Marcus & Millichap Represents Miami Investor in MOB Sale
- Nov 08, 2019
Marcus & Millichap’s Senior Managing Director and Institutional Property Advisors Senior Director Douglas Mandel, together with First Vice President of Investments Benjamin Silver and Associate Adam Klein have represented Miami investor Leonard Boord in the sale of a medical office portfolio in Miami. The two buildings total approximately 101,000 square feet and were sold to ShareMD for $33.2 million. Easton & Associates represented the buyer in the deal.
The Bilmore Professional Building is located at 475 Biltmore Way in Coral Gables, Fla., a few blocks from the University of Miami. According to Yardi Matrix data, the individual acquisition price was $14.6 million. The building encompasses 50,000 square feet and was completed between 1960 and 1963. The previous owner renovated the property in 2013 and 2014. Almost one third of the space is occupied by retail businesses.
SOMI Center is a more recent development, with construction completed in 2015. The six-story, 51,000-square-foot property is located at 5966 S. Dixie Highway in South Miami, Fla., and includes a Walgreens store. The asset provides more than 11,000 square feet of retail space and a 198-space parking lot.
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