Myconic Plans More Micro-Clinics In South Florida
The acquisition complements other strategic acquisitions of clinic operators presently being pursued by Myconic.
Myconic Capital Corp. continues its pursuit of facilities offering ketamine infusion therapies in the US with the acquisition of 49% of all shares of Tristar Wellness LLC and its existing wellness clinic in Miami Beach, FL, for $818,300.
The deal complements other acquisitions of clinic operators by Myconic, including Mindscape Ketamine & Infusions Therapy, PLLC of Houston and NY Ketamine Medical Practice, PLLC of New York City.
Myconic is also financing the development of a portfolio of satellite ketamine micro-clinics in South Florida. It is advancing 100% of all construction and early-stage operation costs in exchange for a 50% interest in each micro-clinic. The development of the micro-clinics is subject to the formation of a joint venture entity and pending all required state, municipal and regulatory approvals.
Myconic CEO Robert Meister says that purchasing a stake in Tristar makes the company a key player in Florida’s ketamine infusion space. “This transaction allows us to enter a key market, with the opportunity to grow in Florida with future facilities,” Meister says.
The medical sector, in general, has heated up throughout the pandemic. MOB investment decreased 12.2% year-over-year in 2020 to hit $11.1 billion, according to Colliers, performing better than other commercial real estate asset classes, which posted a 32% decline in sales volume overall.
Like many sectors, MOB saw an increase in activity in Q4. Sales volume rose from $2.1 billion in Q3 2020 to $3.6 billion.
The space is drawing interest from investors and brokerage firms. Last week, Kayne Anderson Real Estate was set to close a $2.5 billion fund expected to spend approximately half of its money on the asset class, the Wall Street Journal reported, citing sources familiar with the fund.
Another sign of the category’s health: Chicago-based Blueprint Healthcare Real Estate Advisors expanded its platform into medical office brokerage. Medical office veterans Eric Lee and Chris Lashmet will lead the practice.
Blueprint says the addition of medical office buildings helps it provide advisory to the healthcare sector while also serving its core senior living clients.
“Blueprint’s strategic growth plan has always involved diversification into medical office brokerage,” says Steve Thomes, senior managing director and head of business development at Blueprint.