MIAMI MEDICAL OFFICE BUILDING HITS THE MARKET AT $12 MILLION
MIAMI, Dec. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for Highland Park Center at Jackson Memorial Hospital, a 2011-built Class A medical office building located in Miami’s Civic Center neighborhood, home of one of the nation’s largest concentrations of medical and research facilities. The 41,328-square foot asset is listed at $12 million, or approximately $290 per square foot.
Douglas Mandel, a vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with vice president investments Alex Zylberglait and senior associates Arthur Porosoff and Scott Sandelin, all in the firm’s Miami office, are representing the seller.
“Recently completed and currently vacant, Highland Park Center at Jackson Memorial Hospital offers impressive upside potential to an enterprising investor,” says Mandel. “With private sector job growth and expanding trade boosting the local economy, vacancies in the metro are trending lower this year while rents have risen a full percentage point, all of which bodes well for the owner of a newly built property located just steps from Jackson Memorial Hospital and the University of Miami Hospital.”
“Office construction dropped from 2.4 million square feet during the past two years to just 100,000 square feet in 2012, but the metro added 12,200 new jobs this year alone, and many will require office space,” adds Zylberglait. “Highland Park Center stands to benefit from this confluence of trends.”
Located in Miami’s Civic Center neighborhood, the property includes both direct exposure and signage on State Route 836, which enjoys a traffic count of more than 123,000 cars per day. The Marriott Spring Hill Suites hotel is next door; other nearby destinations include downtown Miami, Miami Beach, Coral Gables and Miami International Airport.
Highland Park Center at Jackson Memorial Hospital is one of the first independent developments to emerge within the medical complex shared by Jackson Memorial Hospital and University of Miami Hospital. Built to include the latest energy efficiencies, the property is one of the city’s first “green” buildings. The 11-story medical office building features distinctive, sleek modern architecture and on-site covered parking.
In addition to its world-famous weather and beaches, Miami offers the asset’s potential lessees a wide range of cultural and recreational opportunities including the Adrienne Arsht Center for the Performing Arts, Zoo Miami, Everglades National Park, marinas, public golf courses and tennis courts, local festivals, and sports teams the Miami Dolphins, the Miami Marlins and the Miami Heat.