Sunday, October 18, 2015

Marcus & Millichap Arranges Sale of University Medical Arts building in Tamarac, FL for $4.7 million

University Medical Arts Building, 7431 North University Drive, Tamarac, FL

TAMARAC, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of University Medical Arts Building, a 44,857-square foot office property located in Tamarac, Fla. The asset sold for $4,700,000 equating to $111 per square foot.

Douglas K. Mandel
Douglas K. Mandel, a senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York, NY.  The buyer, a limited liability company, was secured and represented by Tim Thomas, an associate in Marcus & Millichap’s Fort Lauderdale office. 

“This was an opportunity to acquire a well-positioned, value-add medical office building  on a pre-paid ground lease with approximately 80 years remaining,” Mandel. “The building's design, construction quality and amenities are superior to most of the medical office buildings in the University Hospital and Medical Center medical district.”

The University Medical Arts Building is a 44,857-rentable square foot, Class B+ medical office strategically located on the 30-acre campus of the University Hospital and Medical Center. The three-story building is currently 65 percent leased to a variety of medical use tenants.

University Medical Arts Building is located at 7431 North University Drive in Tamarac, Fla. 

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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