New York Life Real Estate Acquires Medical Office In Pembroke Pines For $38.3M
SOLD
$38,300,000
+ 3
Florida
See Similar DealsOffice91,956 SF
Sold 06/04/2025
SOLD
New York Life Real Estate Acquires Medical Office In Pembroke Pines For $38.3M
400 North Hiatus Road
See Similar DealsOffice91,956 SF
Sold 06/04/2025
+ 3
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$416
Total Square Footage:91,956 SF
Transaction Type:Sale
The asset involved in this transaction is a medical office located at 400-700 N Hiatus Road in Pembroke Pines. The sale was completed for a total of $38,300,000, with a square footage of 91,956, resulting in a price per square foot of $416.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $38,300,000
- Square Footage: 91,956
- Price Per Square Foot: $416
- Buyer: New York Life Real Estate
- Seller: PPM Capital
- Seller's Representative: Ike Ojala, Hermen Rodriguez, Matthew McCormack, Matt DiCesare, Blake Koletic & Hunter Smith - JLL
- Date of Transaction: 6/4/2025
This transaction involved key individuals from JLL representing the seller, showcasing a collaborative effort in finalizing the deal. The buyer, New York Life Real Estate, acquired the medical office to expand their investment portfolio in the healthcare sector.
Players
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,042,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$136,071.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$181,561.54
Annual Debt Service$2,178,738.48
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