Kendall Medical Plaza – $7,800,000 Refinance

Compass successfully closed on the $7,800,000 refinance of the Kendall Medical Plaza located in Kendall, Florida.  The subject property consists of a four-story, multi-tenant Medical Office building containing approximately 71,024 ± Rentable SF situated on a 1.016 ± Acre parcel encumbered by a 99-year prepaid Ground Lease from the Kendall Regional Medical Center.

The subject property is located on the campus of the Kendall Regional Medical Center on the west side of SW 118th Terrace approximately 300 feet south of SW 40th Street (Bird Road).

The building was constructed in 1976 and sits atop a one-story, below grade restricted access parking garage with parking for 70 +/- vehicles. Additional parking is provided via a perpetual easement with the Kendall Regional Medical Center which provides for the use of all 1,339 +/- parking spaces on the hospital grounds. At closing the subject property was 90% leased and occupied by thirty (30) tenants including eleven (11) tenants with a direct ownership in the property. Building tenants include the Kendall Regional Medical Center and prominent area physicians.