Fort Lauderdale Medical Office Buildings Trade For $313 Per Square Foot

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, TDH 2866, LLC and TDH 2870, LLC, in the sale of two freestanding medical office buildings located at 2866-2870 East Oakland Park Blvd. in Fort Lauderdale.

Sun Medical Center consists of two newly renovated buildings located adjacent to one another. The 2866 building comprises approximately 12,113 square feet on 3 floors. Broward Health, one of the 10 largest health systems in the U.S., is the main tenant in the building. The 2870 building comprises 1,940 square feet. Extensive renovations featuring Class A medical finishes were completed in 2018. The subject also features ample surface parking to accommodate medical use.

Sun Medical 2866 LLC, a New York-based investor, purchased the 1967-built, building for $4.4 million. The deal closed July 24. The buyer intends to occupy a portion of the building for its own medical practice.

The property is located on well-traveled East Oakland Park Boulevard, just east of Bayview Drive and west of the Intracoastal Waterway.

“There is tremendous demand for medical office buildings due to the stability of the sector and historically long-term tenants,” commented Hyatt. “The medical office building sector continues to be at the forefront of leading real estate sectors, even in this challenging market, and continues to show encouraging signs for acquisition as well as development.”

The buyer was represented by Lyman Phillips with Karlington Commercial.