Marcus & Millichap Facilitates Sale Of Medical Office Asset In Coral Gables

Marcus & Millichap announced the $10.4 million sale of a net-leased medical office building occupied by DaVita Dialysis Center in Coral Gables.

“This notable sale in the heart of Coral Gables is a win for both the seller and buyer. This location has operated as a kidney care facility for the past 30 years, and the tenant plans to remain at this location for many more years,” said Jonathan De La Rosa, senior vice president investments. “Net-leased assets rarely trade in Coral Gables. This asset offered phenomenal attributes, including 20,000 square feet of land, 34 parking spaces, and an attractive cap rate.”

De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, Core Investment Management, and procured the buyer, a local family office.

The property, located at 3280 Ponce De Leon Blvd., is a 14,630-square-foot medical office building situated on a 0.46-acre lot. Originally built in 1960 and renovated in 2008, the building has been home to DaVita Dialysis Center for over 17 years and features a long-term absolute NNN lease guaranteed by DaVita Inc., a Fortune 500 healthcare provider with more than 2,800 locations nationwide. The property is positioned along one of Coral Gables’ busiest commercial corridors, near major business hubs, including The Plaza Coral Gables, Miracle Mile, and Village of Merrick Park.