New York Life Real Estate Investors has expanded its portfolio with the $38.3 million acquisition of Pembroke Pines Medical Plaza, a prominent healthcare complex in South Florida.

The property, sold by Aventura-based PPM Capital LLC—led by Daniel J. Halberstein of Triarch Capital Group—includes four medical office buildings totaling nearly 92,000 square feet. Located at 400, 500, 600, and 700 N. Hiatus Road, the plaza was brokered by JLL’s Ike Ojala, Matt DiCesare, Matt McCormack, Anthony Sardo, Hermen Rodriguez, and Andrew Milne.

The sale price breaks down to approximately $417 per square foot.

Built in phases across a 6.9-acre site near Pembroke Lakes Mall and Memorial Hospital West, the buildings were completed in 2000 and 2021. The plaza boasts a strong tenant roster, with 96.8% occupancy. Current tenants include well-known healthcare providers such as Pediatric Associates, IVF Florida, Radiology Associates of Hollywood, and FirstChoice Neurology.

“This acquisition fits perfectly with our strategy of targeting high-quality medical office properties in thriving, supply-limited markets,” said Robert Bevers, a transactions officer at New York Life Real Estate Investors. “The combination of a diverse tenant base, strategic location, and solid demographics gives this asset significant long-term potential.”

The property previously changed hands for $21.36 million in 2016, making this sale a substantial return on investment. As healthcare demand continues to rise in South Florida—bolstered by population growth and post-pandemic migration trends—assets like Pembroke Pines Medical Plaza are becoming increasingly attractive to institutional investors.

Source:  SFBJ