$5.5 MILLION SALE OF MIAMI MEDICAL OFFICE PROPERTY ARRANGED BY MARCUS & MILLICHAP
MIAMI, June 3, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Redwood Medical Center, an 18,026-square foot medical office property located in Miami. The asset sold for $5,450,000 representing $302 per square foot.
Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Coral Gables, Fla, and the buyer a limited liability company from Pinecrest, Fla.
“This was an excellent opportunity for an investor to acquire a stabilized asset occupied by medical tenants on long-term leases,” says Zylberglait. “Redwood Medical Center stands between two major hospitals, Baptist Hospital and South Miami Hospital, and has excellent visibility and accessibility.”
The property consists of three single-story medical office buildings – each comprising approximately 6,000 square feet of rentable space. The buildings are concrete block with exterior redwood paneling.
Redwood Medical Center is located at 9175 SW 87th Avenue in Miami, FL.