New York Life Real Estate Investors bought a medical office complex in Pembroke Pines for $38.3 million.
The real estate arm of insurance giant New York Life purchased Pembroke Pines Medical Plaza at 400, 500, 600 and 700 North Hiatus Road from an affiliate of Aventura-based Triarch Capital Group, according to records and real estate database Vizzda. The property is a mile from the 502-bed Memorial West Hospital at 703 North Flamingo Road in Pembroke Pines, and is also near Memorial Healthcare System hospitals.
Ike Ojala and Matt DiCesare were part of the JLL team that represented the seller.
The nearly 92,000-square-foot campus consists of four two-story buildings completed in 2000 and 2001 on a 6.9-acre site, according to Vizzda records and a JLL news release. It’s 96.8 percent occupied, the release says.
Tenants include Pediatric Associates, IVF Florida, Radiology Associates of Hollywood and First Choice Neurology.
The sale breaks down to $417 per square foot.
Triarch –– founded in 1996 by Daniel Halberstein, Mario Grosfeld and Jorge Linkewer –– bought Pembroke Pines Medical Plaza for $21.4 million in 2016, according to records.
New York Life Real Estate Investors is led by Mark Talgo, who is set to retire at the end of June when Thomas O’Hanlon will take over as senior managing director, according to a New York Life news release from January. The firm has made sporadic investments in South Florida, including paying $114.8 million in 2020 for the 24-story, 290-unit ParkLine Palm Beaches apartment tower at 591 Evernia Street in West Palm Beach. The building is next to Brightline’s station.
South Florida medical office properties have dodged the slowdown of investment sales that has dogged the office market as a whole due to higher interest rates. Demand for medical offices also is immune to remote work, brokers have said.
In April, an entity managed by broker Kenneth J. Mantovani III paid $18 million for the six-building medical office plaza with retail space at 8120, 8132, 8136, 8140, 8144, 8146 and 8170 Okeechobee Boulevard in West Palm Beach.
That followed North Palm Beach-based AW Property purchasing the Jupiter Medical Park West at 1004 South Old Dixie Highway in Jupiter for $10 million in November. The deal was for the building, with AW Property assuming the ground lease. At the same time, AW Property also paid $7.7 million for Jupiter Medical Center Plaza at 1025 Military Trail, also in Jupiter.
Also, Chicago-based Ventas bought Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach for $37 million in September.
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