Marcus & Millichap Secures $337 PSF For Sunset Drive Medical Plaza

Marcus & Millichap Senior Vice President Douglas K. Mandel and Benjamin H. Silver, Vice President Investments, negotiated the sale of Sunset Medical, a 35,002-rentable-square-foot medical office building located at 9035 Sunset Drive in Miami.
A local, private buyer purchased the 2004-built property for $11,800,000, or $337 per square foot, from Sunset Commercial Properties, LLLP, a South Florida-based real estate investment group.
 

“With our ability to overcome some issues that a few interested parties were concerned with, along with the rarity of a non-condoed medical asset of this size with good credit medical tenants, we were able to secure top dollar for the property, commented Silver.

Mandel and Silver represented the seller in the transaction.
The deal closed February 5.
 

“With the average occupancy of 97 percent within a one mile radius of the property, Sunset Medical provides ample potential for new ownership to increase income through additional lease up,” added Mandel.

The property, which was 90 percent leased at the time of the sale, is situated on a 2.05-acre lot with approximately 200 feet of frontage on the north side of Sunset Drive between Southwest 89^th Court and Southwest 92^nd Avenue in Miami’s highly affluent neighborhood of Sunset.
 

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