Alliance Sells Net-Leased Medical Building In Hallandale Beach, Fla.April 30, 2021
Alliance Consolidated Group of Companies (Alliance) today announced it has sold a 10,000-square-foot net-leased medical building in Hallandale Beach, Fla. A private buyer acquired the asset for $5,925,000 as part of a 1031 exchange.
Located at 22 SW 11th St., the single-tenant property is occupied by DaVita HealthCare Partners, Inc., a Fortune 500® company that is the parent company of DaVita Kidney Care and DaVita Medical Group. Isaiah Harf, regional director and partner with Stan Johnson Co., represented Alliance in the transaction.
“This deal is a great example of how Alliance is able to identify properties in high-growth markets that offer attractive, risk-adjusted returns,” said Ben Reinberg, founder and CEO of Alliance. “Our thorough market analysis, coupled with our ability to get deals done, allows us to not only add substantial value for our investors, but also create a win-win situation for the tenant.”
Dialysis clinics have remained an attractive asset class due to growing demand from the country’s aging population and a desire among patients to receive care closer to home. Florida, in particular, has attracted investors due to the state’s high concentration of seniors and favorable tax environment.
Though the tenant initially signaled its intent to leave upon lease expiration, Alliance was able to re-sign DaVita into a long-term deal. With supply-demand fundamentals for healthcare spaces in South Florida on its side, Alliance negotiated a 10-year term with the tenant in November 2019.
“We saw the value potential no one else did when we originally bought the property,” Reinberg said. “While we were confident we could secure a lease renewal with the existing tenant, which had just invested in a new HVAC system, we also knew the site would be attractive to alternative users due to its proximity to Aventura Hospital & Medical Center.”
Alliance, which targets the 50 largest MSAs around the country, has been investing in Florida for more than 10 years.
About Alliance Consolidated Group of Companies:
Alliance Consolidated Group of Companies is a real estate investment firm that specializes in net-leased medical buildings. Founded in 1995, the firm targets a variety of healthcare facilities around the country. Alliance delivers attractive, risk-adjusted returns by leveraging longstanding relationships with lenders, brokers and investors to identify the best opportunities in each market and facilitate a quick close. Additional value is created post-acquisition through professional property management services provided in-house. For more information, visit www.alliancecgc.com.