Starwood sells UM-leased medical office building in Plantation for $46M
Charlottesville, Virginia-based Anchor Health Properties paid $475 psf for the building
Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million.
An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records show. The deal breaks down to $475 a square foot.
A Colliers team led by Mark Rubin and Bastian Laggerbauer, and an Avison Young team led by Justin Cope and Greg Martin represented Anchor in the off-market deal, according to a press release.
An affiliate of Starwood, the private investment behemoth based in Miami Beach and Greenwich, Connecticut, led by Chairman and CEO Barry Sternlicht, paid $20.2 million for the property in 2015, records show.
Completed in 2000, Crossroads III is leased long-term to the University of Miami Health System, which plans to expand its operations by adding a 15,000-square-foot radiotherapy center on the property, the release states.
Anchor Health Properties, led by CEO and managing partner Ben Ochs, focuses exclusively on medical facilities, with more than $1 billion of completed development projects, more than 7.5 million square feet under management, and more than $2 billion invested in health care facilities, the release states.
In a statement, Rubin said that medical office buildings are fetching asking rents averaging $32.28 a square foot due to a tight supply and limited new construction. Investors are bullish for medical office buildings because the asset class has proven to be resilient, high-yielding, and recession-proof since the start of the pandemic, Rubin said.
In May, a partnership between Deerfield Beach-based Geneva Group and Syosset, New York-based VM Petro paid $15 million for Regal Medical Center, a medical office complex in Royal Palm Beach.
A month earlier, Toronto-based NorthWest Healthcare Properties REIT acquired Beach House Center for Recovery, a 107-bed alcohol and substance abuse treatment facility in Juno Beach, for $25.4 million. The deal was part of a $600 million national portfolio sale.
Also in April, Miami real estate investor Antonio “Tony” Hernandez paid $12.7 million for Fontainebleau Park Office Plaza, a two-story office building in west Miami-Dade County. The property is primarily leased to medical tenants.