Colosseum Properties will start construction this month on a 5,000-square-foot build-to-suit medical office for IMA Medical Group across from St. Cloud Regional Medical Center.
Colosseum Properties will start construction this month on a 5,000-square-foot build-to-suit medical office for IMA Medical Group across from St. Cloud Regional Medical Center. (Farmer Architecture)

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.

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"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.

Colosseum Properties President James Mangan has signed a fast-growing medical practice to build its 20th office on 15th Street, across from St. Cloud Regional Medical Center, outlined in red.
Colosseum Properties President James Mangan has signed a fast-growing medical practice to build its 20th office on 15th Street, across from St. Cloud Regional Medical Center, outlined in red. (staff)

He signed IMA Medical Group to the lease and hired Farmer Architecture to design the build-to-suit office space. EDC Group is the general contractor.

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.

St. Cloud Regional Medical Center planning Emergency Department expansion

Details on the latest healthcare facility to embark on a major expansion in Osceola County this year.

"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.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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