The Real Deal Miami

Nicklaus Children’s Hospital buys shuttered hospital campus for $88M

Miami Medical Center closed it doors in October

Miami Medical Center and Nicklaus Children’s Health System’s Narendra Kini (Credit: YouTube and Nicklaus Children’s Hospital)

Nicklaus Children’s Hospital just paid $88 million for the Miami Medical Center campus near Miami International Airport, property records show.

HC 5959 NW 7th Street LLC, an affiliate of the Carter Validus Mission Critical REIT, sold the property at 5959 Northwest Seventh Street to Variety Children’s Hospital, an entity of Nicklaus Children’s Hospital.

The deal included a 6,336-square-foot office building, a 5.15-acre parking lot and four single-family homes just south of the hospital. Nicklaus will keep the facility closed until it determines plans for the hospital campus, according to a spokesperson.

A for-profit investment arm of Nicklaus, Children’s Health Ventures, was a minority investor in Miami Medical Center. Additional investors included Nueterra, a health care management company based in Kansas.

Records show Tampa-based Carter Validus paid nearly $47 million for the property in 2014. Despite some major renovations, the hospital closed its doors in October. It had been seeking capital and was even considering a sale prior to shutting down, according to published reports.

The hospital included 67 private rooms and 12 operating rooms. It was founded in 1963 by exiled Cuban doctors, and was formerly known as Pan American Hospital.