St. Petersburg, FL-based Optimal Outcomes announced that Anthony Frogameni has joined the firm as Vice President of Development. Mr. Frogameni brings over five years of experience specific to the healthcare real estate sector, most recently serving as a Director on the national healthcare capital markets team at HFF and JLL, where he was involved in more than $3 billion of commercial real estate transactions.
Mr. Frogameni will be focused on identifying new opportunities and partnerships for Optimal Outcomes’ outpatient healthcare development platform, building on the firm’s extensive track record of developing state-of-the-art facilities for health systems and providers including Florida Cancer Specialists, Cleveland Clinic, HCA, BayCare, and Florida Orthopaedic Institute, among others.
“I have known Patrick, Andy, and the team for many years and have always had the utmost respect for them and for the quality of their work. Their goal is to improve the delivery of healthcare by developing the best possible real estate solutions and I look forward to helping identify more opportunities to do just that,” Frogameni said.
Prior to joining the firm, Mr. Frogameni was advising Optimal Outcomes on its recent sale of Atlantis Outpatient Surgery Center. The 9,972 SF surgery center located in Lake Worth, Florida, sold in April and was covered in a previous issue of HREI. Mr. Frogameni elaborated on the details of the transaction, noting that the buyer was a partnership between MBRE Healthcare and Kayne Anderson. With a price per square foot of $735, the sale represented a record for an outpatient medical office building in the State of Florida, according to RCA data. Optimal Outcomes originally purchased the building in December 2017 upon being selected by HCA as a partner after the previous developer was unable to perform on the project. Optimal Outcomes worked diligently with HCA and their physician partners to complete a renovation and a 3,000 SF expansion of the ASC. In addition, the tenant executed a new 15-year lease.
According to Frogameni, the sale was on a parallel path with the expansion and was contingent upon completion of the project. Despite construction and permitting challenges related to the Covid-19 pandemic, the Optimal Outcomes team was able to deliver the project in a timely manner.
Mr. Frogameni went on to congratulate the MBRE and Kayne Anderson team noting “although there was uncertainty and fluctuations in the capital markets during the transaction, the buyer performed flawlessly and closed according to the original terms of the deal.”
About Optimal Outcomes
For over 25 years the principals of Optimal Outcomes have effectively identified and implemented ambulatory healthcare facility solutions. Capitalizing on proven experience and expertise, Optimal Outcomes provides an integrated single-source for successful development of all types of ambulatory healthcare facilities.
As a strategic partner, Optimal identifies facility needs in concert with health systems and providers to develop community and campus-based solutions that improve operational efficiencies, provider outcomes and patient experience. Optimal’s projects are progressive and designed to address current as well as future needs of the ever-evolving healthcare industry. Optimal’s mission is simply to design and construct facilities that improves quality and care to advance the client’s objectives.
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