Updated Nov 2, 2026
City Of Coral Gables Acquires Medical Office Building From ShareMD For $24 Million
495 Biltmore Way
$24,000,000
$452/SF
Building Size
53,029 SF
Asset Type
Medical Office
Closing
Oct 30, 2026
About this deal
AI
The property involved in this transaction is a medical office building located at 475-495 Biltmore Way in Coral Gables, FL. The asset spans a total of 53,029 square feet and was sold for $24 million, equating to a price per square foot of $453.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $24,000,000
- Address: 475-495 Biltmore Way
- Market: Coral Gables, FL
- Square Footage: 53,029
- Price Per Square Foot: $453
- Buyer: City of Coral Gables
- Seller: Mario Gonzalez - ShareMD
- Broker: Andres del Corral - Blanca Commercial Real Estate
The transaction closed on October 30, 2026, marking the day ShareMD rebranded as Parallel Medical Properties, although its portfolio, leadership, and ownership remained unchanged. This sale granted the City of Coral Gables control over the entire block surrounding City Hall.
On the Map
$24,000,000
$452/SF
Medical Office
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Players
Coral Gables Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93