Hammes buys medical office building in Coral Springs for $15M

Milwaukee-based firm bought Central Medical Plaza for $291 psf

Hammes Buys Coral Springs Medical Office Building For $15M
Hammes' Jon Hammes and the Central Medical Plaza at 9750 Northwest 33rd Street (Hammes, Google Maps)

Hammes Partners paid $15.3 million for a Coral Springs medical office building.

An affiliate of Hammes, a health care-focused real estate investment firm based in Milwaukee, acquired Central Medical Plaza at 9750 Northwest 33rd Street, records and Vizzda show. The deal breaks down to $291 per square foot. 

The seller, Gary Kaplan in Boca Raton, paid $4.7 million for the building in 1991.

Sitting on 3.7 acres, the two-story building spanning 52,748 square feet was completed in 1987, records and Vizzda show. Tenants include Nicklaus Children’s Pediatric Specialty Care Center, Wisdom Dental, Sawgrass Pediatrics and Unique Wellness Center. The medical office building is adjacent to a hospital, Coral Springs Medical Center. 

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Hammes, led by managing principal Jon Hammes, has managed more than 57 million square feet of medical buildings with a value of more than $23 billion nationwide since it was founded in 1993, according to the firm’s website. Last year, Hammes raised $739 million for an institutional health care fund, a press release states. 

South Florida’s office market has experienced only a few major medical building trades in the past 12 months. In November, New York-based Aurora Health Network paid a combined $30 million for an 82-bed nursing home in Pompano Beach and two West Palm Beach rehabilitation centers with a combined 240 beds. 

Two other senior medical facilities in Hialeah, Epworth Village Retirement Community and Susanna Wesley Health Center, sold in May. Pointe Group Care and Allaire Health Services purchased them for $30.9 million. In January, A Veterans Affairs outpatient clinic in Sunrise sold for $38.2 million. Boyd Watterson Asset Management bought the one-story building from Healthcare Realty Trust for $38.2 million.

And last year, nursing home investors Bent Philipson and Andrew Bronfeld dropped $43.2 million for Signature HealthCare Center, a 214-bed rehab facility in Hialeah Gardens.