Triarch Capital Group Buys FL Medical Campus
- Mar 12, 2019
The Kislak Org. has closed the $11.3 million sale of Plantation Professional Park, a medical and professional office campus totaling 63,319 square feet in Plantation, Fla. Triarch Capital Group purchased the six-building asset, with BankUnited providing $7.3 million in acquisition financing, according to Yardi Matrix data. Cushman & Wakefield Capital Markets brokered the deal on behalf of the seller.
Located at 6710-6834 Sunrise Blvd., the single-story buildings were completed between 1987 and 1989 on 7.8 acres. Additionally, the site includes a vacant pad, which has been approved for a roughly 22,000-square-foot, two-story medical office building. After buying the campus in 2016 for $5.2 million, The Kislak Org. kicked off a $1.6 million improvement program at the property in 2017. Renovations included an exterior paint job, new roof overlays and mansards as well as pavement upgrades.
Central Broward County location
The property provides convenient access to Florida’s Turnpike and Interstate 95 and is visible along Sunrise Boulevard. “When combined with its centralized location in Broward County, dense and economically strong surrounding communities and superb accessibility, Plantation Professional Park epitomizes the environment that today’s medical and professional tenants migrate towards,” said Cushman & Wakefield Executive Director Scott O’Donnell, in prepared remarks.
Plantation Professional Park was 96 percent leased at the time of sale, with tenants including American Access Care, Dickens Sanomi and South Florida Pain & Rehabilitation Center, Yardi Matrix shows.
“This acquisition will deliver stable in-place cash flows for Triarch Capital Group while providing the ability to build upon The Kislak Org.’s repositioning efforts via a future development parcel or executing additional strategic leasing to create further value,” Cushman & Wakefield Senior Associate Greg Miller explained.
O’Donnell, Miller, Managing Director Dominic Montazemi and Director Miguel Alcivar represented The Kislak Org. Earlier this month, Cushman & Wakefield also arranged the $20.8 million sale of Corporate Center II, a 91,221-square-foot office building in Sunrise, Fla. The four-story property is within Sawgrass International Corporate Park.
Image courtesy of Yardi Matrix