C&W Negotiates $21M Medical Complex Sale
- Dec 28, 2016
Miami—Cushman & Wakefield has recently negotiated the sale of Pembroke Pines Medical Campus, a 91,955-square-foot, Class A medical office campus near Miami, in Pembroke Pines, Fla.
The buyer, Hamesh Investment LLC, acquired the asset for $21.4 million. Executive Director Scott O’Donnell, Senior Associate Greg Miller, Executive Managing Director Mike Davis and managing directors Dominic Montazemi and Donna Korn represented the seller, The Professional Centre at Pembroke Lakes LLLP, in the disposition.
Pembroke Pines Medical Campus is located at 400, 500, 600 and 700 N. Hiatus Road in Pembroke Pines and is adjacent to Memorial Hospital West. Developed between 2000 and 2001 on 7 acres, the campus comprises four two-story buildings with modern interior finishes and ample parking. The medical complex is 97.2 percent occupied and its tenant base includes Asthma and Allergy Associates of Florida, Children’s Urology Associates, Pediatric Associates and South Florida ENT Associates.
“Medical office is an increasingly attractive investment type given cost containment and the overall decline in hospital inpatient use,” said O’Donnell in prepared remarks. “Pembroke Pines Medical Campus presented an increasingly rare value-add opportunity to increase NOI by leasing-up vacant space and taking advantage of the favorable office market dynamics in southwest Broward County.”
Image courtesy of Cushman & Wakefield