Santos Medical & Rehabilitation Buys Medical Office Building In Miami-Dade
An affiliate of Santos Medical & Rehabilitation purchased its main office building in western Miami-Dade County for $10 million.
MMB Commercial Properties Co., formerly known as Florida Motels Group and managed by Coral Springs chiropractor Radomir Penjevic, sold the 35,496-square-foot office building at 13780 S.W. 26th St./Coral Way to Santos Property Holdings, managed by Orquidea Santos and Jose J. Gutierrez. Both of them are principals at Santos Medical, which has been operating in that location since 2009. The deal included $8.5 million in seller financing, which matures in 20 years.
The price equated to $282 per square foot.
The two-story medical office building last traded for $5.5 million in 2013. It was built on the 2.72-acre site in 2004. It’s fairly close to Kendall Regional Medical Center and the main campus of Florida International University.
Medical practices took a hit in the initial months of the Covid-19 pandemic, but they largely bounced back after elective surgeries were reinstated and the supply of personal protective equipment increased enough to create a safe environment for patients and staff.