Miami Medical Office Buildings Trade for $33M

SoMi Building. Image via Google Maps

Real estate investment firm ShareMD has acquired two medical office buildings in South Miami and Coral Gables, Fla., for a total of $33.2 million. Miami investor Leonard Boord, founder of Slon Capital, sold both properties. The Easton Group represented the buyer in the deal, with Vice President Elliott LaBreche identifying both properties and negotiating prices.

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The South Miami asset, SoMi Building, is located at 5966 S. Dixie Highway and changed hands for $18.6 million. Built in 2016, the six-story building offers 50,600 square feet of medical office and retail space, and is about 71 percent leased by healthcare-related tenants.

Also changing owners is the Biltmore Professional Building at 475 Biltmore Way in Coral Gables, southwest of downtown Miami. The four-story property totals 56,000 square feet of medical office space and sold for $14.6 million. Built in 1960, the property is 83 percent occupied. Slon Capital bought the single-asset entity, which held title to the property from Altis Cardinal in January 2012, according to Yardi Matrix.

Introducing shared medical offices

Real estate developer George Scopetta, president & managing partner of ShareMD, said in a statement that the buildings would be used to roll out the company’s shared medical suite concept. San Diego-based ShareMD provides HIPPA-compliant flexible offices and patient rooms for medical professionals, allowing members to practice in any location within its network or move their small practice into a full-time dedicated space.

The statement added that the deal for the two buildings marked ShareMD’s debut in the Florida market. Scopetta is also founder & managing partner of Medicus Property Group, which owns more than 100,000 of commercial medical office space in southern California.

The ongoing increase in demand for outpatient services is keeping the MOB sector healthy in Miami. At the beginning of the year, AJP Ventures and Mas Group broke ground on a $40 million, 116,000-square-foot project next to Baptist Hospital. The property marks the first off-campus Class A medical office building to be developed in the Baptist Hospital submarket in more than 20 years.