Colosseum Properties will break ground this month on a new 5,000-square-foot medical office building across from St. Cloud Regional Medical Center.
Colosseum President James Mangan paid $75,000 in 2015 for the half-acre at the corner of Budinger Avenue and 15th Street.
"I purchased it as a distressed property from a bank a few years back, just knowing the growth would come at some point, and knowing it was perfect location for a medical office," he told GrowthSpotter.
IMA has nearly two dozen of offices along the I-4 corridor. The new St. Cloud medical office should open during Second Quarter 2018.
The project should coincide with the major expansion of the hospital's emergency department, first reported by GrowthSpotter in June. That project gets underway in November and includes a 14,000-square-foot addition. In addition to the expansion, the plans call for reconfiguring the ambulance entry, main entry and associated drive aisles.
Mangan said he and fellow broker Billy Rocker have formed a joint venture and recently closed on two acquisitions: a 25,000-square-foot warehouse property and a former car wash that they converted into a warehouse showroom for Nuovo Kitchen & Hardware.
"It was a pretty easy conversion," Mangan said. "We sold off the equipment and poured a new concrete floor."
The duo is still pursuing value-add industrial and retail properties in the Kissimmee-St. Cloud submarket.
"We've got some vacant land in St. Cloud at the corner of Brown Chapel Road and U.S. 192, and we're tossing around the idea of doing spec retail or flex space," he said.