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Investor gets nearly $12 million for Miami medical offices

Investor gets nearly $12 million for Miami medical offices
Offices were 90 percent occupied at time of sale
February 08, 2016 02:15PM

The Sunset Medical Plaza at 9035 Southwest 72nd Street in Miami

The owner of a once-foreclosed medical office building near Dadeland Mall just closed on an $11.8 million sale of the property.
Located at 9035 Southwest 72nd Street, the two-story offices are within two miles of Baptist Hospital. They also sit next to a number of similarly sized medical plazas with an average lease rate of 97 percent, according to a news release from the seller’s brokers.
Benjamin Silver and Douglas Mandel of Marcus & Millichap

Dubbed Sunset Medical, the 35,002-square-foot office building was first erected in 2004. It occupies a 2-acre lot fronting the high-traffic Sunset Drive and was 90 percent leased at the time of sale.
It was sold by a company called Sunset Commercial Properties, which acquired the building out of foreclosure in 2012 for an unknown price. The company is headed by Jason Haim, who is also the president of Miami real estate firm Breakers Capital Partners.
Doug Mandel and Benjamin Silver of Marcus & Millichap brokered the sale on behalf of Sunset Commercial. The closing price breaks down to $337 per square foot.
Mandel said in the release that the building’s new owners — a private buyer whom he declined to disclose — can now lease out the remaining empty square footage for some additional income.  — Sean Stewart-Muniz

Source: The Real Deal

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