The University of Miami bought a 55,000 sq ft medical office building for $8.2m. Located at the Newport Center, the building changed hands for $149 per sq ft. Built in 1993, the asset is configured for medical lab and office space and features 221 parking spaces, 20-foot ceilings and a dock-high loading door. The facility, formerly occupied by Quest Diagnostics, is currently vacant. Cushman & Wakefield negotiated the sale on behalf of the seller, whose name was not disclosed.
“A dearth of available, infill development sites in Broward County and 1300 East Newport Center Drive’s proximity to the University of Miami’s existing Sylvester cancer care center were unique drivers in this transaction, which will ultimately grow UHealth’s footprint in Broward County,” said Matthew G.McAllister of Cushman & Wakefield.
