Following years of negotiations, the City of Coral Gables in the US state of Florida has completed ownership of the entire 400 block of Biltmore Way. For a purchase price of 24 million $, the municipality acquired the four-storey office and medical building Biltmore Medical Center at 475-495 Biltmore Way. This was announced by brokerage firm Blanca Commercial Real Estate, which is responsible for leasing the property.
The property comprises a lettable area of 53,029 square feet. The vendor is Jacksonville-based ShareMD, which had acquired the asset for 14.6 million $ in 2019 according to county property records. The city administration under Mayor Vince Lago had already initiated preliminary discussions regarding a potential purchase of the building at that time.
Value appreciation and municipal use
Under ShareMD's stewardship, the medical centre recorded a tangible operational uplift. According to Blanca Commercial Real Estate, the occupancy rate rose from 82 per cent to 94 per cent during the holding period, whilst net operating income increased by 40 per cent. The city commission had already approved the intent to purchase earlier this year.
The strategic acquisition is directly linked to an impending, multi-million-dollar refurbishment of the nearby historic City Hall. The newly acquired Biltmore Medical Center will in future serve as decant space as well as a permanent base for development teams and various administrative municipal departments.
Key transaction details
- —Property: Biltmore Medical Center (475-495 Biltmore Way, Coral Gables)
- —Purchase price: 24 million $ (previous owner acquired the property in 2019 for 14.6 million $)
- —Area and structure: Four storeys with a total of 53,029 square feet
- —Current occupancy: Increase from 82 per cent to 94 per cent prior to the sale
To ensure a smooth transition in operations, the city is initially opting for continuity in the property's oversight. For a period of one year following the change of ownership, Medicus Asset Management, a management affiliate of ShareMD, has been appointed to handle the property management of the building.
