M&M Closes Two Office Building Sales Totaling $12.8 Million

Marcus & Millichap negotiated the sales of two medical buildings totaling $12.8 million.

The Hersher Building, a 14,094-square-foot office property located in Bay Harbor Islands, sold for $7,600,000, and Medical Services Building, a four-story, 47,702-square-foot office property situated on a 2.46-acre parcel in Plantation, sold for $5,200,000, according to Ryan Nee, regional manager of the firm’s Miami office.

Alex D. Zylberglait, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the Hersher Building on behalf of the seller, a private investor.

“This property was owned for over twenty years, and it was a rare opportunity for the buyer to acquire it as there’s little to no inventory available in this exclusive submarket. There is tremendous upside potential given the high barriers to entry and the developments going on in the area, including the expansion of the Bal Harbour Shops.”   

The Hersher Building is located at 1045-1055 Kane Concourse in Bay Harbor Islands. According to property records, the mixed-use office/retail building is situated on two parcels consisting of 13,500-square-feet and approximately 14,094-square-feet of rentable space.

The 73% occupied property includes 11 parking spaces and is surrounded by restaurants, luxury boutiques, yoga studios, public parks, and within minutes of the beach.

Zylberglait, along with Michael Crocchiola, also an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market Medical Services Building on behalf of the seller, a limited liability company.  The buyer, a private investor, was also secured and represented by Zylberglait and Crocchiola.

“This was a strategic acquisition by a medical group with operations throughout South Florida that will enable them to better serve their patient populations,” said Zylberglait. “This central location in a medical campus in the middle of Broward County gives this buyer tremendous access and growth potential.”

Medical Services Building is located at 4101 NW 4th St in Plantation.  It is strategically located directly across from Plantation General Hospital, a 264-bed medical facility certified by the Joint Commission as a primary stroke center and awarded the Gold Seal of Approval™. Plantation Hospital is an HCA East Florida Division hospital serving the local community. Medical Services Building was built in 1973, renovated in 2019, and is currently 67% occupied.

 

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