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(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-A total of 16 units have been sold within TIAA-CREF’s newly constructed pair of medical office condo buildings located within the Palms at Town & Country retail center. The 33,000 square feet of sales are valued at $10.5 million, according to Miami-based Kenneth Weston & Associates Inc., which is marketing the property on behalf of owner TIAA and developer Flagler Development Group.

One Seventeen Professional Arts Center, located at SW 117th Avenue and SW 82nd Street in Kendall, totals 133,000 square feet within two four-story buildings that were completed at the end of 2008. The newly closed units bring the 69,000-square-foot East building to 75% sold, Ken Weston, president with Kenneth Weston & Associates, tells GlobeSt.com. The 64,000-square-foot West building remains 100% available. “The office condo buyers include several family practitioners and specialists, all of which will benefit from the value of the real estate and the value of their practice,” reveals Weston. “We’re also talking to ambulatory surgical centers, a cancer therapy center, two diagnostics/imaging centers and two large multi-specialty groups looking to purchase the entire second building.”

The development has seen steady interest because of its location adjacent to TIAA’s 700,000-square-foot retail destination, which includes a $100 million renovation of an existing 300,000-square-foot mall on the site that broke ground in October. TIAA-CREF and Flagler hope to create a one-million-sf pedestrian-friendly lifestyle center at Palms at Town & Country in the growing Kendall submarket. The proximity of food, shopping and entertainment to the medical office building is convenient for guests and loved ones of patients undergoing care, says Weston. There are also three major hospitals and 750,000 residents within a five mile radius, he adds.

The marketing firm is confident that the remainder of the building will get sold fast, citing the stability of the medical office product even in an economic recession. People still need healthcare, and doctors are still able to obtain mortgages financed at 90% to 100%, reports Weston.

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