FORT WALTON BEACH, Fla., Jan. 22, 2025 – 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 a 46,992-square-foot medical office building in Fort Walton Beach, Florida. The property sold for $25.35 million.
“The property is 100% occupied by Orthopaedic Associates and Surgical Specialists, both of which have been tenants since the building opened,” said Frank Roti, first vice president investments with Marcus & Millichap. “The tenants executed new 15-year triple-net leases in July 2024, and Orthopaedic Associates will be remodeling the first floor, expanding into the second floor and executing post-closing improvements.” Roti and Marcus & Millichap’s Brett Rodgers and Alex Sacks represented the seller, Emerald Coast Diversified Properties, LLC, and procured the buyer, Montecito Medical Real Estate.
Built in 2008, the three-story building is adjacent to the 257-bed HCA Florida Fort Walton-Destin Hospital, near the Oskaloosa Heart & Vascular Center. Within 15 miles, the population is over 168,500 and the average annual household income is more than $100,600. Ryan Nee is Marcus & Millichap’s broker of record in Florida.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. 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 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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