An Atlanta-based real estate investment firm paid $36.7 million for an eight-story South Miami medical office building.
An affiliate of the Ardent Companies bought the building, known as Sunset Medical, at 6262 Sunset Drive, according to records. Ardent is led by Matt Shulman.
The seller is an affiliate of USAA Real Estate Company. The San Antonio-based real estate investment firm bought the building, built in the 1980s, for $40 million in 2015. USAA is led by Len O’Donnell.
The building hit the market unpriced in February, according to an online listing. Occupancy was 55 percent at the time with a net operating income of $1.2 million.
In May, Transwestern Real Estate Services’ South Florida agency leasing team announced it was hired to exclusively lead leasing efforts for the building and reposition it from traditional office to medical office space, according to a statement from the time.
The building had 43,000 square feet of availability at that time, after Interval International consolidated to the top two floors. Interval is an affiliate of Marriott Vacations Worldwide.
Source: The Real Deal