Health care nonprofit Care Resource paid $5.4 million for an office building in Little Havana, as the neighborhood continues to attract medical providers.
Mohammad Siddiq Khan and Ghazala Bilqees sold the 32,408-square-foot building at 1800 Southwest First Street to Care Resource Community Health Centers, property records show. The four-story building, built in 1972, sold for $166 per square foot.
It last sold for $1 million in 1994. The building sits on a nearly 24,000-square-foot lot that’s zoned T6-8-O, which could allow for eight stories of development.
Carlos Fausto Miranda and Alessandro Lima of Fausto Commercial represented the sellers, and Manuel Perez of the Keyes Company brought the buyer.
Care Resource plans to occupy the building, Miranda said. The nonprofit has locations in Midtown Miami, Miami Beach, Fort Lauderdale and Oakland Park, according to its website.
“This corroborates a trend we’ve been experiencing of an increasing number of medical operators occupying spaces in Little Havana’s second major corridor, Flagler/Southwest First Street,” he said.
Miranda added that he has two other medical office deals under contract nearby, and that there are “several prospective buyers” in the market. The appeal for office investors is the same as multifamily and other commercial real estate: the area is centrally located and more affordable than Coral Gables and Brickell, Miranda said.
In March, BrickOne Group acquired an apartment building at 937 Southwest Fifth Street in Little Havana. Nearby, Forth Development is building a mixed-income rental project at 519 Southwest Fifth Avenue.