Florida ASC Real Estate Sold in Sale-Leaseback Transaction
Florida ASC Real Estate Sold in Sale-Leaseback Transaction
July 14, 2020 — ASCs Inc. and JH Winokur, Inc. are pleased to announce the closing of an ASC real estate sale-leaseback transaction for the BAPTIST EYE SURGERY CENTER located in Sunrise, FL. The ambulatory surgery center serves Broward, Palm Beach and Miami-Dade counties and benefits from a superior location and its successful partnership between majority owner Baptist Health South Florida and 11 eye surgeons.
While less than five-years remain on the original lease, the purchaser, a private investor in a 1031 exchange is confident in the long-term success of the center due to the superior credit of Baptist Health South Florida and the historical operating results of the physician partners. Baptist Health South Florida is the largest healthcare organization in the region with 11 hospitals, nearly 23,000 employees, 4,000 physicians and over 100 outpatient centers.
The physicians owned the real estate and the sale was made using the existing lease and rent so there was no change in the financial performance of the ASC.
ASCs Inc. advised the sellers along with broker J.H. Winokur Inc. The transaction resulted in a selling price that exceeded the seller’s goals and the sales process was expertly managed during a challenging time as the ASC was closed temporarily due to the COVID pandemic.
Many ASC owners are considering the sale/leaseback of their ASC real estate to provide liquidity and a source of capital for diversifying their assets during periods when ASC income is impacted by unforeseen events, such as the COVID pandemic.
For surgery center advisory services and valuations ASCs Inc. may be reached at [email protected] or calling 760-751-0250 (CA) or 203-733-8818 (CT). JH Winokur Inc. may be reached at 914-997-9200 (NY). ASCs Inc. represents and advises physician-owners of ASCs on maximizing the value of their ASC through strategic partnerships and sale-leasebacks of ASC/MOB real estate. JH Winokur, Inc. specializes in valuation and sale-leaseback of ASC/MOB real estate and 1031 exchanges that allow sellers to defer capital gains taxes.
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