Fengate Asset Management breaks ground on Jupiter Medical Center Campus
Project will develop a microhospital and medical outpatient facility within the Avenir master-planned community.
Fengate Asset Management, in partnership with Stonemont and The Sina Companies, has broken ground on two new healthcare facilities in Palm Beach Gardens, Florida. The development will deliver a two-story, 53,000-square-foot microhospital alongside a three-story, 47,000-square-foot medical outpatient facility, both fully pre-leased on a 15-year basis to Jupiter Medical Center, a not-for-profit health system. These investments are managed on behalf of Fengate Infrastructure Fund IV and affiliated entities.
The ceremonial groundbreaking marks a key milestone for the project, which will support Jupiter Medical Center’s ability to serve one of South Florida’s fastest-growing communities. The development will provide a full range of emergency, primary and outpatient services, including oncology, urology and cardiology. The projects are expected to be completed by 2028.
This project represents the latest milestone in Fengate’s expanding healthcare infrastructure platform. In the first four months of 2026, Fengate closed approximately $440 million in investments across key healthcare infrastructure segments, including medical outpatient facilities, inpatient rehabilitation facilities and microhospitals. Fengate executed these investments through a combination of build-to-suit developments and brownfield acquisitions, as well as single-asset and portfolio investments, reinforcing its strategy of building a diversified portfolio of essential healthcare infrastructure. Today, Fengate’s healthcare portfolio comprises 70 investments, representing $1.7 billion in gross asset value and 4.5 million square feet.
“This groundbreaking marks a significant step in expanding healthcare capacity within a rapidly growing community,” said Aashik Rao, Managing Director, Investments, Fengate Asset Management. “We’re focused on delivering essential healthcare infrastructure that meets evolving patient needs while building a resilient, diversified platform.”
"Healthcare infrastructure represents an important part of how we think about social infrastructure, and the activity we’re seeing this year reinforces that view,” said Mac Bell, Managing Director, Head of Social and Transportation. “The same fundamentals that make healthcare compelling – essential services, stable long-term partnerships, and deep community need – are consistent with how we think about social infrastructure more broadly.”
Fengate’s healthcare investment strategy focuses on building a scaled, multi-billion-dollar platform of essential assets with leading health systems and operators, supported by disciplined investment across core, core-plus, value-add and development opportunities, and driven by strong partnerships and a proprietary pipeline.
