Veneto Group has purchased a medical building headquarters for $8,150,000, or $291 per square foot in Coral Gables. The 5 story, 48,006 square foot office building located at 1701 Ponce de Leon Blvd. was entirely vacant at the time of the sale. It was previously the headquarters of Simply Healthcare, which moved to a larger facility after a merger with Anthem earlier this year. Marcus & Millichap Senior Vice President Douglas K. Mandel, Benjamin H. Silver, Vice President Investments represented the seller, Yeung Property Holdings, LLC.
“The building was sold fully vacant, which presented a unique challenge, as the space requires capital improvements and configuration to convert into a multitenant office building,” stated Mandel. “Additionally, a completely vacant asset presented challenges in terms of the buyer’s ability to finance, carry the property with negative cash flow and risk associated with having to find new tenants.”
