Three-Story Medical Office Building In Little Havana Sells For $5M

3383 NW 7th Street

A 22,609-square-foot building located at 3383 NW 7th Street in Miami’s Little Havana neighborhood sold for $5,000,000.

The three-story building is 90% occupied by a mix of primarily medical tenants, including Abuelo’s Medical Center LLC, West Home Care, LLC, Diagnostic Centers of America, and others. The mixed-use building is a combination of private offices and open floor space to accommodate a variety of reconfigurations. Since its construction in 1971, the medical center has received significant improvements to the façade, as well as hurricane-proof windows, new roof, new A/C, and remodeled office spaces.

“The sale of this asset is a testament to the strength of office spaces and medical office buildings in Miami, particularly due to the lack of new supply in the market as we emerge from the health crisis,” said Alex Zylberglait, senior managing director of investments in Marcus & Millichap’s Miami office, who had the exclusive listing to market the property on behalf of the seller, a private investor. 

This location provides easy access to the Miami International Airport (MIA), Dolphin Expressway (SR-836), and Interstate 95 (I-95), and minutes from Brickell Financial District and downtown Miami.

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Montecito Medical Acquires Two Medical Office/Surgery Center Buildings In Largo

The Eye Institute of West Florida Building 760x320

Montecito Medical completed the acquisition of two medical office buildings in the Tampa area occupied by The Eye Institute of West Florida.

The Largo properties, which have a combined square footage of 33,429, are fully occupied under a long-term lease.

The two-story Eye Institute of West Florida medical office building, the larger of the two facilities, serves as the flagship location for the group and includes an ambulatory surgery center (ASC) with four operating rooms. To meet growing patient demand, the group has developed plans to add a third story to the building, along with a multi-story parking structure. The nearby Aesthetic Institute, which focuses on cosmetic procedures, encompasses approximately 4,800 square feet and includes an ASC with two operating rooms.

“We are pleased to have been selected as the buyer for these outstanding properties, and we look forward to building a long-term, mutually beneficial relationship with The Eye Institute of West Florida,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.

With a history in the community spanning nearly 50 years, The Eye Institute of West Florida has become a market leader in its specialty, attracting patients from a 50-mile radius to its six locations across the Tampa Bay area. The group’s specialists diagnose and treat an array of conditions, including cataracts and retinal diseases, and perform procedures ranging from LASIK and Clear Lens Exchange to oculoplastic procedures such as eyelid surgeries.

Both properties are conveniently on the campus of the 455-bed Largo Medical Center.

As part of the transaction, physicians in the group opted to retain an ownership share in the properties via Montecito’s distinctive Provider Real Estate Partnership (PREP) program. Through PREP, physicians enjoy ongoing opportunities to enjoy tax benefits, participate in income generated by the property and share in profits when the building ultimately is recapitalized.

ERE Healthcare Real Estate Advisors brokered the transaction.

The acquisition continues Montecito’s record-setting pace of medical office real estate acquisitions in 2021. So far this year, the company has completed 36 transactions involving 40 properties and more than 1.1 million square feet.

“We are gratified by the growing number of physician groups across the country that have entrusted ownership of their buildings to us,” said Chip Conk, CEO of Montecito Medical. “And we are particularly excited by the opportunity to expand our presence and build relationships with physicians in this key market area.”

 

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Baptist Health Proposes First Broward Hospital In Sunrise

sunrise baptist hospital

Baptist Health South Florida is on the verge of obtaining land for its first hospital in Broward County as it expands its regional presence.

On Dec. 14, the Sunrise City Commission will consider selling the 26.3-acre property at  to Coral Gables-based Baptist Health. The agreed-upon price is $13.75 million for the vacant land on the east side of the Sawgrass Expressway, meaning a hospital there would be visible from the highway.

The city bought the land in 1997 for $1.95 million.

Under the proposed deal, Baptist Health would build a four-story hospital that would initially total 25,000 square feet with 25 inpatient beds, at least one operating room and an emergency department. There would also be a 100,000-square-foot medical office building. The hospital could expand in the future.

“This is a terrific opportunity for Baptist to be at the gateway to our city and to provide health care for our community,” Sunrise Mayor Mike Ryan said. “For a long time, the City Commission has wanted more health care in our community and, particularly, a community-based hospital.”

