FINAL CALL FOR OFFERS – TUESDAY, JULY 21ST, 2015 – 5:00PM
Hollywood Medical Office Building – 3700 Washington Street Hollywood, Florida 33021
Investment Overview
CBRE, Inc., acting as exclusive agent, is pleased to offer for sale Hollywood Medical Office Building (“Property”), which comprises a five-story, on-campus medical office building totaling 57,815 sq. ft. The Property is adjacent to the 280-bed Memorial Regional Hospital South, which is part of the Memorial Healthcare System, one of the largest healthcare operators in South Florida. Patients and physicians of the Property have access to both surface and structured parking in an adjacent garage, which is connected to the Property via covered skyway.
The Property is centrally located in Hollywood, Broward County’s third largest municipality and a dynamic business hub with more than 10,000 companies. Hollywood is also home to the Memorial Healthcare System and its flagship 757-bed hospital, Memorial Regional Hospital with its nationally recognized Joe DiMaggio Children’s Hospital, the largest freestanding children’s healthcare facility in Broward County (two miles north). Immediately to the north of the Property is Presidential Place Senior Living, and directly to the west is the Hillcrest Nursing and Rehabilitation Center, a 240-bed skilled nursing facility. Therefore, the Property is clearly ideally positioned to provide quality healthcare to a dense population in infill South Florida.
Investment Highlights
- On-campus medical office asset
- Access to structured parking garage via highly desirable covered skyway
- Adjacent to nationally recognized award winning Memorial Healthcare System hospital
- Value-add opportunity given current occupancy at 80%
- Medical environment characterized by rapid growth and high procedure volumes, with medical office visits projected to increase significantly over the next five years
- Centrally located within infill Broward County and enjoys efficient access to I-95
- Population density of 471,624 people within a 5-mile radius
- Newly installed HVAC units, air intake system and energy-efficient LED lighting throughout the Property
The Property presents to investors an incredibly rare value-add opportunity to acquire a strategically located, on-campus medical office asset offered well below replacement cost. There is significant room for upside given the current vacancy combined with promising medical office visit growth projections.
Investment Summary
- Price: $8,500,000
- Building SF: 57,815 SF
- Year Built: 1986
- Price/SF: $147
- Occupancy: 79.8%
- In-Place NOI: $711,850
- In-Place Cap Rate: 8.2%
For more information on Hollywood Medical please visit the website at: https://www.cbremarketplace.com/hollywoodmedical
Contact Information
Scott O’Donnell
Senior Vice President
Investment Properties
+1 561 393 1602
scott.odonnell@cbre.com
Dominic Montazemi
First Vice President
Investment Properties
+1 561 393 1622
dominic.montazemi@cbre.com
Gregory Miller
Associate
Investment Properties
+1 561 393 1605
gregory.miller3@cbre.com
Lee Asher
Senior Vice President
Healthcare Capital Markets
+1 404 504 5965
lee.asher@cbre.com
Debt & Structured Finance
Jason Hochman
Vice President
Debt & Structured Finance
+1 305 381 6439
jason.hochman@cbre.com
CBRE, Inc.
Licensed Real Estate Broker
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