AdventHealth Heart of Florida has purchased the 43,100-square-foot medical office building at 410 Lionel Way in Davenport, a property it has occupied as a tenant for years and that sits right next to its own 202-bed hospital campus. The deal closed in late September, turning the health system from longtime anchor tenant into outright owner of the Class A building.
From Tenant to Owner
According to Mid Florida Newspapers, the medical office building sits near U.S. Highway 27 and the AdventHealth Heart of Florida campus, and features clinical and outpatient care space adjacent to the acute care hospital. Flagship Healthcare Properties announced the completed sale to anchor tenant AdventHealth Heart of Florida on September 29, with NAI Geis Realty Group facilitating the transaction on behalf of AdventHealth, as detailed in a release from Flagship Healthcare Properties.
Flagship Healthcare Properties serves as the external manager for Flagship Healthcare Trust and provided asset management and property management services for the building throughout its ownership. Ryan Dawson, the firm's senior vice president of asset management, said the building's location made it an outstanding fit for AdventHealth, and added that the sale reflected the value Flagship set out to create when it acquired 410 Lionel Way, per the same Mid Florida Newspapers report.
A Years-Long Lease Becomes a Deed
Flagship Healthcare Trust first acquired the building back in March 2021, when AdventHealth Medical Group was already occupying 69 percent of the facility under a lease agreement, according to a release from Flagship Healthcare Properties at the time. That initial purchase was financed through a syndicated credit facility led by Fifth Third Bank.
Kristen DiMartino, business development manager at NAI Geis Realty Group, said medical office assets in corridors like Lakeland-Winter Haven are highly sought after, the Mid Florida Newspapers report noted. AdventHealth Heart of Florida is part of AdventHealth, described in the same report as one of the largest not-for-profit healthcare systems in the United States.
Roots at the Hospital Campus
AdventHealth's presence in Davenport dates to September 2019, when it finalized the purchase of Heart of Florida Regional Medical Center from Community Health Systems, according to Becker's ASC Review. Community Health Systems divested several Florida hospitals that year as part of a broader effort to reduce corporate debt. The hospital that resulted, AdventHealth Heart of Florida, is a licensed 202-bed acute care facility supported by more than 200 affiliated physicians across multiple specialties, according to the Central Florida Development Council.
Growth Along the Highway 27 Corridor
Mid Florida Newspapers describes Davenport as one of Central Florida's fastest-growing communities, and the numbers back that up. Polk County's population grew by 2.7 percent between 2024 and 2025, adding 23,400 residents and ranking 11th nationwide for net population growth, according to USAFacts. The county had gained more than 34,000 residents in a single year at its peak growth rate in 2022.
University of Florida demographic forecasts cited by FOX 13 Tampa Bay project that Polk County, with a population near 850,000 in 2025, will cross the 1 million mark by 2030, driven in part by residents migrating outward from Orlando and Tampa.
Part of a Wider Polk County Buildout
In Lakeland, city commissioners approved zoning changes in September 2024 clearing the way for AdventHealth to design a planned 400-bed hospital and medical office complex on 218 acres off the Polk Parkway in South Lakeland, a site previously slated for commercial resort and retail development, according to 6AM City. And in April 2026, the longstanding Bond Clinic physician network transitioned its multi-specialty locations across Polk County into AdventHealth Medical Group.
Together, the moves point to a health system racing to keep pace with one of the fastest-growing corners of the country, with the newly owned Davenport building now a permanent fixture of that footprint rather than a leased one.
