Baptist Health pays $11M for office project across from hospital

The property is one of the last remaining redevelopment sites near the hospital complex

TRD MIAMI /
Nov.November 09, 2018 11:45 AM

Plaza Galloway, Paul Silverstein

A company affiliated with Baptist Health South Florida just paid $11.3 million for a medical office property directly across from the hospital.

Baptist Health Enterprises bought the 43,000-square-foot Plaza Galloway at 9055 Southwest 87th Avenue for $263 per square foot.

Plaza Galloway sold the five-building property, which is managed by Joanne Mitchell. Plaza Galloway initially bought the property for $2.5 million in 1999, records show.

Baptist Health South Florida is led by Brian Keeley and operates 10 hospitals, along with a network of more than 50 outpatient facilities. The non-profit hospital company has been aggressive in acquiring real estate in South Florida in recent years. Baptist Health did not immediately respond to a request for comment.

Paul Silverstein of RE/MAX Advance Realty’s Commercial Division represented the seller in the transaction.

The property sits on 2.93 acres and was built in 1973. The project is one of the last remaining redevelopment opportunities near the hospital complex, according to a press release.

Baptist Health is also under contract to pay $41.5 million for the development site of the Collection Residences in Coral Gables, court documents show.

Baptist Health has been expanding throughout South Florida in recent years. It recently opened a four-story, 60,000-square-foot outpatient facility at Crescent Heights’ mixed-use development at 709 Alton Road in Miami Beach.


Related Articles

arrow_forward_ios
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Scott Antoniak, Chief Executive Officer of Slate Office REIT, 5900 North Andrews Avenue (Credit: Google Maps)

Toronto REIT to buy Cypress Creek office building for $46M

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar, with 12 Southeast 7th Street (Credit: Google Maps)

Fort Lauderdale office tower sells for $18M

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Miami Beach (Credit: iStock)

South Florida office rents rise in Q4

Gateway at Wynwood and Rose & Berg Realty Group's Aron Rosenberg

Gateway at Wynwood scores $76M loan

arrow_forward_ios
Loading...