Scott O’Donnell, Greg Miller, Dominic Montazemi, Mike Davis and Donna Korn represented The Professional Centre at Pembroke Lakes, LLLP in the Disposition of the ±92,000-Square-Foot Medical Office Campus

Cushman & Wakefield announced today that it has negotiated the sale of Pembroke Pines Medical Campus, a four-building, 91,955-square-foot Class A medical office campus adjacent to Memorial Hospital West.

Executive Director Scott O’Donnell, Senior Associate Greg Miller, Managing Director Dominic Montazemi, Executive Managing Director Mike Davis and Managing Director Donna Korn, represented Boulder, CO-based The Professional Centre at Pembroke Lakes, LLLP in the disposition. Aventura, FL-based Hamesh Investment, LLC acquired the asset for $21.36 million ($232 per square foot).

Pembroke Pines Medical Campus comprises four, two-story buildings at 400, 500, 600 and 700 North Hiatus Road. Developed between 2000 and 2001, the buildings feature premium interior finishes and ample parking and have exhibited an average historical occupancy of 97.2 percent. Major tenants on the campus include Asthma and Allergy Associates of Florida, Children’s Urology Associates, Pediatric Associates and South Florida ENT Associates.

The buildings are situated on a 6.89-acre campus adjacent to Memorial Hospital West. Pembroke Pines Medical Campus is a short drive from South Florida State Hospital, Memorial Hospital Pembroke and Memorial Hospital Miramar, making it a highly desirable location for the medical practices that comprise the entirety of the tenant roster. The campus is located within an extremely dense retail corridor with 3.2 million square feet of retail within a one mile radius, providing considerable walk-in business.

“Medical office is an increasingly attractive investment type given cost containment and the overall decline in hospital inpatient use,” said O’Donnell. “Pembroke Pines Medical Campus presented an increasingly rare value-add opportunity to increase NOI by leasing-up vacant space and taking advantage of the favorable office market dynamics in southwest Broward County.”

Including this transaction, the South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and debt financing partner Jason Hochman have closed more than $493 million in sales and financing this year. Please visit www.southfloridacommercialteam.com for more information about the team.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.