ORLANDO, FL – APRIL 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $14.75 million sale of a build-to-suit medical office property in Wellington, FL, totaling 31,830 square feet and fully leased to Joe DiMaggio Children’s Hospital. The tenant’s parent health system, Memorial Healthcare System, exercised its right of first refusal to purchase the building.
HFF marketed the property on behalf of the seller, a joint venture between Liberty Base Investments and MAS Development, led by the firms’ principals Leon Ojalvo and Alan Benenson.
The single-story medical office building was completed in March 2019 and will operate as Joe DiMaggio Children’s Health Specialty Center in Wellington, offering services including neurology, pulmonology, endocrinology, orthopedics, general surgery, otolaryngology – head and neck surgery/ENT, imaging, rehabilitation services and U18 Sports Medicine rehabilitation services. The asset has a highly visible location at 3377 State Road 7, which sees more than 61,000 vehicles each day.
The HFF investment advisory team representing the seller was led by director Anthony Frogameni, managing directors Evan Kovac and Ben Appel, senior director Scott Wadler, director Andrew Milne, and associate Matt DiCesare.
“Our client developed a premier medical facility that will be a great amenity to the Wellington community and the quality of the project was evidenced by Memorial Healthcare System’s desire to own the asset long term,” Frogameni said.
About MAS Development
With over 20 years of experience, MAS Development, Corp. has been fundamentally involved in all aspects of real estate development and construction in the Southeast United States and the Caribbean. As a developer, the firm is actively involved and directly manages all stages of the process including; site identification, acquisition, planning, design, entitlements, financial analysis, construction and disposition.
About Liberty Base Investments
Liberty Base Investments is a South Florida based real estate investment and development firm focusing on the acquisition, asset management, and development of value-add real estate assets in primary and secondary markets, principally in the southeastern United States.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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