Flagler MAS AJP Completes $16.3 Million Sale Of MedSquare® Port St. Lucie, Now Fully Preleased To Cleveland Clinic

Flagler MAS AJP, a joint venture between MAS AJP and Flagler Healthcare focused on delivering state-of-the-art medical facilities, has completed the $16.3 million sale of MedSquare® Port St. Lucie to Anchor Health Properties, a national healthcare real estate investment firm.

Prior to closing the sale, the joint venture inked a lease expansion with Cleveland Clinic, a world-renowned, nonprofit multispecialty academic medical center, which has signed on to occupy the entire 68,000-square-foot Class A medical office development, doubling its previously announced space commitment. Located at 190 SW Becker Road, the two-story, Class A medical office building is under construction with delivery anticipated in late 2027.

The sale was led directly by principals Alberto J. Pérez and Juan Carlos “J.C.” Mas of MAS AJP and Chris Coots of Flagler Healthcare.

“Much of the existing medical office inventory across the country is outdated, creating a need for modern, well-located facilities that support how healthcare is delivered today,” said Pérez, managing partner of MAS AJP. “Through MedSquare®, we are meeting this demand by delivering best-in-class medical buildings where providers can operate efficiently, deliver exceptional care and grow over time. Our goal is to create lasting value for our healthcare partners and investors while contributing to healthier communities.”

 

Coots, CEO of Flagler Healthcare added, “Cleveland Clinic’s decision to expand to the entire building is especially meaningful because this is our first MedSquare® project together. We’re proud to have earned the confidence of a world-renowned health system and, through this sale, Anchor Health Properties, a respected national healthcare real estate investor. We look forward to continuing long-term relationships with both organizations.”

The Cleveland Clinic lease expansion was brokered by Chris Coots, Christian Coots and Nicholas Muffoletto of Flagler Healthcare.

Strategically located along SW Becker Road with convenient access to the Florida Turnpike and
Interstate 95, MedSquare® Port St. Lucie will offer modern outpatient medical space in a
growing community. The building will feature floor-to-ceiling impact glass, nearly 15-foot ceilings,
high-speed fiber optic connectivity, keyless entry, gurney-capable elevators, a dedicated service
elevator, and convenient patient parking with reserved spaces.

MedSquare® encompasses nearly a dozen development projects totaling approximately
600,000 square feet across Florida, including Miami, Cutler Bay, Pembroke Pines, South Miami
and Sarasota, as well as Charlottesville, Virginia. MedSquare® Charlottesville, a planned
20,000-square-foot facility, is fully pre-leased to Gastro Health and marks the brand’s first
development outside Florida.

Key Facts

• Property: MedSquare® Port St. Lucie
• Location: 190 SW Becker Road, Port St. Lucie, Florida
• Asset Type: Two-story, Class A medical office building under construction
• Transaction Type: Sale
• Buyer: Anchor Health Properties
• Seller/Developer: Flagler MAS AJP, a joint venture of MAS AJP and Flagler Healthcare
• Tenant: Cleveland Clinic, preleased to occupy the entire building
• Size: 68,000 square feet
• Price: $16.3 million
• Other Notable Details: Cleveland Clinic doubled its previously announced space commitment. Delivery is anticipated in late 2027. Chris Coots, Christian Coots and Nicholas Muffoletto of Flagler Healthcare brokered the lease expansion.