Marcus & Millichap Brokers $5.26M Sale Of Medical Office Asset Leased To PRC Alliance In Ormond Beach

The transaction involved the sale of a medical office located at 1545 Hand Avenue in Ormond Beach, with a total sale price of $5,264,000. The property encompasses 10,828 square feet, resulting in a price per square foot of $486. The asset is fully occupied and leased long-term to PRC Alliance Pain Relief Centers, reflecting its stability within the market.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $5,264,000
• Square Footage: 10,828
• Price Per Square Foot: $486
• Address: 1545 Hand Avenue
• Market: Ormond Beach
• Mortgage Broker: Garrett Fierstein - Marcus & Millichap
• Brokers: Spencer Koch, Scott Gould, Rory Shelby & Chris Biuso - Marcus & Millichap

The transaction was facilitated by Marcus & Millichap, which brokered both the sale and the acquisition financing, amounting to $3.69 million. The property attracted multiple offers and was purchased by an out-of-market investor, highlighting the interest in stabilized medical office properties within the area.