Two premier medical and professional office buildings were purchased by Transatlantic Pine Island, LLC for $17.5 million, closing on December 31. CBRE provided representation to the two separate sellers, 300 Pine Island Associates, LTD and 1776 Associates, LTD. Ken Morris of Morris Southeast Group is listed as a Managing General Partner of both limited partnerships.
“The buyer faced challenges in financing the acquisition, inclusive of a mezzanine financing requirement and delays resulting from Hurricane Sandy. With great effort, the buyer and the two separate sellers were able to bring the transaction to a closing just before the end of the year,” said Scott O’Donnell, CBRE Senior Vice President.
The buyer, Transatlantic Pine Island Property LLC, owns multiple assets in South Florida with similar qualities to the Pine Island investment including a focus on smaller tenants, strong performance records and a quality location.
Located at 300 S Pine Island Road and 1776 N Pine Island Road, the portfolio totals 126,438 square feet—46,496 sq. ft. and 79,942 sq. ft. respectively. The area in which the medical/professional office buildings are located is abundant with nearby amenities including the Broward Mall, The Fountains lifestyle center and numerous restaurants.
CBRE’s O’Donnell was joined by team members Dominic Montazemi and Miguel Alcivar of the PCG South Florida Commercial team in marketing the asset for sale and negotiating the transaction on behalf of the sellers.
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