University Medical Arts Building
Marcus and Millichap is pleased to present the University Medical Arts Building (the “Property”) located at 7431 North University Drive in Tamarac, Florida. The University Medical Arts Building is a 44,857 rentable square foot, Class B+ medical office building that was developed in 1998 by the Greenfield Group, a Florida-based healthcare real estate company. The Property is strategically located on the 30-acre campus of the University Hospital and Medical Center, which is conveniently located 15 miles northwest of Fort Lauderdale, Florida. The improvements were built on a 16,704 square foot, ground-leased site in the Northwest portion of the campus between the main 257-bed hospital and the 60-bed University Pavilion Hospital, which are both owned and operated by Hospital Corporation of America (HCA). The hospital sponsored the Property’s original development and owns the ground beneath the building. The three-story, reinforced concrete medical office building is currently 65 percent leased to a variety of medical use tenants. The building’s design, construction quality and amenities are superior to most of the medical office buildings in the University Hospital and Medical Center medical district and similar on-campus medical office buildings throughout South Florida. This facility offers an investor the opportunity to acquire a well-positioned, value-add medical office building in the attractive South Florida healthcare market.
Ground Lease Summary
- Landlord: University Hospital, Ltd.
- Commencement Date: June 20, 1997
- Expiration Date: June 19, 2096
- Term: 99 years
- Remaining Payments: None – Paid in Full
- Sale/Assignment/Sublet: With Landlord Consent, not Unreasonably Withheld
- Right of First Refusal: Yes, Landlord Within 30 Days of Offer
Offering Summary
- Address: 7431 North University Drive Tamarac, Florida 33321
- Price: $5,000,000
- Cap Rate: 8.03%
- Price per SF: $111.47
- Year One NOI: $401,426
- Year Constructed: 1998
- Net Rentable Area: 44,857 SF
- Parcel Size: 0.38 Acres (16,704 SF)
- Percent Leased: 65.38%
- Ownership Interest: Leasehold Interest
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