The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years.
This purchase represents the ninth medical office property purchased by ShareMD in the past eighteen months, and increases ShareMD’s total portfolio to fifteen properties and approximately one million square feet of owned healthcare real estate assets in Florida and California.
The owner paid $11.5 million for the property in 2017.
A site plan of the proposed development includes a medical office component, residential tower, future UPC Insurance office building, 500-space public parking garage, and a potential hotel.
The 1996-built property last traded in December 2004 for $23,500,000.