Clear vision: Ophthalmologist buys Pompano Beach office building
Entity managed by Dr. Shailesh Gupta paid $9M for Sample Executive Center
An eye doctor purchased a Broward County medical office building for $8.9 million.
An entity managed by Dr. Shailesh Gupta, a Coral Springs-based ophthalmologist, acquired Sample Executive Center at 2001 West Sample Road in Pompano Beach, according to records and Vizzda. Gupta’s entity obtained a $6.2 million mortgage from First Citizens Bank and Trust.
The deal breaks down to about $164 a square foot for the 54,500-square-foot, four-story building completed in 1987.
The seller, an entity managed by Robert Coppola in Fort Lauderdale, paid $3.9 million for the 3.5-acre site in 2004, records show. Tenants at Sample Executive Center include Cortiva Institute Massage Therapy & Skin Care School, Debt Solution One and International Preparatory School.
The Pompano Beach/Deerfield Beach office submarket’s average asking rent of $30.88 a square foot marked the lowest rate in all of Broward County during the fourth quarter of last year, according to a recent Avison Young report. The submarket’s vacancy rate hit 17.1 percent during the same period.
Across the county, office landlords raised the average asking rent to $37.73 a square foot in the last three months of 2022, a $2.43 increase compared to the same period of 2021. Broward’s office vacancy rate rose a bit to 17.2 percent, compared to 16.9 percent during the fourth quarter of 2021, Avison Young found.
It’s been a slow slog for office trades so far this year. Last month, Los Angeles-based Randall Realty Group paid $15 million for a two-story office and retail building in Palm Beach. The firm plans to establish its East Coast headquarters at the property.
In Sunrise, Boyd Watterson Asset Management bought the William “Bill” Kling Department of Veterans Affairs Outpatient Clinic for $38.2 million. The one-story, 111,000-square-foot medical office building offers primary care, cardiology, dental, mental health, neurology, orthopedics and women’s health services, according to its website.