Elliot LaBreche & Abigail Kind Arrange $9M Acquisition of Tallahassee Medical Office Building

Property currently occupied by large primary-care practice primarily serving northern Florida 

Elliot LaBreche and Abigail Kind advised a publicly-traded healthcare real estate investment trust (REIT) on the acquisition of a 32,758-square-foot medical office building in Tallahassee, Florida. The REIT paid $9 million cash for the asset in an off-market deal that closed June 2, 2021. LaBreche and Kind represented the buyer. The seller was Realco, a family office based in West Virginia.

The two-story building, located at 1803 Miccosukee Commons Dr., was built for Tallahassee Primary Care Associates (TPCA) which currently occupies the entire space on a long-term lease.  TPCA is one of the largest primary care medical practices in Northwest Florida, employing more than 50 practitioners across the Florida panhandle and parts of Georgia.

“We were pleased to identify this investment opportunity for our client,” said LaBreche, who specializes in brokering the sale of medical office properties throughout Florida. “The building met all of the buyer’s criteria including having one credit worthy tenant in place providing long-term cash flow.”

For LaBreche and Kind, this is the second office medical building sale arranged in the past two weeks.  They represented ShareMD, an Alpharetta, Georgia-based investor in the acquisition of a 31,747 square-foot multi-tenant asset in Boynton Beach. The off-market transaction closed on May 21 for $6.5 million.