The Real Deal Miami

Building on Miami’s Mercy campus trades for $26M

Real estate trust HCP acquires 10-story facility on Coconut Grove medical site
May 05, 2014 12:00PM

Mercy Miami Professional Building I

Mercy Miami Professional Building I

Last week was a busy one for Miami medical building sales.

In addition to the $47 million sale of the Metropolitan Hospital of Miami site, the Mercy Miami Professional Building I on the campus of Miami’s Mercy Hospital also changed hands, according to Miami-Dade County records. LHT Miami, which is tied to Chicago-based Lillibridge Health Trust, sold the 10-story building at 3661 South Miami Avenue on Thursday.

Mercy Hospital operates under a ground lease, so the underlying land was not part of the transaction.

HCP MOB Miami of Long Beach, Calif. is the buyer. The company shares a mailing address with healthcare real estate investment trust HCP Inc. It did not obtain financing for the purchase.

Tenants at the building include cardiologists, dermatologists, OB/GYN specialists and plastic surgeons, according to Lillibridge’s website. — Eric Kalis