Jupiter, FL | January 9, 2024

Rendina Healthcare Real Estate announced the acquisition of Wellington Regional Medical Arts Pavilion III, a 48,000 square foot, four story Class A medical office building located on the campus of Wellington Regional Medical Center in Wellington, Florida. The property is situated within the Wellington Regional Medical Center campus, which is operated by Universal Health Services.

The $18.25 million acquisition was completed through a joint venture between Rendina and Artemis Real Estate Partners, reflecting a continued commitment to investing in high quality healthcare real estate assets in strong, high demand markets.

Originally developed by Rendina in 2006, Wellington Medical Arts Pavilion III was fully leased prior to construction. Today, the building is approximately 91 percent occupied and benefits from limited available medical office space within the surrounding Wellington submarket. Rendina anticipates reaching full occupancy in the near term.

“It is especially meaningful to be back in an ownership position with this asset,” said Richard M. Rendina, Chief Executive Officer of Rendina Healthcare Real Estate. “We developed this building and the adjacent medical facilities in the early 2000s, and Wellington has remained a consistently strong market. Being back on Bruce A. Rendina Boulevard, the roadway dedicated to our founder between the hospital and medical buildings, is particularly special. We look forward to continuing our long standing partnership with UHS and supporting their mission of delivering high quality care.”

The building’s tenant roster includes Wellington Regional Medical Center affiliated practices and leading healthcare providers such as Sanitas Medical Center, Gastro Associates of Florida, Conviva Care Centers, and Physician Partners of America. Together, the tenancy offers a complementary mix of services that supports coordinated care and convenient access for patients and physicians throughout the region.

“We are excited to reestablish ownership on the Wellington Regional Medical Center campus and to continue working alongside UHS,” said John Fry, Senior Vice President of Acquisitions at Rendina. “With strong medical office demand, a rapidly growing patient base, and a well positioned asset, this acquisition aligns perfectly with our long term investment strategy.”

The acquisition further builds on Rendina’s longstanding relationship with Universal Health Services. Since 2000, Rendina has collaborated with UHS on the development of four Medical Arts Pavilion buildings at the Wellington Regional Medical Center campus, totaling nearly 200,000 square feet of medical office space.