The Biltmore Professional Building at 475 Biltmore Way in Coral Gables. Courtesy photo.
A California-based real estate investor plans co-working space for doctors in two Miami-Dade County office buildings purchased for $33.15 million.
ShareMD, launched last year in San Diego, takes the shared workspace concept to a new frontier by providing shared, fully equipped medical offices.
ShareMD bought a five-story South Miami office building for $18.55 million and a three-story Coral Gables medical office for $14.6 million Thursday from affiliates of Leonard Boord, founder of blockchain concessions and real estate company Slon Capital LLC.
The South Miami building completed in 2016 is on less than an acre on the southeast corner of Dixie Highway and Sunset Drive at 5966 S. Dixie Highway. It's near a cluster of Baptist Health South Florida facilities, including South Miami Hospital, a sleep center and imaging services.
The Coral Gables building, completed in 1960, is on over a quarter acre west of LeJeune Road at 475 Biltmore Way and within walking distance from City Hall.
Over 70% of the 50,600-square-foot South Miami office building is leased, and 83% of the 56,000-square-foot Coral Gables building is leased, leaving open enough space for ShareMD to set up the co-working offices.
The shared medical space would take up 5,000 to 6,000 square feet in each building, said deal broker Elliot LaBreche.
This is ShareMD's first acquisition in South Florida, where it's transplanting the medical co-working concept to Florida after implementing it in five buildings in California, said LaBreche, who is vice president at Easton & Associates in Doral.
"There's a big need for medical services in Miami and Florida in general," he said.
ShareMD, previously WeShareMD Inc., offers short-term and long-term rental options, and the offices come with administrative employees, meaning doctors don't have to hire support staff.
Options include $400 to rent space for four hours, $2,700 to rent for 40 hours and a $2,000 monthly membership, according to ShareMD's website.
LaBreche offers the example of a Fort Lauderdale internal medicine specialist "but you have some patients in West Palm Beach or Miami but that doesn't support your own office." He said, "We can provide that doctor with satellite offices in West Palm Beach and Miami. They are able to serve a much larger portion of a metro in a more affordable way using our monthly subscription for the co-sharing space."
LaBreche represented ShareMD in the transaction. Easton also will handle leasing of the buildings.
Marcus & Millichap first vice president Benjamin Silver and executive managing director of investments Douglas Mandel, both based in Fort Lauderdale, closed the deal on behalf of the seller.
ShareMD president and managing partner George Scopetta started the concept with Dr. James Chao, both real estate developers, according to PR Newswire.
"We are excited to enter the Florida market with these acquisitions," Scopetta said in a news release. "These buildings are ideally located to roll out our co-sharing medical suite concept, ShareMD."
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
