brandon, fl

The Property

Clover developed a single-tenant, medical build-to-suit for MedExpress, a division of UnitedHealthcare, addressing the tenant’s long-standing need for a modern facility in the Brandon submarket. After decades of operating nearby in two undersized, aging buildings, MedExpress expressed interest in relocating into their larger modern prototype—provided a suitable long-term lease opportunity was available.

The development team identified and secured a one-acre parcel on a prime, signalized corner of Brandon Boulevard, one of East Hillsborough’s highest-traffic retail corridors, with over 65,000 cars passing daily. The site required a full rezoning for medical use, involving complex approvals from multiple government agencies.

the result

Following successful entitlements, the development team closed on the land and executed a long-term lease with MedExpress under an “open book” structure, wherein rental rates were based on a targeted return on development cost—subject to a cap. Construction commenced immediately, and the building was delivered on time and on budget, with a rapid 180-day schedule from ground-breaking to tenant handover.  The property was successfully refinanced at lease commencement, repatriating all investor equity and establishing a durable, income-generating asset. Additionally, the Clover leasing effort was able to secure two long term replacement tenants in the two vacated Medexpress buildings, nearly doubling the prior rent generated.