Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Palm Springs Medical in Hialeah, Florida. The seven-story, 76,280-square-foot medical office building sold for $14.75 million.
“The sale of Palm Springs Medical is yet another example of the tremendous market demand for well-located office assets in South Florida,” said Douglas K. Mandel, IPA executive managing director. “We are seeing capital coming into our markets and driving pricing.” Mandel and associate Ryan Fellman had the exclusive listing to market the property on behalf of the Miami-based seller, COFE Properties. The asset was acquired by IMC Equity Group, led by president and CEO, Yoram Izhak.
Palm Springs Medical is located at 1840 W. 49th St., directly across from Westland Mall and within miles of Palmetto General and Larkin Community, two of the area’s largest hospitals. The property is comprised of 90 suites, ranging in size from 113 square feet to 4,750 square feet on a two-acre lot with a 194-space parking lot. At the time of sale, the building was 89% leased, with 8,463-square-feet of vacant space.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
