News Release: ShareMD Completes $24 Million Sale of 475 Biltmore Way to the City of Coral Gables

CORAL GABLES, Fla. — October 30, 2026 — ShareMD, an owner and operator of medical office buildings across Florida and California, today announced the sale of 475–495 Biltmore Way, a 53,029-square-foot medical office building in downtown Coral Gables, to the City of Coral Gables for $24 million. The transaction closed today.

The property shares its block with Coral Gables City Hall and the City’s Planning and Zoning Department. With the acquisition, the City now controls the entire block, giving it the flexibility to plan for future growth and to maximize the site’s utility for Coral Gables residents.

“Few properties offer a municipality the chance to complete a block it already anchors,” said Mario Gonzalez, President and Managing Director of ShareMD. “The City of Coral Gables recognized that opportunity and pursued it with discipline and a clear vision for the residents it serves. We’re proud that this building will become part of a civic campus that serves Coral Gables for decades to come, and we thank Mayor Lago, the City Commission, the City Manager’s office, and the City’s professional staff for the collaborative spirit they brought to every stage of this transaction.”

Blanca Commercial Real Estate served as exclusive leasing agent for the property. During ShareMD’s ownership, occupancy rose from 82% to 94% and net operating income increased by 40%. “Blanca’s team delivered exactly what an owner wants from a leasing partner: a sharper tenant mix, stronger rents, and a building that serves the clinical needs of the community,” Gonzalez said. “Andres and his team understand the strength of the Coral Gables medical market as well as anyone, and that showed in the results.”

“475 Biltmore Way is one of the best-located medical office buildings in Coral Gables, and it was a privilege to lease it on ShareMD’s behalf,” said Andres Del Corral, Vice Chairman of Blanca Commercial Real Estate. “Our strategy was to secure the right tenant mix that not only unlocks real estate value but also provides diverse offerings for the residents in Coral Gables. We look forward to continuing as exclusive leasing agent for ShareMD’s Miami-Dade portfolio.”

Following the closing, the City has retained ShareMD’s property management affiliate, Medicus Asset Management LLC, to continue managing the building for an initial one-year term. Medicus exclusively manages all of ShareMD’s 500,000-square-foot portfolio in Florida and California.

Concurrent with the closing, ShareMD announced that it will operate as Parallel Medical Properties effective today. The new name reflects the firm’s focus on medical office real estate and its approach to the business: aligning the interests of physicians, health systems, and investors so that each advances alongside the other.

“The Biltmore sale closes one chapter and the Parallel name opens the next,” Gonzalez said. “Our team, our portfolio, and our relationships are unchanged. What’s new is a name that says more clearly who we are and how we work with the people who occupy our buildings.”

The firm’s portfolio, leadership, and ownership are unaffected by the name change. Additional information is available at www.parallelmp.com.

Parallel Medical Properties (formerly ShareMD) owns and operates medical office buildings in Florida and California. The firm’s portfolio comprises 14 properties totaling approximately 500,000 square feet, and its leadership brings more than two decades of institutional healthcare real estate experience in acquisitions, leasing, and asset management. Parallel is backed by Martis Capital. Learn more at www.parallelmp.com.

Blanca Commercial Real Estate is Florida’s dominant, independently owned commercial real estate services firm, known for customizing solutions that drive success for its clients while giving back generously to the community and industry they serve. Founded in 2009, Blanca Commercial Real Estate has advised clients and executed the leasing and sales of more than 17 million square feet. Blanca’s differentiators, including their client-first approach, dedicated team, and community engagement, have contributed to their phenomenal growth and continued success. Their services include advising companies on their office and industrial real estate requirements across various industries, representing investors and developers of office and mixed-use properties, property management, construction management, and acquisition and disposition of land and income-producing assets, as well as development consulting, asset repositioning services, and tenant community programs. For more information, please visitwww.blancacre.com.