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An Aventura investor has picked up a major medical office building next to Memorial Hospital West.
Hamesh Investment purchased the four-building, 92k SF Pembroke Pines Medical Campus for more than $21M, or some $232/SF. Boulder-based The Professional Centre at Pembroke Lakes was the seller. Cushman & Wakefield's Scott O'Donnell, Greg Miller, Dominic Montazemi, Mike Davis and Donna Korn brokered for the seller.
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The complex sits on nearly seven acres at 400-700 North Hiatus Road and is more than 97% leased, with Asthma and Allergy Associates of Florida, Children's Urology Associates and South Florida ENT Associates on its rent rolls.
For Hamesh, the deal offers some upside with additional leasing, but is more of a stable investment given the changes in MOB demand, O'Donnell said.
“Medical office is an increasingly attractive investment type given cost containment and the overall decline in hospital inpatient use,” he said.
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