New York Life Real Estate Investors has acquired Pembroke Pines Medical Plaza, a four-building, 91,956-square-foot medical outpatient building complex in Pembroke Pines, Fla., for $38.3 million.
JLL represented the seller, PPM Capital, in the sale.
Pembroke Pines Medical Plaza is located at 400, 500, 600 and 700 North Hiatus Road, less than a mile from the 502-bed Memorial West Hospital and within 15 minutes of two other Memorial Healthcare System hospitals. The property has access to major thoroughfares, including Interstate 75, Florida’s Turnpike and I-95. In addition, the property is located in a busy commercial corridor, surrounded by a variety of retail, dining and entertainment amenities.
Built between 2000 and 2001, the two-story buildings have been maintained and have undergone recent capital improvements. Overall, Pembroke Pines is 96.8 percent occupied to a diversified tenant base, including Pediatric Associates, IVF Florida, Radiology Associates of
