Elliot LaBreche Represents Buyer of Two Medical Office Buildings in Miami-Dade County

Southern California group acquires properties for $33.15 million in first Florida investments

Elliot LaBreche represented Share MD, a Southern California-based real estate investment company, in the acquisition of two medical office buildings in Coral Gables and South Miami.   LaBreche identified both buildings and negotiated prices on behalf of the buyer.

The first building, located at 5966 South Dixie Highway in South Miami, sold for $18.55 million. It has 50,600 square feet of medical office and retail.  Built in 2016, the building is just over 71% leased with healthcare-related tenants.

The Biltmore Professional Building, located at 475 Biltmore Way in Coral Gables, sold for $14.602 million.  Built in 1960, it has 56,000 square feet of medical office and is 83% occupied.

Both properties were sold by Miami investor Leonard Boord, founder of Slon Capital.  The new ownership has hired The Easton Group to handle leasing going forward.

“We are excited to enter the Florida market with these acquisitions, “said George Scopetta, president and managing partner of Share MD. “These buildings are ideally located to roll out our co-sharing medical suite concept, ShareMD.”

Share MD is a private-equity backed real estate fund that specializes in investing in medical office properties.  The two Dade acquisitions are the first for the group outside of California.  LaBreche said the company plans to target value-add medical office buildings in key metropolitan markets across the United States.

LaBreche said, “Demographic forces, insurance companies favoring outpatient care and a limited pipeline for new supply point to positive absorption and rent appreciation for Medical Office assets. Institutional real estate investors are looking to acquire medical office buildings as demographic trends lead to increased need for medical services,” he said. “The U.S. spends $3.2 trillion in healthcare today and that expenditure is anticipated to grow to $6 Trillion in just 6 years.  The increase in healthcare spend will have a direct impact on medical office demand.”