Tag Archive for: marcus & millichap

First-Class Maitland Medical Office Building Sells For $7.75M

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Marcus & Millichap negotiated the sale of Point 100, a 40,726-square foot, three-story office property located in Maitland, according to Justin W. West, regional manager of the firm’s Orlando office.

The property sold for $7,750,000.

David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor.  The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.

“Point 100 is a premier Maitland office building, and this sale is a good indication of the reinstated confidence in the Orlando MSA office market as a whole,” said Vaughan.

Point 100 is located at 100 E Sybelia Avenue in Maitland with close proximity to the new downtown district, Uptown Maitland Senior Living complex, and Maitland City Centre. Constructed in 1982 and extensively renovated in recent years, the 20-suite office tenant roster includes AdventHealth Medical Group, Nemours Children’s Health and Acentria Insurance.

 

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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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IMC Equity Buys Hialeah Medical Office For $14.75 Million

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IMC Equity Group acquired Palm Springs Medical, a medical office building in Hialeah, for $14.75 million.

Cofe Fund 1-Palm Springs LLC, managed by Cofe Properties in Miami, sold the 7-story, 76,280-square-foot medical office at 1840 W. 49th St. to North Miami-based IMC Equity Group, led by CEO Yoram Izhak. The deal was brokered by Douglas K. Mandel and Ryan Fellman of the Institutional Property Advisors group at Marcus & Millichap. The price equated to $193 a square foot.

The building last traded for $4 million in 2011, when Cofe Properties bought it from a bank that had foreclosed on it earlier.

Carlos Segrera, chief investment officer of IMC Equity Group, said they chose to invest in the 49th Street corridor in Hialeah because many nearby properties have strong occupancy rates. The deal was at a 7% capitalization rate and the building was 12% vacant.

 

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ShareMD Acquires Additional South Florida MOB, Adding To Growing Healthcare Portfolio

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ShareMD, a healthcare real estate and physician practice solution company with corporate office in Alpharetta, Georgia, has closed escrow on a 33,974-square-foot multi-tenant medical office atop .97 acres in Ft. Lauderdale, Florida. Benjamin Silver of Marcus & Millichap represented both Buyer and Seller. The purchase price was not disclosed.

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. ShareMD is funded by private equity firm Martis Capital.

“We’re excited to continue ShareMD’s growth in the healthcare facility sector with this acquisition”, said ShareMD’s Chairman and CEO John Bardis. Bardis, the former Assistant Secretary of the US Department of Health & Human Services as well as the founder and former head of MedAssets, continued, “ShareMD provides a range of healthcare space and technology solutions, and this addition to our portfolio provides for additional capabilities in the South Florida marketplace”.

ShareMD has acquired a dozen healthcare and medical/professional properties in the past two years totaling almost 850,000 sf in Florida in addition to its 170,000 sf California healthcare portfolio.

“We were attracted to this opportunity to further expand our portfolio in South Florida”, said ShareMD founder and Chief Investment Officer, George Scopetta. “And, our team’s private equity backing and our track record of nearly one million square feet of properties purchased over the past three years provided the seller with confidence that we could close quickly, and with certainty.”

The purchase was financed by a loan from American National Insurance Company facilitated by Pacific Southwest Realty Services (PSRS) Genworth Life Insurance Company. Greenberg Traurig provided legal counsel, and title services were provided by Chicago Title. Additional purchase transaction support was provided by ShareMD Asset Management, a healthcare facility-focused management company which also manages ShareMD’s bicoastal portfolio.

 

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University Community Medical Plaza Sells

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Marcus & Millichap announced the sale of University Community Medical Plaza, a two-story, 20,299-square foot office property on a 2.68-acre lot located in Tamarac.

The asset sold for $4,700,000.

Alex D. Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was secured and represented by Zylberglait and Crocchiola.

“The Buyer will benefit from the stability of the tenancy and the upside in rents in this strong suburban market,” noted Zylberglait.

The property offers a unique opportunity for the investor to acquire an office building in a highly sought-after metro with ample parking backed by an established tenant roster consisting of medical professionals and specialists with generous lease terms and annual rent escalations.

University Community Medical Plaza is located at 7401 N University Dr. in Tamarac. The medical office building is adjacent to University Hospital and Medical Center; a large 317-bed medical facility awarded the Gold Seal of Approval™ from the Joint Commission. The Joint Commission is a leader in the accreditation and certification of health care organizations.

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