1500 San Remo Sells For $44 Million

Baptist Health South Florida Inc. has acquired a Coral Gables office building for nearly $44 million.
The nonprofit hospital and clinic operator purchased Atrium at Coral Gables at 1500 San Remo Ave. on Monday, according to Miami-Dade County records. The seller is a company managed by Boston-based TA Associates Realty, which paid $43.83 million for the nearly 161,000-square-foot building in 2006.  Jose I. Juncadella, SIOR, President at Fairchild Partners, represented the seller, along with team members Tony Puente, CCIM and Maria G. Juncadella, CCIM.
Baptist assumed a $20.41 million loan from John Hancock Life Insurance Co. as part of the transaction.
Built in 1984 on 1.81 acres, Atrium is 85 percent occupied, according to CoStar Group. Baptist has occupied more than 40,000 square feet in the Class B building since 2011. It took on an additional 4,000 square feet in June.
Other tenants include Coldwell Banker Commercial Real Estate Services Inc. and Sabadell United Bank.
 
Source:  DBR