Initial talks with Baptist Health indicated the project would create 300 to 400 jobs, Ryan added. The current zoning of the land permits a hospital, so Baptist Health will need to seek site plan approval, but not a more complicated rezoning.

“We are excited to have the opportunity to work with the city of Sunrise to build a hospital that meets the needs of the community,” Baptist Health spokeswoman Georgi Morales Pipkin said. “We look forward to working with the mayor, commission, city manager and the community throughout this process and to expanding our service to patients in the area.”

The nonprofit health care provider is already the largest hospital operator in South Florida, but all of its hospitals are in Miami-Dade, Palm Beach and Monroe counties. It has many outpatient centers in Broward, including an urgent care center in Sunrise, but no hospitals yet.

 

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BridgeInvest Lends $64M for South Florida Assisted-Living Development

RIEBER-DEVELOPMENTS-PLANNED-1212-AVENTURA-PROJECT-PHOTO-COLLIERS-INTERNATIONAL

Rieber Developments has landed an $83.8 million debt package to build an assisted-living mixed-use development in metropolitan Miami.

Miami-based BridgeInvest supplied a $63.5 million senior construction loan for Rieber’s 400,000-square-foot project called 1212 Aventura in Aventura. It will feature 163 luxury senior residences, 29,684 square feet of retail and 25,796 square feet of medical offices. An additional $20.3 million mezzanine loan was provided by an undisclosed international lender for the development.

“We are thrilled to finance an innovative project that will not only transform Aventura’s landscape for generations to come but also caters to the local underserved senior-living market,” Alex Horn, BridgeInvest’s founder and managing partner, said in a statement.

A Colliers International structured finance team led by Jeffrey Donnelly and Dmitry Levkov arranged the transaction.

The 1212 Aventura project, at 21290 Biscayne Boulevard, is located adjacent to Rieber’s 100-room Hilton-branded Serena Hotel Aventura. Colliers is also working on closing a $29 million refinance for the hotel which, along with 1212 Aventura, encompass the first two phases of Rieber’s planned master plan development that will incorporate multiple city blocks.

Donnelly said multiple lenders competed for the deal and credited Rieber’s creativity with designs for 1212 Aventura that gives it a “sexy Miami treatment” for an assisted-living development with floor-to-ceiling windows along with a resort-caliber pool and gardens.

“It’s very much a non-assisted living assisted-living project,” Donnelly said. “It has all the amenities in what is normally a very boring, very staid, very uninteresting asset class and I think that also helped with generating excitement with this financing opportunity.”

Construction for 1212 Aventura is slated for completion in early 2023. Pre-leasing and sales of the office and retail space are ongoing with limited inventory available, according to Bernardo Rieber, founder and CEO of Rieber Developments.

“With construction financing in place, we now have the resources to complete the construction of this state-of-art project designed by Arquitectonica and make our vision come true,” Rieber said in a statement.

 

Source:  Commercial Observer

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Gomez Development Scores $45M Loan To Build Aventura Medical Building

construction plans 760x320

After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property.

Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according to a press release. The property is adjacent to Aventura Hospital and Medical Center.

A Gomez affiliate paid $19 million for the 1.63-acre site in October, according to records. The seller was Aventura Medical Center LLC, managed by Miguel Carlos Cadet, which retained an investment stake in the proposed project.

Gomez plans to break ground next year on the new building, which will also have a four-level parking garage with 346 spaces, the press release states. The developer plans to finish construction by the fourth quarter of 2022.

In a statement, Parkview Financial founder and CEO Paul Rahimian said his company provided the loan because it was a compelling financing opportunity on behalf of an “experienced local borrower.”

South Florida’s medical office buildings are in hot demand. In October, Forte Capital Management paid $11 million for a Hollywood medical office building adjacent to Memorial Regional Hospital South. The same month, Irvine, California-based IRA Capital picked up a single-story outpatient center in Boca Raton for $16 million.

In September, a two-story office building traded in a $17.2 million deal involving two affiliates of Montecito Medical Real Estate. And Healthcare Trust of America bought the 1905 Medical Center in Boca Raton for $50 million.

 

Source:  The Real Deal

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