VERO BEACH, Fla., June 25, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Indian River Medical Office & Apartments, a 23,577-square foot mixed-use property located in Vero Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,075,000.
Jason Hague, Krone Weidler, L.J. Tsunis, Adam Podbelski and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited partnership out of Ohio. The buyer, a private investor, was also secured and represented by Jason Hague, Krone Weidler, L.J. Tsunis, Adam Podbelski and Ned Roberts, CCIM.
“This is one of the most unique assets our team has marketed in some time,” said L.J. Tsunis. “It’s rare you see a mixed-use type property outside of a major MSA or CBD (Central Business District). Through our multi-phased and collaborative approach to marketing this property, which included potential investors in medical office as well as apartments nationwide, we were able to generate multiple-offers and significant proceeds to the seller in a short period of ownership,” added Tsunis. “This deal was a true testament to the collaboration that Marcus & Millichap is able to offer to their clients,” said Jason Hague. “Despite the fact that Krone and L.J. specialize in Medical Office and Assisted Living while my team focuses on Multifamily, we were both able to bring a unique aspect of cross-platform marketing to the table which ultimately enabled us to procure the perfect buyer for such a unique deal,” added Hague.
Indian River Medical Office & Apartments is located at 1485 37th Street in Vero Beach, Fla., and consists of a two-story medical office and apartment building. The building was completed in 1984 and contains first floor medical office space and 14 second floor apartments, with a total rentable square footage of 23,580. The first floor is designed with up to 13 individual office suites, with four tenants currently occupying these spaces, occupancy is presently 100%. “The property sits adjacent to Indian River Hospital, which was just taken over by The Cleveland Clinic. Due to this property’s location, and the significant investment expected by the hospital in the years to come, this property will continue to enjoy stable returns for the buyer,” said Tsunis.
There are 14 residential apartments on the second floor totaling 11,792 square feet of rentable building area in size. There is one, one-bedroom apartment and one, three-bedroom apartment, with the other 12 units all containing two-bedrooms and 1.5-bathrooms. They are currently 100% occupied. “The seller was able to implement a value-add strategy with the apartments by inputting partial upgrades to the units. The buyer will be able to continue these upgrades and continue to raise rents,” added Tsunis.
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