ShareMD Buys Miami Medical Office Campus
- Sep 29, 2020
ShareMD has acquired a three-building, 177,358-square-foot medical office campus in Miami. Ideal Management and FIP Realty Services worked on behalf of the buyer. Starwood Mortgage Capital provided acquisition financing, which PSRS arranged.
Pan American Group is the former owner of at least one of the three properties that traded, Yardi Matrix data shows: a 55,000-square-foot building at 7400 SW 87th Ave., which it acquired in 2016 from S&K Realty as part of a $55.7 million portfolio deal. The other two assets in that transaction, which closed with help from a $39 million loan, are 7500 and 7800 SW 87th Ave. The tenant roster of the three buildings includes the Urology Center of South Florida, Baptist Health, Miami Dermatology and Laser Institute and a number of other entities and medical practices.
The latest transaction marks ShareMD’s second foray into the South Florida medical office building market, following the 2019 acquisition of two properties for $33.2 million. In that deal, local investor Leonard Boord sold the SoMi Building in South Miami and the Biltmore Professional Building in Coral Gables, two assets totaling roughly 104,000 square feet.
According to the company, ShareMD’s portfolio now encompasses twelve buildings adding up to more than 1 million square feet across Florida and California. The list also includes 841 Prudential Drive, a 498,000-square-foot asset in Jacksonville, which ShareMD acquired in February 2020 from IP Capital Partners for $67 million.