ShareMD sold a medical office building at 475–495 Biltmore Way to the City of Coral Gables for $24 million.
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.
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%.
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.
Concurrent with the closing, ShareMD announced that it will operate as Parallel Medical Properties effective today.Â
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