New York Life Real Estate Acquires Medical Office In Pembroke Pines For $38.3M
400 North Hiatus Road
$38,300,000
$416/SF
Building Size
91,956 SF
Asset Type
Office
Closing
Jun 3, 2025
About this deal
AI
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.
On the Map
$38,300,000
$416/SF
Office
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Pembroke Pines Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93