The Pembroke Pines Medical Campus adjacent to Memorial Hospital West has been acquired by Aventura, FL-based Hamesh Investment in a $21.36 million transaction. The Medical Campus comprises four, two-story buildings totaling 91,955 sqf located at 400, 500, 600 and 700 North Hiatus Road. Developed between 2000 and 2001, the assets were 97.2 percent leased at the time of the sale to Asthma and Allergy Associates of Florida, Children’s Urology Associates, Pediatric Associates and South Florida ENT Associates. Cushman & Wakefield represented the seller, (The Professional Centre at Pembroke Lakes) in the disposition.
“Medical office is an increasingly attractive investment type given cost containment and the overall decline in hospital inpatient use,” said Executive Director Scott O’Donnell, Cushman & Wakefield. “Pembroke Pines Medical Campus presented an increasingly rare value-add opportunity to increase NOI by leasing-up vacant space and taking advantage of the favorable office market dynamics in southwest Broward County.”
