A recently completed medical office transaction in Broward County provides another indication that investors remain interested in modern healthcare properties with established tenant rosters.

Gateway Medical Plaza, located at 3251 North State Road 7 in Margate, sold for $14.7 million. The two-story building contains 31,246 square feet and was approximately 89% occupied at the time of the transaction.

The five-suite property is situated on approximately 2.3 acres near HCA Florida Northwest Hospital. Florida Medical Space developed Gateway Medical Plaza in 2021 to meet the needs of a long-time client who was looking for a new, state-of-the-art headquarters to relocate its fertility center. The fertility center leased 21,000 square feet on a long-term basis and FMS subsequently leased the remaining medical space to two other regional dental specialists.

Marcus & Millichap’s Alex Zylberglait represented the seller in conjunction with Florida Medical Space. The seller was identified as a private medical real estate development and investment company. The buyer was not disclosed.

Newer Medical Buildings Remain Attractive

Gateway Medical Plaza combines several characteristics that healthcare real estate investors typically value: relatively recent construction, strong occupancy and a location near an established hospital.

Modern medical buildings may also require fewer immediate capital improvements than older properties. Their layouts, infrastructure and accessibility features are generally better suited to current healthcare delivery requirements, although the suitability of any individual building depends on its design and tenant mix.

The property’s range of outpatient practices further reflects the continued movement of healthcare services into community-based locations. Fertility care, dentistry and orthodontics are appointment-driven specialties that benefit from convenient access, visibility and proximity to residential populations.

South Florida’s Healthcare Demand Supports the Sector

Broward County’s population density and continuing need for outpatient services help sustain demand for medical space. Properties near hospitals can be particularly appealing because they provide access to an established healthcare network while allowing physicians to serve patients outside the main hospital campus.

At approximately $470 per square foot, the Gateway Medical Plaza transaction also illustrates the premium investors may place on newer medical facilities with significant occupancy already in place.

Source: Healthcare Real Estate Insights