Caddis acquires surgery center in Florida
The national healthcare real estate firm recently closed on Manatee Surgical Center in Bradenton, Fla., expanding its presence in the southeastern United States
BRADENTON, Fla., and DALLAS, Aug. 5, 2015 – Caddis, a leading national healthcare real estate investment, development and management company headquartered in Dallas, recently closed on the acquisition of its first property in Florida: the 13,250 square foot Manatee Surgical Center in the southwest Florida community of Bradenton, about 45 miles south of downtown Tampa.
The one-story, freestanding ambulatory surgery center (ASC), located at 601 Manatee Ave. W., is 100 percent occupied under a long-term lease to a joint venture of AMSURG and approximately 15 physician owners who perform procedures at the facility. AMSURG, which is headquartered in Nashville, Tenn., is one of the largest operators of ASCs in the country, with a portfolio of approximately 250 owned and operated ASCs in 34 states.
“Manatee Surgical Center is our first acquisition in Florida and fits into our overall company strategy,” says Jason Signor, Caddis CEO and Partner. “Along with our presence in the Atlanta market, this acquisition enables us to further expand our footprint into the Southeast.”
“We view this acquisition as a win for multiple parties,” says Matt Mattox, Caddis Executive Vice President and Partner. “Putting the real estate component of this established ASC on to Caddis’ balance sheet will allow AMSURG and its physician partners to focus exclusively on the operational performance of their venture and to more easily attract accretive users and investors to the facility in the future.”
“Manatee Surgical Center is a reputable multi-specialty ambulatory surgery center with strong and growing physician support,” notes Barrett Freeman, Caddis’ Director of Acquisitions. “The property has excellent visibility and is located along a high-traffic thoroughfare that connects downtown Bradenton, the county seat of Manatee County, to 319-bed Manatee Memorial Hospital. As with other coastal markets in Florida, there is a high demand for healthcare services from retirees and residents of Manatee County.”
The Manatee Surgical Center houses four operating rooms, three endoscopy suites, a pediatric recovery suite and a phase II recovery room. The facility provides a wide range of physician specialties, including anesthesiology, cosmetic dentistry/periodontology, facial plastic surgery, gastroenterology, general surgery, neurosurgery, obstetrics and gynecology, ophthalmology, orthopedic surgery, otolaryngology, pediatric dentistry, plastic surgery and podiatry.
Caddis Partners LLC, is a Dallas‐based real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisitions, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired 2 million square feet of medical assets valued at over $500 million.