Marina Towers in Melbourne Involved in Sale and Leaseback Deal

The sale and leaseback deal will raise capital for further investment and expansion for First Choice Healthcare Solutions.

Orlando, Fla.–The Marina Towers office building has a new owner following the successful sale and leaseback of the asset by First Choice Healthcare Solutions. First Choice wholly-owned subsidiary Marina Towers LLC sold the Melbourne, Fla. office asset to Global Medical REIT for a total of $15.45 million. Following the ensuing leasing agreement for the property, First Choice netted roughly $8 million in cash proceeds from the deal.

Marina Towers

Marina Towers

Located at 709 S Harbor City Blvd., the asset offers a total of 78,000 square feet of office space. The asset has been leased back for ten-year period, on an absolute triple-net master lease agreement that will be up in 2026. According to the company’s filings with the Securities and Exchange Commission, First Choice has two successive options to renew the agreement for two five-year intervals.

According to Christian Romandetti, First Choice’s president & CEO, the deal “will prove to be a transformative event for our Company as we proceed with executing our expansion plans.” The healthcare company will reportedly use the capital it has sourced from the deal to further expand its system of Medical Centers of Excellence into other targeted areas.

According to an official company statement, the proceeds will result in more than 50 percent reduction in First Choice’s debt, prospects for further expansion, a roster expansion with new physicians, new executive appointments to critical posts, as well as delivery of working capital and enhanced shareholders’ equity.

Image courtesy of Google Street View