Flagler MAS AJP sells MedSquare® Port St. Lucie
Flagler MAS AJP, a joint venture between MAS AJP and Flagler Healthcare focused on developing modern medical facilities, announced today the $16.3 million sale of MedSquare® Port St. Lucie to Anchor Health Properties, a national healthcare real estate investment firm.
Before the sale closed, the joint venture signed a lease expansion with Cleveland Clinic, the nonprofit multispecialty academic medical center, for the full 68,000-square-foot, Class A medical office development. The agreement doubles Cleveland Clinic’s previously announced space commitment. The two-story building, located at 190 SW Becker Road, is under construction and expected to be delivered in late 2027.
The sale was led by principals Alberto J. Pérez and Juan Carlos “J.C.” Mas of MAS AJP and Chris Coots of Flagler Healthcare.
“Much of the country’s existing medical office inventory is outdated, creating demand for modern, well-located facilities that support the way health care is delivered today,” said Alberto J. Pérez, managing partner of MAS AJP. “Through MedSquare®, we are meeting that demand with 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 health care partners and investors while contributing to healthier communities.”
Chris Coots, CEO of Flagler Healthcare, said Cleveland Clinic’s decision to expand into the entire building is especially meaningful because it is the first MedSquare® project for the joint venture. “We’re proud to have earned the confidence of a world-renowned health system and, through this sale, Anchor Health Properties, a respected national health care real estate investor,” Coots said. “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 access to Florida’s Turnpike and Interstate 95, MedSquare® Port St. Lucie will provide modern outpatient medical space in a growing community. The building will include floor-to-ceiling impact glass, ceilings of nearly 15 feet, high-speed fiber optic connectivity, keyless entry, gurney-capable elevators, a dedicated service elevator and convenient patient parking with reserved spaces.
MedSquare® includes nearly a dozen development projects totaling about 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 preleased to Gastro Health and marks the brand’s first development outside Florida.
About MedSquare®
MedSquare® is a health care real estate development brand focused on creating modern, Class A medical office facilities that support health care providers, enhance the patient experience and contribute to healthier communities. Created by MAS AJP, the brand’s expansion is supported by a joint venture formed in 2024 with Flagler Healthcare. MedSquare® facilities combine contemporary design, advanced technology infrastructure and strategic locations to meet the evolving needs of health care providers and the communities they serve.
About MAS AJP
MAS AJP is a commercial real estate investment and development firm based in Coral Gables, Florida. Led by principals Juan Carlos Mas and Alberto J. Pérez, its team has invested in and developed projects totaling more than 5 million square feet across the United States.
The firm brings expertise in acquisitions, development, construction and property management across multiple asset classes, with a focus on creating high-quality properties that deliver long-term value for investors and the communities they serve. In 2024, MAS AJP partnered with Flagler Healthcare to form Flagler MAS AJP to accelerate the expansion of its MedSquare® portfolio. For more information, visit masajp.com.
About Flagler Healthcare
Flagler Healthcare is a privately held, full-service health care real estate firm specializing in investment, asset management, development and brokerage services. Led by founder and CEO Chris Coots, the firm brings more than two decades of specialized sector experience and has developed and owned real estate valued at more than $1 billion. Flagler differentiates itself through a proprietary health care business intelligence platform that uses data-driven analytics to optimize site selection, analyze market needs and maximize asset value for physician groups, health systems and equity partners. For more information, visit flaglerhealthcaresolutions.com.
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