Ardent Buys South Miami Medical Office Building for $37M
An Atlanta-based real estate investment firm paid $36.7 million for an eight-story South Miami medical office building.
An affiliate of the Ardent Companies bought the building, known as Sunset Medical, at 6262 Sunset Drive, according to records. Ardent is led by Matt Shulman.
The seller is an affiliate of USAA Real Estate Company. The San Antonio-based real estate investment firm bought the building, built in the 1980s, for $40 million in 2015. USAA is led by Len O’Donnell.
The building hit the market unpriced in February, according to an online listing. Occupancy was 55 percent at the time with a net operating income of $1.2 million.
In May, Transwestern Real Estate Services’ South Florida agency leasing team announced it was hired to exclusively lead leasing efforts for the building and reposition it from traditional office to medical office space, according to a statement from the time.
The building had 43,000 square feet of availability at that time, after Interval International consolidated to the top two floors. Interval is an affiliate of Marriott Vacations Worldwide.
Last year, USAA and Codina Partners landed Cargill as a tenant at their new industrial park in Hialeah. In the summer, USAA delivered a $57 million loan to Goldman Sachs’ real estate arm for the $100 million acquisition of the 183-unit rental portion of 1 Flatbush Avenue in New York.
Office rents in South Florida have held steady despite work-from-home policies amid the pandemic.
Other recent office deals in South Florida include HS Capital Fund paying $17.5 million for a Fort Lauderdale office building. The Related Companies is expected to close soon on the Phillips Point office towers in West Palm Beach for $282 million.