Onicx Group Acquires Tampa-Area MOB
This firm purchased the property through a real estate fund launched in August.
Onicx Group has acquired Trinity Oaks Medical Arts Building, a two-story, 31,000-square-foot medical office building in Trinity, Fla., in the Tampa Bay area. The Graham Group sold the asset, according to Pasco County public records.
First American Bank provided the buyer with a $4.8 million note that matures in 2027, the same source shows. Fairfield Asset Advisors represented the seller.
This acquisition represents Onicx’s second investment through its Healthcare Real Estate Fund launched in August. The first closed in September, when the firm purchased Lafayette Medical Building, a 25,000-square-foot Class A facility in Lafayette, Ind.
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Trinity Oaks Medical Arts Building came online in 2008 and was more than 91 percent leased at the time of sale. Its tenants include the Orthopaedic Associates of West Florida, a subsidiary of the Florida Orthopaedic Institute, Women’s Care and Academic Alliance in Dermatology.
The facility is part of a three-building BayCare Health System complex totaling about 99,000 square feet. The property is at 2044 Trinity Oaks Blvd., some 34 miles from downtown Tampa, Fla. Medical providers in the surrounding area include Orange Blossom Women’s Group, East Lake Pediatrics. HCA Florida Trinity Hospital is less than 3 miles away.
MOB investment stays strong
The medical office real estate sector continues to remain robust, with outpatient volumes expected to increase by 26 percent in the following 10 years, according to a Savills white paper. Additionally, favorable economic factors such as the interest rate cuts are expected to lead to a rise in MOB investments.
In October, MedCraft Investment Partners acquired Sisters Grove Pavilion, a 108,204-square-foot medical office building in Colorado Springs, Colo., for $31.2 million. CommonSpirit Health sold the 2008-completed asset.
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