The South Broward Hospital District, the parent agency of Memorial Healthcare System, has closed on a $69 million purchase of an office campus near Memorial Regional Hospital in Hollywood. The deal covers three four-story buildings that a joint venture had spent five years upgrading and leasing to medical tenants.
A Five-Year Flip Near Hollywood Boulevard
The South Broward Hospital District bought Venture Center, a 254,015-square-foot professional and medical office complex at 3440 Hollywood Boulevard and 200-300 S. Park Road, according to Connect CRE. The complex sits on 16 acres at the intersection of Hollywood Boulevard and South Park Road, about 2.25 miles east of the Florida Turnpike and a half mile west of I-95, according to the same report. A joint venture of Fox Ridge Capital, Jax Capital Investments and TKF Real Estate Investment sold the property after buying it for $50 million in 2021. The $19 million difference between the purchase and sale prices was reported by The Real Deal.
The $69 million sale price works out to roughly $272 per square foot, The Real Deal reported. The campus was built between 1982 and 1986 and comprises three buildings of about 83,000 square feet each, according to Florida Medical Space.
Sellers Bet on a Medical Office Makeover
What is known about Memorial's physician network
The available verified information does not establish that Memorial previously acquired or converted a non-hospital property in Broward County for outpatient, administrative or physician-office use. It does show the scale of the organization that could use space beyond hospital buildings: according to Memorial Healthcare System, its physician group includes more than 300 employed physicians across 80 adult and pediatric specialties and subspecialties in Broward, Miami-Dade and Palm Beach counties. That physician-group data describes Memorial's existing workforce, not the intended use of Venture Center. The available reporting does not specify how much of the campus will be devoted to physician offices, outpatient services or administrative functions.
CRE-sources reporting said the joint venture pursued property improvements, leasing and a shift from conventional suburban office use toward medical-office occupancy. The same reporting said seller Fox Ridge Capital's Grant Horwitz described Memorial as a potential source of interest during the repositioning. A Cushman & Wakefield team that included Scott O'Donnell, Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Mike Ciadella, Greg Miller and Miguel Alcivar represented the sellers, according to Connect CRE. Chris Lee of CBRE represented the buyer.
Florida Medical Space's market analysis discusses the potential usefulness of conventional office properties. Hoodline has reported on a similar move by Baptist Health, which purchased a Coconut Creek Kohl's for $53.5 million with plans for a medical overhaul.
Timing Ties Into Hospital Expansion and Leadership Shakeup
The acquisition coincides with Memorial Regional Hospital's ongoing $670 million project, launched in 2025, to build a new 400,000-square-foot surgical and patient-bed tower nearby, according to Florida Medical Space's reporting. Memorial Regional is an 863-bed facility with a Level 1 Trauma Center.
The purchase also follows the South Broward Hospital District Board of Commissioners' vote to name Shane Strum permanent President and CEO of Memorial Healthcare System. The appointment made Strum the first executive to simultaneously lead Memorial and Broward Health, according to Florida Politics. Hoodline previously covered Strum's dual appointment. The South Broward Hospital District is a political subdivision of the state of Florida and an independent special taxing district created under Florida statutory charter, governed by a seven-member board of commissioners appointed by the Governor, according to Connect CRE and a Florida Senate legislative staff analysis.
A Broader Push for Hospital District Authority
Separately, the deal arrives amid discussion in Tallahassee over the authority of public hospital districts. Proposed 2026 legislation, including House Bill 1047, sought to expand those districts' ability to enter joint ventures, shared operations and multi-county partnerships, according to Florida Politics' earlier reporting. The available information does not specify how Memorial plans to divide the Venture Center campus among administrative offices, outpatient clinics and physician practices, or what will happen to existing independent medical tenants as their leases expire.
