News Release: Fort Lauderdale, Fla.: $24.9M Medical Office Portfolio Hits the Market


National Pain Institute, Winter Park, Fla. (Photo courtesy of Wallace Associates)

FORT LAUDERDALE, Fla., Oct. 23, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) is the exclusive advisor for the sale of Prospira National Pain Institute portfolio, a six-property assemblage of outpatient medical centers that features five free-standing, single-tenant, net-leased buildings and one single-tenant, net-leased condominium. The properties are located throughout Central and South Florida. The price is $24,920,000.

“The offering presents the investment community with a unique opportunity to purchase a net-leased medical office portfolio located in key submarkets throughout Florida and occupied by one of the largest and most highly respected pain management operators in the country,” says Douglas K. Mandel, senior managing director.

Mandel, Robbie McEwan, CCIM, senior associate, and Braden Dwyer, associate are representing the seller, a private investor.

The Prospira National Pain Institution portfolio properties are:

■ The Villages, a 6,087-rentable-square foot medical office building with a 4,052-square-foot AHCA state-licensed surgery center, located one mile from The Villages Regional Hospital in Lady Lake

■ Lake Mary, a 5,090-rentable-square-foot building constructed in 2003 with approximately 100 feet of frontage on West Lake Mary Boulevard

■ Winter Park, a 9,960-rentable-square-foot building, with an AHCA state-licensed surgical center located less than three miles from Florida Hospital Orlando

■ Turkey Lake, a 7,040-rentable-square-foot office condominium complex constructed in 2008 within the Tourist Corridor submarket of Orlando, four miles from Orlando Health’s Dr. Phillips Hospital

■ Port St. Lucie, a 6,950-rentable-square-foot office condominium with a 2,650-square-foot surgery center located less than a mile and a half from the Martin Memorial Medical Group, 10 minutes from Tradition Medical Center

■ Delray Beach, a 9,030-rentable-square foot office condominium with a 2,630-square-foot surgery center located between Interstate 95 and the Florida Turnpike

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With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.

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