MIAMI, Feb. 12, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 3540 N. Pine Island Road, a 16,801-square-foot office property occupied by Steward Medical Group in Sunrise, Florida. The asset sold for $7.3 million, or $435 per square-foot.
Alex Sacks, Andrew Margulies, Frank Roti, Brett Rodgers and Harrison Creason, investment advisors at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private limited liability company. The buyer was represented by Avanti Way Realty. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
“The Sunrise Medical Group building received interest from buyers on a national level,” said Margulies. “The buyer is an experienced owner who secured financing through a strong banking relationship, which is important for getting deals done in a challenging financing environment.”
Built in 1995 with renovations in 2022, the medical office building is fully leased to Steward Health Care System, the largest physician-owned healthcare network in the United States. The asset is conveniently located near the signalized intersection of Pine Island Road and Oakland Park Boulevard which services a combined 75,000 vehicles per day.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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