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Colliers and Avison Young facilitate the $45.5M off-market sale of a medical office building in Plantation

The Colliers South Florida Investment Services Team and Avison Young represented the buyer in purchasing the 95,777 SF medical office building

PLANTATION, FL |June 14, 2022 – Colliers and Avison Young closed on the sale of Crossroads III, a suburban Class A medical office building located at 8100 SW 10th Street in Plantation, FL. Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team collaborated with Justin Cope and Greg Martin of Avison Young in representing the buyer, Anchor Health Properties. The off-market transaction totaled $45.5 million or $475 psf.

“The South Florida market continues to thrive and see high demand for medical office properties with strong tenancy,” said Rubin. “In this highly competitive market, we’re pleased to have assisted our client within a short timeframe in acquiring a high-quality asset that will complement their existing national portfolio.”

The medical office building is leased long-term to the University of Miami (UM) Hospital. The University of Miami Health System focuses on delivering leading-edge patient care by the region’s best doctors, powered by groundbreaking research and medical education. UM plans to expand to the entire property and add a state-of-the-art 15,000 SF radiotherapy center. 

“This was a prime opportunity for the buyers to acquire a class A medical office asset leased by a credit long-term tenant, off-market, prior to the asset being widely marketed. The buyer already owns another asset leased by UM,” said Laggerbauer.

Anchor Health Properties is a national full-service healthcare real estate company focused exclusively on medical facilities. The Virginia-based company fosters strong programmatic relationships within healthcare, real estate, and finance with more than $1 billion of completed development projects, more than 7.5 million square feet under management, and more than $2 billion invested in stabilized healthcare facilities.

Plantation is home to some of the leading healthcare and medical office tenants in South Florida, including the University of Miami Health System, Sunshine State Health, Humana, Aetna, and Masa Global. Broward County, mainly Plantation, is an attractive investment market due to its proximity to dense residential neighborhoods, corporate campuses, and hospitals such as Plantation General Hospital, Mercy Hospital, Memorial Hospital, and HCA Florida University Hospital, all within an 8-mile radius of the city. Limited medical office construction continues to keep the supply tight and rents competitive, currently at $32.28 per square foot gross. Demand for medical office space has been elevated since the pandemic’s start as the product type proved to be resilient, high-yielding, and recession-proof. The outlook for medical offices remains positive as the healthcare needs in South Florida continue to expand in line with population growth.


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Mark M. Rubin

Executive Managing Director

Boca Raton

I am an Executive Managing Director at Colliers International and senior member of the South Florida Investment Services Team primarily focused on the sales and leasing of commercial properties in South Florida.  For over 30 years I have successfully worked with clients to meet their commercial real estate needs. Whether buying, selling, leasing or financing real estate assets, I am consultative and client-centric, creatively structuring transactions and strategies to meet my client’s investment objectives. With involvement in over $3 billion of transactions across all asset classes, I have worked with investors of all types including institutional investors, high net worth private clients, developers and financial institutions in South Florida.

Prior to joining Colliers, I  served as a Principal of Avison Young and member of its Florida Capital Markets team. Prior to that, I  held senior leadership positions with Newmark Knight Frank, Amerivest Group, Savills Studley and JLL.

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Bastian Laggerbauer

Director

West Palm Beach

As a Director, my focus is primarily on investment sales and providing the highest level of service to my clients throughout the South Florida region. I am proficient in valuating assets of all property types and implementing financial analysis through Argus Enterprise and Excel. During my tenure at Colliers international, I have been involved in deals exceeding a combined value of $350 Million. I have also engaged in select landlord representation, which has only enhanced my experience and ability to fully valuate and transact both income-producing and distressed assets.

My professional accomplishments include researching and analyzing historic and current data for the retail, office and industrial sectors in each submarket and creating individual, detailed reports for all three sectors in the tri-county area of South Florida.  I also earned my Argus Enterprise certification to further enhance my skills, while earning my Bachelor’s Degree in International Business from Northwood University in 2015 and my Master of Science in International Real Estate from Florida International University in 2016. 

I was born in Munich, Germany, where I have family ties to Colliers International. My family founded the Munich office and I subsequently completed an internship before moving to the USA. My time in the Munich office only made me eager to further my experience in the industry and drove my decision to move to Florida to pursue my degrees, while working in the Palm Beach Gardens office. 

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