Linkpoint Properties nabs Pasteur Medical Center in Hialeah for $5M

Linkpoint Properties paid $440 per square foot, records show

Sep.September 04, 2019 08:45 AM
Camilo Niño and Pasteur Medical Center

Camilo Niño and Pasteur Medical Center

Linkpoint Properties bought the Pasteur Medical Center in Hialeah for $4.7 million, as more investors seek out commercial properties in the burgeoning Miami-Dade city.

Linkpoint, led by led by Camilo Niño, Ricardo Uribe and Alex Sanchez, bought the 10,662-square-foot medical center at 4440 West 16th Avenue for $440 per square foot, according to a press release. The seller is Orion Group Realty.

Orion Group Realty originally purchased the property, which was vacant at the time, in August 2018 for $2 million.

More investors and developers are buying property in Hialeah, an historically working class city, due to the shrinking availability of land in Miami-Dade County. Industrial investors, in particular, are betting on Hialeah. This month, an affiliate of Deutsche Bank bought the Centergate at Gratigny in Hialeah for $178 million.

In addition, a partnership of developers that includes Michael Wohl, Stephen A. Blumenthal and Oscar Rodriguez, recently closed on construction financing for Pura Vida Hialeah. The 9-acre development will have 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.

Pasteur Medical Services has 12 centers throughout Miami-Dade and Broward County. This is the 10th acquisition for Linkpoint Properties since launching its acquisition program in 2017, according to a release.

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