HIALEAH, Fla., Jan. 20, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Aspen Dental and MD Now Urgent Care ("MD Now"), two brand new net-leased properties located in Hialeah, Florida. The two-building, 27,650-square-foot asset sold for $7,575,000.

MD Now is Florida's largest urgent care provider, with over 55 physician-led facilities across the state. Aspen Dental offices, independently owned and operated, offer affordable, state-of-the-art dental care across the state. The properties are located at 385 and 395 W 49th Street, at the main intersection of Red Road and West 49th Street, adjacent to a Walmart-anchored shopping center and the Palm Springs Mile Shopping Mall.

"This Class A asset is strategically located on one of the best intersections in Miami-Dade County. We have an incredible demand for hard assets in South Florida and a lack of supply, causing downward pressure on cap rates. This property was on the market for less than 90 days and we received multiple competitive offers. Ultimately, we were able to close the transaction before the end of the year, which was our client's objective," said Jonathan De La Rosa, first vice president investments.

De La Rosa, Eduardo Toledo, Brandon Holmes, and Matthew Albregts, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor based in Doral, was procured by Toledo and De La Rosa.

Built in 2021, the two medical office buildings are easily accessible to major access roads in the area, including Interstate-75 (I-75), Palmetto Expressway, Florida Turnpike, and US 27. Both tenants executed 10-year net leases with healthy rental increases throughout their term. MD Now was recently acquired by HCA who operates 170 urgent cares throughout 19 states. HCA has plans to continue to expand its urgent care business throughout Florida. Aspen Dental has been aggressively working to penetrate the South Florida market and has successfully planted their flag in Florida's sixth-largest city, Hialeah.

# # #

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Marcus & Millichap Inc. published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 20:33:05 UTC.