475 Biltmore, Coral Gables, Florida
MIAMI, FL – ShareMD has acquired two medical office buildings in South Florida for $33 million. The transactions serve as the California-based firm's initial Florida investments.
The first acquisition, which sold for $18.55 million, encompasses 50,600 square feet of medical office and retail space at 5966 South Dixie Highway in South Miami, Florida. The building, which was built in 2016, is currently more than 71% leased to healthcare-related tenants.
The second property sold for $14.6 million and is comprised of 56,000 square feet of medical office space at 475 Biltmore Way in Coral Gables, Florida. Built in 1960, the building is currently 83% occupied.
With a mission to target value-add medical office buildings in metropolitan markets nationwide, ShareMD intends to roll out its co-sharing medical suite concept within the two buildings.
Easton & Associates represented ShareMD in the transactions. Easton & Associates VP, Elliot LaBreche identified the buildings and negotiated the prices on behalf of the buyer. Both properties were sold by Miami investor and Slon Capital founder, Leonard Boord.
As the new ownership, ShareMD has retained Easton & Associates to handle the buildings' leasing, going forward.
ShareMD is a private-equity backed real estate investment company that focuses on investing in medical office properties.
The Easton Group, headquartered in Doral, Florida, is a family-owned, boutique commercial real estate firm, which specializes in commercial real estate investment, development, brokerage and property management.
➤➤ Join the GlobeSt.HEALTHCARE (formerly RealShare) conference December 3-4 in Scottsdale, AZ. The event will cover the industry's major issues as well as the prevailing and upcoming trends in regulations, space use, budgeting, and technology implementation. Through panel discussions and peer-to-peer networking opportunities, the attendees will gather expert insights on how these factors will affect the development, operation, investment and design of healthcare real estate. Also, be sure to get your nomination in for our healthcare influencer and senior housing influencer feature. Click here to register and view the agenda.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
