KEI Properties buys Hialeah office-retail property for $8M

KEI Properties scooped up the Hialeah Medical Plaza for $7.7 million.

The North Miami-based real estate investor and manager bought the office and retail property at 3750 West 16th Avenue from RG Property Group, according to a news release from the buyer’s broker.

Adam Tiktin and Greg Matus of Franklin Street represented the KEI Properties affiliate that purchased the building. The deal closed on Thursday.

The two-story, 41,000-square-foot building was constructed in 1981 on 1.2 acres, according to the release.

Hialeah Medical Plaza is 98 percent occupied by businesses and stores, many of which provide medical-related services and goods. Tenants include Proactive Health, Tropical Medical Center, New Life Medical Research, Green Cross Clinic, Belen Therapy Medical Center and Benjamin Meat Store.

KEI, led by Kenneth Israel, focuses on office and warehouse real estate in Fort Lauderdale, North Miami, Aventura, Coral Springs, Pompano, Hollywood and Hallandale Beach, according to its website.

Miami-based RG Property Group owns commercial real estate in Miami-Dade County and the Orlando area, according to its website. Some of its properties include Tamair Plaza in Kendall, Mirage Plaza along Flagler Street in Miami and RG Colonial Plaza in Orlando. State corporate records show the affiliate used to buy the Hialeah building is managed by Raimundo Gonzalez.

Medical office properties have enjoyed healthy investment sales this year, as the asset class has remained buoyant despite the pandemic’s hit on office real estate as a whole.

In recent weeks, Montecito Medical Real Estate, through an affiliate, bought a two-story medical office in Weston for $17.2 million. And Healthcare Trust of America bought the 1905 Medical Center in Boca Raton for $50 million.