MIAMI—Highland Park Center at Jackson Memorial Hospital is looking for a new owner. Marcus & Millichap listed the 2011-built class A medical office building for $12 million. Located in Miami’s Civic Center neighborhood—home of one of the nation’s largest concentrations of medical and research facilities—the sale price for the 41,328-square foot medical office building totals about $290 per square foot.
Douglas Mandel, a vice president investments in M&M’s Fort Lauderdale office, along with vice president investments Alex Zylberglait and senior associates Arthur Porosoff and Scott Sandelin, all in the firm’s Miami office, are representing the seller. The 11-story medical office building looks more like a modern office tower than a traditional medical office building.
“Recently completed and currently vacant, Highland Park Center at Jackson Memorial Hospital offers impressive upside potential to an enterprising investor,” says Mandel. “With private sector job growth and expanding trade boosting the local economy, vacancies in the metro are trending lower this year while rents have risen a full percentage point, all of which bodes well for the owner of a newly built property located just steps from Jackson Memorial Hospital and the University of Miami Hospital.”
Highland Park Center includes both direct exposure and signage on State Route 836, which enjoys a traffic count of more than 123,000 cars per day. The Marriott Spring Hill Suites hotel is next door. Other nearby destinations include downtown Miami, Miami Beach, Coral Gables, and Miami International Airport.
“Office construction dropped from 2.4 million square feet during the past two years to just 100,000 square feet in 2012, but the metro added 12,200 new jobs this year alone, and many will require office space,” says Zylberglait. “Highland Park Center stands to benefit from this confluence of trends.”
Highland Park Center at Jackson Memorial Hospital is one of the first independent developments to emerge within the medical complex shared by Jackson Memorial Hospital and University of Miami Hospital. Built to include the latest energy efficiencies, the property is one of the city’s first green buildings. The medical office building on-site covered parking.