For Sale $4,160,000
Property Type Office - Medical Office
Property Size 7,453 SF
Units 2
Additional Rent Contact for pricing
Property Tenancy Multi-Tenant
Building Class B
Year Built 1980
Year Renovated 2017
Date Updated Aug 3, 2024

-Overview Peranich Huffman Net Lease Group is pleased to exclusively offer for sale, the Clinical Care Medical Centers condominiums located in Miami, FL. Priced at a 7.00% capitalization rate, the offering provides an investor the opportunity to acquire two Clinical Care condos within the six-story Le Jeune Executive Building. Positioned in the core of Miami, the Le Jeune Executive Building is home to a number of medical tenants, offers superior visibility on a heavily trafficked thoroughfare, and provides convenient access from Coral Gables, West Miami, and the Dolphin Expressway. Leases The leases for both Clinical Care condos (Suite 315 & Suite 503-504) began in 2017 on initial 10-year terms; however in 2020, Clinical Care extended both leases, demonstrating their commitment to the location. Each condominium has 11 years remaining on their primary lease terms. Pursuant to each lease, rental rate escalations will increase the Net Operating Income by 2.1% annually in both the primary term and option periods. Each lease is structured on an absolute net basis, meaning the tenant is responsible for all operating expenses, including property taxes, insurance, common area maintenance, management fees, and condominium association fees. Tenant Founded in 1997, Clinical Care Medical Centers, formerly MBMG Medical Centers, has served South Florida for over 25 years. Clinical Care is focused on targeted, preventative, team-based medicine, specializing in over 12 fields such as primary care, cardiology, endocrinology, optometry, and psychiatry. As a top-ranked medical care group with 25 centers across Florida, 13 of which are in Miami-Dade County, Clinical Care has developed strong relationships with local communities, insurance partners, and healthcare partners.

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Attachments

Offering Memorandum (PDF) opens in new window

Highlights

Absolute Net Lease - The leases are structured on an absolute net basis, whereby the tenant is solely responsible for all costs associated with the subject property. The landlord has zero obligations or responsibilities related to expenses.
Corporately Guaranteed - The leases are backed by Clinical Care Medical Centers (MB Medical Operations, LLC), a value-based, multi-specialty provider operating in 25 medical centers across Florida.
Non-Income Tax State - Serving as a major benefit to the landlord, as of 2024, nine states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming -- levy no state income tax.
Rent Escalations - Offering as a hedge against inflation, the leases provide for annual rental rate escalations of 2.1% throughout the remainder of the term, and continuing through the option periods
Robust Demographics - The property's location boasts an impressive demographic profile, with a current population of over 617,000 residents within a 5-mile radius. Moreover, the current average household income figure exceeds $86,000, with an expected 16% growth rate over the next five years.

Contacts

Jonathan Peranich

Peranich Huffman Net Lease Group

Location

Getting Around

Walk Score ®
87/100 Very Walkable
Transit Score ®
48/100 Some Transit
Bike Score ®
53/100 Bikeable

Map
Street

City Miami, FL
Neighborhood Flagami
Zip Code 33126
Market Miami

Points of Interest

Miami Intermodal Center

1.53 miles
1

1.71 miles
2

1.73 miles
3

1.82 miles
Santa Clara

3.33 miles
Wilkie D. Ferguson, Jr.

4.26 miles
Miami Avenue

4.36 miles
Third Street

4.37 miles
College North

4.46 miles
Fifth Street

4.46 miles

Westar

0.22 miles
Shell

0.23 miles
Chevron

0.52 miles
Chevron

0.54 miles
Chevron

0.77 miles
Shell

0.92 miles
Shell

1.52 miles
Chevron

1.58 miles
Shell

1.63 miles
Chevron

1.66 miles

Hilton Miami Airport

1.12 miles
South Parking Long-Term

1.52 miles
Flamingo Parking

1.55 miles
Short Term Parking

1.62 miles
Dolphin Parking

1.63 miles
Parking for Barnes & Noble

1.85 miles
Cell Phone Lot

2.01 miles
First Base Garage

2.69 miles
Home Plate Garage

2.70 miles
Center Field Garage

2.78 miles

Casa d dunier

0.11 miles
Ernesto Motel

0.25 miles
Best Western Premier Miami Intl Airport Hotel & Suites Coral Gables

0.28 miles
Sonesta Miami Airport

0.42 miles
Regency Hotel

0.46 miles
Fairfield Inn & Suites by Marriott Miami Airport South

0.52 miles
TownePlace Suites by Marriott Miami Airport

0.54 miles
Miami Princess Hotel

0.54 miles
Residence Inn by Marriott Miami Airport

0.60 miles
Miami Airport Marriott

0.61 miles

IHOP

0.03 miles
Subway

0.05 miles
Pizza Hut

0.12 miles
Madrid Restaurant

0.16 miles
Hereford Grill

0.30 miles
Catch of the Day

0.49 miles
G Spot

0.51 miles
McDonald's

0.52 miles
Little Caesars

0.52 miles
Don Camaron

0.54 miles

Kinloch Park Middle School

0.22 miles
Aleida's Nursery School

0.35 miles
Concord Christian Academy

0.63 miles
Nance School

0.64 miles
ICA Learning Center of America

0.71 miles
Grapeland Park Preschool

0.76 miles
Freedom Christian Academy

0.79 miles
Kiddie Country Club School

0.90 miles
Childrens Development Center

0.96 miles
Grapeland Park Preschool

1.02 miles

Snow White Day Care Center

0.35 miles
Elsa Talero Family Day Care Home

0.42 miles
Migdalia Valdes Family Day Care Center

0.43 miles
Ebenezer Day Care Center

0.46 miles
Aleida Martinez Family Day Care Center

0.53 miles
Mi Casita Day Care Center

0.72 miles
Petrona Spoto Family Day Care Center

0.73 miles
Elvira Paulin Family Day Care Center

0.85 miles
Kiddie Country Club

0.92 miles
Bethel Day Care Center

0.96 miles

Frequently Asked Questions

How much does Clinical Care Medical Office Condominiums cost?

The space currently listed for sale at Clinical Care Medical Office Condominiums asks for $4,160,000.

What is the total square footage of Clinical Care Medical Office Condominiums?

Clinical Care Medical Office Condominiums totals 7,453 square feet.

When was this property built?

Clinical Care Medical Office Condominiums was built in 1980.

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