CORAL GABLES, FLA. — The City of Coral Gables has purchased a medical office building located at 475–495 Biltmore Way in the city’s downtown district for $24 million. ShareMD sold the 53,029-square-foot property, which shares a city block with Coral Gables City Hall and the City’s Planning and Zoning Department.
The City of Coral Gables, which now controls the entire block, has retained ShareMD’s property management affiliate, Medicus Asset Management LLC, to continue managing the building for an initial one-year term. Blanca Commercial Real Estate was the leasing agent for the property.
In addition to the sale, ShareMD has announced it is rebranding to Parallel Medical Properties effective immediately. The firm owns and operates a 500,000-square-foot portfolio of medical office buildings in Florida and California.