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City recently approved $40M bond agreement to restore century-old city hall
MEDIA CONTACT: Levy Public Relations
Name: Mike Nathanson
Position: Senior Vice President
Company: Blanca Commercial Real Estate
The city of Coral Gables now owns the entire 400 block on Biltmore Way near city hall with the acquisition of ShareMD’s medical office building after months of negotiations and commission approvals.
The city dropped $24 million for the four story, 53,030-square-foot Biltmore Medical Center at 475-495 Biltmore Way, according to a release from Tere Blanca’s Blanca Commercial Real Estate, which served as the sole leasing agent for the property.
The sale breaks down to $453 per square foot, a 65 percent spike from the $275 per square foot that Jacksonville-based ShareMD paid in 2019. That $14.6 million purchase was part of a larger $33.2 million deal that also included the Somi Center office property at 5966 South Dixie Highway in South Miami.
Blanca CRE said the building’s occupancy rose from 82 percent to 94 percent and net operating income increased by 40 percent during ShareMD’s ownership. The company rebranded to Parallel Medical Properties following the sale.
The deal comes as a multimillion-dollar renovation of the historic city hall is set to begin 500 feet away.
Listings from May show about 5,000 square feet available for lease, with an asking rent of $45.50 per square foot. Tenants include Asthma and Allergy Associates of Florida, Florida Center for Allergy & Asthma Care, Gastro Health, Katz Regenerative Foot and Ankle and Miami Ortho Spine.
The city commission approved the intent to purchase the property months ago and has since been negotiating a purchase price.
The city tapped ShareMD’s property management affiliate, Medicus Asset Management LLC, to oversee the building for an initial one-year term following the sale. Medicus exclusively manages ShareMD’s 500,000-square-foot portfolio in Florida and California.
Wynwood hit the right note for Sony Music. The entertainment company has signed the largest officelease in the trendy Miami neighborhood so far this year, proving creatives want to partake in the renaissance there
Before concrete and steel’s arrival 150 years ago, wood represented the leading building staple. Today, with the advent of ultra-strong, safe mass timber, what’s past is prologue. The era of the ever-taller timber commercial building has arrived.
The offices of a major mixed-use development in Coral Gables is nearly full after six companies secures spaces within the seven-acre complex.
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