The Real Deal Miami

Assisted living center in West Miami sells for $7.8M

It was sold for $228 psf
By Amanda Rabines | June 06, 2017 12:15PM

5890 Southwest 8th Street

Pointe North Gables, an assisted living center in West Miami, has just sold for $7.8 million to Hallandale-based Hernandez Family Ventures.

Records show the three-story building at 5890 Southwest 8th Street holds 94 units. West Gables Holdings sold the 34,232-square-foot building for $228 per square foot to Pointe Real Estate, an affiliate of Hernandez Family Ventures. The family-owned company is led by Alain Hernandez, Andy Hernandez and Chantel Hernandez.

West Gables Holdings bought the center in 2013 for $5.8 million or $169 per square foot. Records show it was built in 1966.

Records also indicate Pointe Real Estate took out a $5.46 million mortgage from Floridian Community Bank.

Enrique Garcia of Heathcare Mergers & Acquisitions was the sole broker on the deal.

West Miami is south of the airport and just northwest of Coral Gables. It’s also home to Senator Marco Rubio.

Commercial properties in West Miami have been selling recently. The nearby Soleste West Gables apartment complex, at 2101 Ludlam Road, sold for $57.4 million to a Chicago-based investment and property management firm in August. Estate Investments Group, Fortune Capital Partners and Mattoni Group were the sellers.

Last month, Publix closed on the purchase in West Miami for $23.2 million. A CVS-leased building, also in West Miami, traded hands in July for $12.5 million.