Tag Archive for: westside regional medical center

Plantation Medical Office Park Trades

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Avison Young’s Florida Capital Markets Group completed the $15,450,000 sale of Plantation Medical Office Park, a six-building, single-story medical office campus totaling 63,319 square feet at 6710-6834 West Sunrise Blvd. in South Florida’s Plantation submarket.

The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Brian C. de la Fé sold the asset on behalf of PPP Capital, LLC. The buyer was Bezrat H., Corp.

“Located in one of Broward County’s most desirable office submarkets, Plantation Medical Office Park is 98% occupied with a rent roll composed entirely of medical tenants, many of which have been there for decades and have expanded their operations and occupied additional space,” said Crotty. “The buyer will benefit from stable, long-term cash flow as the asset appreciates and the option to fulfill the property’s significant value-add potential through developing a vacant pad previously approved for a two-story 22,000-square-foot medical building.”

Plantation Medical Office Park is in a densely populated, major commerce and medical hub with over 200,000+ residents, 7,000+ businesses, and $2.3 billion in total consumer spending within a five-mile radius. With exceptional visibility from Sunrise Boulevard, the Park is strategically located just three miles from Westside Regional Medical Center, a full-service 250-bed hospital. Notable tenants include American Access Care, Dickens Sanomi Academy, and Baptist Hospital of Miami, Inc.

“Medical office is currently one of the most desirable property types among investors due to the stability of in-person doctor-patient care solidifying tenant need for physical space,” said Duckworth. “Marketing the attractiveness of medical office and the ideal location of this asset, in particular, allowed us to secure strong pricing despite market uncertainties in the financial markets.”

Avison Young insights show the latest banking crisis has led to more economic headwinds for investors, rendering it difficult to secure financing for commercial real estate transactions, particularly within the office sector. However, the greater need for physical space and high costs associated with relocations and build-outs among medical office tenants abate the concerns of investors and financiers alike and make medical assets the exception during challenging times.

 

Plantation Professional Park Fetches $11.3 Million

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Cushman & Wakefield has negotiated the sale of Plantation Professional Park a 63,319-square-foot medical and professional office campus in Broward County.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented the Kislak Organization of Miami Lakes in the sale. Aventura, FL-based Triarch Capital Group acquired the asset for $11.3 million, or $178 per square foot.

Plantation Professional Park is a six-building office campus built between 1987 and 1989 on a ±7.84-acre site at 6710–6834 West Sunrise Boulevard in Plantation. The single-story buildings comprise a medical and professional office campus located three miles from Westside Regional Medical Center. The site also includes a vacant pad previously approved for an additional two-story, ±22,000-square-foot medical office building.

Plantation Professional Park was 96% occupied at the time of sale. Notable tenants include Dickens Sanomi Academy and American Access Care.

Plantation Professional Park is located in one of the most desirable office submarkets in Broward County and offers convenient highway access to Florida’s Turnpike and Interstate 95 as well as prominent visibility 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 O’Donnell.

In 2016, the same Cushman & Wakefield team negotiated Equitrust Life Insurance Company’s disposition of Plantation Professional Park to the Kislak Organization for $5.15 million. In 2017, the Kislak Organization completed a $1.59 million renovation program at the property that included new roof overlays and mansards, exterior paint and pavement improvements.

“As a lifelong Plantation resident, I took special pride in working with the Kislak team to revitalize and lease up Plantation Professional Park,” said Tom Bartelmo, President and CEO of the Kislak Organization. “This was a successful project for us, and we wish the new owners all the best.”

“Plantation Professional Park is an integral piece in the renaissance of the Sunrise corridor in Plantation,” said Miller. ”This acquisition will deliver stable in-place cash flows for Triarch Capital Group, while providing the ability to build upon the Kislak Organization’s repositioning efforts via a future development parcel or executing additional strategic leasing to create further value.”