ShareMD Completes $24 Million Sale Of 475 Biltmore Way To The City Of Coral Gables

ShareMD, an owner and operator of medical office buildings across Florida and California, announced the sale of 475–495 Biltmore Way, a 53,029-square-foot medical office building in downtown Coral Gables, to the City of Coral Gables for $24 million. The transaction closed Friday, October 30.

The property shares its block with Coral Gables City Hall and the City’s Planning and Zoning Department. With the acquisition, the City now controls the entire block, giving it the flexibility to plan for future growth and to maximize the site’s utility for Coral Gables residents.

“Few properties offer a municipality the chance to complete a block it already anchors,” said Mario Gonzalez, President and Managing Director of ShareMD. “The City of Coral Gables recognized that opportunity and pursued it with discipline and a clear vision for the residents it serves. We’re proud that this building will become part of a civic campus that serves Coral Gables for decades to come, and we thank Mayor Lago, the City Commission, the City Manager’s office, and the City’s professional staff for the collaborative spirit they brought to every stage of this transaction.”

Blanca Commercial Real Estate served as exclusive leasing agent for the property. During ShareMD’s ownership, occupancy rose from 82% to 94% and net operating income increased by 40%.

“Blanca’s team delivered exactly what an owner wants from a leasing partner: a sharper tenant mix, stronger rents, and a building that serves the clinical needs of the community,” Gonzalez said. “Andres and his team understand the strength of the Coral Gables medical market as well as anyone, and that showed in the results.”

 

“475 Biltmore Way is one of the best-located medical office buildings in Coral Gables, and it was a privilege to lease it on ShareMD’s behalf,” said Andres Del Corral, Vice Chairman of Blanca Commercial Real Estate. “Our strategy was to secure the right tenant mix that not only unlocks real estate value but also provides diverse offerings for the residents in Coral Gables. We look forward to continuing as exclusive leasing agent for ShareMD’s Miami-Dade portfolio.”

Following the closing, the City has retained ShareMD’s property management affiliate, Medicus Asset Management LLC, to continue managing the building for an initial one-year term. Medicus exclusively manages all of ShareMD’s 500,000-square-foot portfolio in Florida and California.

ShareMD Becomes Parallel Medical Properties

Concurrent with the closing, ShareMD announced that it will operate as Parallel Medical Properties effective October 30. The new name reflects the firm’s focus on medical office real estate and its approach to the business: aligning the interests of physicians, health systems, and investors so that each advances alongside the other.

“The Biltmore sale closes one chapter and the Parallel name opens the next,” Gonzalez said. “Our team, our portfolio, and our relationships are unchanged. What’s new is a name that says more clearly who we are and how we work with the people who occupy our buildings.”

The firm’s portfolio, leadership, and ownership are unaffected by the name change.