facilities in the state.
Holladay’s veteran healthcare broker, Brian Wilcox, is leading the marketing efforts. “After two years of analyzing this property, we are excited to begin its redevelopment. When completed, the property will be in line with new Class A construction standards. The quiet location on Big Sand Lake and being directly adjacent to an acute-care hospital will attract high-quality healthcare groups from within the region and beyond. The Dr. Phillips submarket has been attractive to medical groups for many years, however, until now, it has struggled with a limited inventory. Our redevelopment will open the opportunity for larger medical users in this growing area of Central Florida,” said Wilcox.
The completely redeveloped building will feature a new exterior façade including new windows, brand new interior finishes throughout, a new roof, and brand-new mechanical systems.
Located on Big Sand Lake, the property features beautiful waterfront views and is easily accessible from Turkey Lake Road.
For more information, contact Brian at (321) 663-3953.