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6262 Sunset Drive Miami

An Atlanta-based real estate investment firm paid $36.7 million for an eight-story South Miami medical office building.

An affiliate of the Ardent Companies bought the building, known as Sunset Medical, at 6262 Sunset Drive, according to records. Ardent is led by Matt Shulman.

The seller is an affiliate of USAA Real Estate Company. The San Antonio-based real estate investment firm bought the building, built in the 1980s, for $40 million in 2015. USAA is led by Len O’Donnell.

The building hit the market unpriced in February, according to an online listing. Occupancy was 55 percent at the time with a net operating income of $1.2 million.

In May, Transwestern Real Estate Services’ South Florida agency leasing team announced it was hired to exclusively lead leasing efforts for the building and reposition it from traditional office to medical office space, according to a statement from the time.

The building had 43,000 square feet of availability at that time, after Interval International consolidated to the top two floors. Interval is an affiliate of Marriott Vacations Worldwide.

 

Source:  The Real Deal

6262 Sunset Drive Miami

Transwestern Real Estate Services’ (TRS) South Florida Agency Leasing team has been selected to exclusively lease 6262 Sunset Drive in Miami, a 96,779-square-foot, eight-story office building at the epicenter of South Miami’s healthcare hub.

Transwestern Senior Vice President Christopher Dubberly will lead the leasing efforts on behalf of building owner USAA, as well as direct the property’s repositioning from traditional office to medical office space. The building will be rebranded as Sunset Medical.

“Sunset Medical is ideally located at the footsteps of South Miami Hospital’s campus. Returning the available space to its highest and best use will appeal to physicians and healthcare providers seeking premier medical office space in a market with less than 5% vacancy,” said Dubberly. “There’s a strong underlying current of pent-up patient demand for services postponed by stay-at-home restrictions. Repositioning this property to medical office now makes it an extremely attractive option for practices that are challenged with how to handle the surge in procedures and surgeries expected the latter part of the year.”

For the past 22 years, the property was 100% occupied by a single tenant that has now consolidated into the top two floors. The remaining 43,064 square feet of availability on floors one through six offer direct entry from the parking garage – a unique feature in the market and highly desirable amenity for medical office space because it eliminates the need for tenants and guests to use elevators for suite access.

“The property also provides high-profile signage opportunities along heavily traveled Sunset Drive,” said Dubberly. “Ownership has committed to renovating the building lobby and elevators, further increasing its premium market appeal.”

6262 Sunset Drive is adjacent to Baptist Health South Florida’s South Miami Hospital campus, benefiting from the hospital’s power grid and equipped with a generator, providing secure business continuity. The average household income within 3 miles is $134,215, and the population is greater than 111,000 residents, which expands to more than 350,000 people within 5 miles. The property is walkable to Metrorail’s South Miami station, as well as local restaurants, shopping districts and entertainment venues.

 

Source: HREI