The Real Deal Miami

Coral Springs office complex sells for $31M

December 26, 2013 10:30AM

MedArts in the Springs

MedArts in the Springs

A medical office complex in Coral Springs has traded for $31 million, The Real Deal has learned.

MedArts in the Springs at 2901-3001 Coral Hills Drive was sold on Monday, according to Broward County records. The county recorded the transaction today.

Coral Springs-based MedArts in the Springs LLC is the seller of the nearly 95,000-square-foot complex on two properties totaling 5.8 acres. The buyer is Orlando-based CHP Coral Springs FL MOB Owner. CHP obtained a $22.5 million loan from KeyBank for the purchase.

Annual rents at MedArts range from $22 to $24 per square foot, according to LoopNet. More than 14,000 square feet is currently available for lease at the complex. — Eric Kalis