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Marcus & Millichap Brokers All Cash Deal for Aspen Dental and MD Now Urgent Care Portfolio in Hialeah for $7.5M

January 20, 2022

HIALEAH, Fla., Jan. 20, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Aspen Dental and MD Now Urgent Care (“MD Now”), two brand new net-leased properties located in Hialeah, Florida. The two-building, 27,650-square-foot asset sold for $7,575,000.

MD Now is Florida’s largest urgent care provider, with over 55 physician-led facilities across the state. Aspen Dental offices, independently owned and operated, offer affordable, state-of-the-art dental care across the state. The properties are located at 385 and 395 W 49th Street, at the main intersection of Red Road and West 49th Street, adjacent to a Walmart-anchored shopping center and the Palm Springs Mile Shopping Mall.

“This Class A asset is strategically located on one of the best intersections in Miami-Dade County. We have an incredible demand for hard assets in South Florida and a lack of supply, causing downward pressure on cap rates. This property was on the market for less than 90 days and we received multiple competitive offers. Ultimately, we were able to close the transaction before the end of the year, which was our client's objective,” said Jonathan De La Rosa, first vice president investments.

De La Rosa, Eduardo Toledo, Brandon Holmes, and Matthew Albregts, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor based in Doral, was procured by Toledo and De La Rosa.

Built in 2021, the two medical office buildings are easily accessible to major access roads in the area, including Interstate-75 (I-75), Palmetto Expressway, Florida Turnpike, and US 27. Both tenants executed 10-year net leases with healthy rental increases throughout their term. MD Now was recently acquired by HCA who operates 170 urgent cares throughout 19 states. HCA has plans to continue to expand its urgent care business throughout Florida. Aspen Dental has been aggressively working to penetrate the South Florida market and has successfully planted their flag in Florida’s sixth-largest city, Hialeah.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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