Douglas K. Mandel, Benjamin H. Silver and Adam Klein
Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, first vice president investments Benjamin H. Silver and associate Adam Klein, represented the seller, Miami investor Leonard Boord, in the disposition of Miami Medical Office Portfolio, a two-building portfolio totaling ±101,423 square feet.
The Bilmore Professional Building, located at 475 Biltmore in Coral Gables, Florida, a medical office building totaling ±51,423 square feet, and SOMI Center, a ±50,000-square-foot Class A mixed-use building located at 5966 S. Dixie Highway in South Miami, Florida were purchased by ShareMD, a Southern California-based real estate investment company, for $33,152,500.
The transaction closed October 31.
“Both assets provide the buyer with trophy properties in one of the nation’s highest growth markets,” commented Mandel.
Built in 1960, the Biltmore Professional Building, was 83% occupied at the time of the sale. SOMI Center, which was built in 2016, was approximately 71% leased.
Easton & Associates represented ShareMD in the deal.
About The Mandel Group: The Mandel Group, based in Marcus & Millichap’s Fort Lauderdale office, provides the full spectrum of services for investors interested in office, industrial, shopping center, and single-tenant net-leased properties, including acquisition, disposition and operating advisory services. The team’s private and institutional clients benefit from extensive, time-sensitive market knowledge, market-leading underwriting, unrivaled transactional expertise and meticulous, hands-on involvement in all aspects of each and every transaction. Mandel+Partners leverages the power of its sales force, the Marcus & Millichap nationwide network and the entire brokerage community to ensure maximum exposure for each of its listings. For more information, please call 954.245.3465 or visit http://www.mandelpartnerscre.com.