The Real Deal Miami

Millennium Management pays $30M for medical office buildings in Broward

Health care REIT Welltower sold the properties in Plantation and Tamarac
By Amanda Rabines | September 21, 2018 05:00PM

Manorcare Health Services and Heartland of Tamarac and Welltower Inc.’s Thomas DeRosa

Health care real estate investment trust Welltower just sold two of its medical office buildings in Broward to Abraham Shaulson’s Millennium Management for $29.2 million.

In two separate deals, Welltower sold the Manorcare Health Services nursing care facility at 6931 West Sunrise Boulevard in Plantation for $14.2 million, and the Heartland of Tamarac nursing home at 5901 Northwest 79th Avenue for $15.4 million.

The sale of the 45,942-square-foot Manorcare facility breaks down to about $310 per square foot. It features 120 beds. The 75,552-square-foot Heartland of Tamarac facility sold for about $200 per square foot and features 151 beds. Both were built in the 1980’s.

Miami-based Millennium operates scores of nursing homes throughout the United States. In 2016, it paid $15 million for a psychiatric campus in Hialeah.

AW Property Co., which specializes in medical office properties, recently paid $11.5 million for a medical office building in Hollywood. In Aventura, Integra Investment designated an entire portion of its mixed-use development Aventura ParkSquare to health-oriented tenants at its office complex called ParkSquare Wellness.