Margate medical office trades for $11.29M

A medical office building near Northwest Medical Center in Margate traded for $11.29 million.

Montecito Medical – NW Medical Park, an affiliate of Baltimore-based LaSalle Investment Management, sold the 46,476-square-foot building to CHP Margate FL Medical Park Owner, according to the South Florida Business Journal.

The buyer secured a $7.7 million mortgage from Synovus Bank for the deal.

The property last traded for $12.2 million in 2006. [South Florida Business Journal] – Christopher Cameron