A medical office property located at 4800 & 4801 North Federal Highway, Fort Lauderdale, encompassing 2.02 acres, was sold for $12,000,000. The property has a total square footage of 56,243 and was purchased by 4800 Medplex LLC, which is associated with buyers Arvinder and Jesse Bajaj. The transaction was financed with a loan of $6M from United Community Bank, and the previous owner, Richard Meli, acquired the asset in 2017 for $6M.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $12,000,000
• Buyer: Arvinder & Jesse Bajaj - 4800 Medplex LLC
• Seller: Richard Meli
• Broker: Jaime Sturgis - Native Realty
• Lender: United Community Bank

This transaction involved notable individuals, including buyer representatives Arvinder and Jesse Bajaj, who are linked to the newly formed 4800 Medplex LLC. Jaime Sturgis of Native Realty handled the brokerage for the sale, facilitating the deal between the buyers and Richard Meli, the seller. The deal marks a substantial transition in property ownership from Meli, who previously acquired the site in 2017.