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Unique Miami Property Triple Net Medical Office Lease For Sale

Hialeah, Florida, US
Asking Price:
$12,000,000
Sales Revenue:
Available on request
Cash Flow:
Available on request

Five lot corner assemblage totaling 36,250 square feet (0.83 acres) in the heart of Little Havana
Properties located between Flagler Terrace and SW 1st Street, comprising approximately half the block from the corner of SW 13th Avenue towards SW 14th Avenue
Favorable T6-8 O Urban Core Zone inside Urban Development Boundary

The two corner lots (14,500 square feet) are developed, with a 13,388 sg ft GLA, cancer treatment and radiation therapy center (the “Cancer Center”), which consists of two floors of medical offices, including two radiation-therapy vaults (each encased in seven feet of concrete). Building was substantially renovated in 2009, at a cost of $3.8 million.

Tenant is a leading, multi-state cancer treatment and radiation therapy provider.
Tenant or its predecessors have occupied the Cancer Center continuously since its extensive build-to-suit renovation in 2009.
10-year triple net lease commenced October 1, 2021 (two five-year renewal options)
Annual triple net rent increases to $656,253 on October 1, 2024, with annual 3% increases thereafter.
Starting offers @ $10M

Property Information

Real Estate:

Real Property Included

Location:

Properties located between Flagler Terrace and SW 1st Street, comprising approximately half the block from the corner of SW 13th Avenue towards SW 14th Avenue

Premises Details:

Five lot corner assemblage totaling 36,250 square feet (0.83 acres) in the heart of Little Havana. The two corner lots (14,500 square feet) are developed, with a 13,388 sg ft GLA, cancer treatment and radiation therapy center (the “Cancer Center”), which consists of two floors of medical offices, including two radiation-therapy vaults (each encased in seven feet of concrete). Building was substantially renovated in 2009, at a cost of $3.8 million
The three remaining lots (the “Development Lots), totaling 21,750 square feet, consist of:

A one-story approximately 2,300 square Feet GLA medical office building that is partially occupied by a long-standing tenant on a month-to-month lease (tenant willing to enter into a longer-term lease with a kick-out provision). Building ideally suited for medical office, with plumbed exam rooms and offices.

Business Operation

Reasons for selling:

Highly attractive covered land play with three distinct purchase options. Owner is in the process of undoing unity of title through a covenant in lieu, which will likely require the owner of the Development Lots to offer parking to the Cancer Center, with a rental rate to be negotiated by the parties. Owner accepting offers for any of the following, with preference give to any offer(s) that maximize overall purchase price, giving consideration to sale conditions, timing and certainty of closing:

The five properties together with or without their TDRs

The Cancer Center, with or without its TDRs (a buyer not electing to purchase the TDRs may agree to allow the buyer of the Development Lots to develop over the center using a cantilevered structure.

The Development Lots with their TDRs and potentially the TDRs of the Cancer Center