ORLANDO, Florida, November 02, 2022 – Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of a 5,000-square-foot (sf) medical office building located within Central Parc at Heathrow in Lake Mary, Florida. The final sale price was $2.25 million, equating to a record-setting $440 psf.
Anne Spencer of Cushman & Wakefield’s Florida Healthcare Advisory Practice represented the seller, Hugh McDonell, in the transaction. The medical office building was acquired by Sunshine RE Holdings, LLC.
“This was a very rare owner-user opportunity with an existing long-term tenant and interior ‘trophy’ finishes, making the building an attractive investment in the high net-worth community of Lake Mary,” said Spencer, Director for Cushman & Wakefield’s Florida Healthcare Advisory Practice. “The building received multiple offers and sold for a record-setting per square foot price as a result that was more than 40% above the average price for a property like this one in the area according to sale comps.”
Located at 964 International Pkwy., the medical office building was 50% leased to a medical group at the time of sale.
About Cushman & Wakefield’s Florida Healthcare Advisory Practice
Cushman & Wakefield’s Florida Healthcare Advisory is the state-wide division of the national Healthcare Advisory Practice. The Florida Healthcare Advisory Practice team is strategically located in the major metropolitan areas of Florida to provide the most efficient state-wide coverage to our clients. The five-member team has collectively over 50 years combined healthcare real estate experience and represents healthcare providers, developers, and investors. The complexity of healthcare real estate requires advisors to have the experience and expertise to properly navigate each deal for their clients. This is paramount within the structure of the Florida Healthcare Advisory Practice.
Florida Healthcare Advisory Practice coverage:
Brian Breeding, CCIM – West Florida
Anne Spencer, MCR – Central & North Florida
Michael Feldman, CCIM – South Florida
Angela Flint – State-wide
Stefanie Sager – State-wide
Cushman & Wakefield Arranges Record-Setting Sale of Medical Office Building in Lake Mary
Jade Hubbard • 11/2/2022
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.