JLL Capital Markets announced on June 9 that it closed on a sale of Pembroke Pines Medical Plaza, a medical outpatient building (MOB) in Pembroke Pines, Florida. The seller was PPM Capital, LLC, an investment company based in San Antonio, Texas, which JLL represented. The acquirer was New York Life Real Estate Investors. The price was $38.3 million.
Pembroke Pines Medical Plaza is located less than a mile from the 502-bed Memorial West Hospital and within 15 minutes of two other Memorial Healthcare System hospitals. Built between 2000 and 2001, the two-story MOB has gone under significant recent capital improvements. Overall, Pembroke Pines is 96.8% occupied to a diversified tenant base, including Pediatric Associates, IVF Florida, Radiology Associates of Hollywood and FirstChoice Neurology. The price is $417 per square foot.
New York Life Real Estate Investors is the real estate investment branch of New York Life Investments. It focuses on the origination, investment and management of U.S. real estate-related debt, equity and securities products.
“Pembroke Pines Medical Plaza aligns well with our core investment strategy of acquiring high-quality medical office assets in growing, supply-constrained markets,” said Robert Bevers, Transactions Officer at New York Life Real Estate Investors. “With its strong tenant mix, proximity to Memorial Hospital West, and favorable demographics, we believe this property will deliver long-term value to our investors.”
“Pembroke Pines Medical Plaza offers an investor the opportunity to enter into South Florida’s rapidly expanding healthcare industry, driven by growing population and the additional boost of the inbound migration post-COVID,” said JLL Capital Markets’ Managing Director Ike Ojala. “With high barriers to entry, high-quality existing product like Pembroke Pines Medical Plaza are highly sought after by wide variety of investors.”
According to data captured in the LevinPro HC database, this transaction marks the 87th MOB deal of 2025, and the eighth MOB acquisition reported in Florida so far this year. Throughout all of 2024, 213 MOB transactions were announced.
The MOB deal with the largest purchase price of 2025, so far, is The Graham Group selling a nine-building portfolio for $109.5 million. The portfolio is spread across Iowa, Arizona, Pennsylvania and Ohio. Fairfield Advisors acted as an advisor. The buyer was not disclosed.
The most active buyer so far this year is Montecito Medical Real Estate with a total of 16 transactions announced. Since January, it has acquired 16 MOBs across Ohio, Georgia, Florida, Arizona, Indiana, South Carolina, Minnesota, New York and California. Other active buyers include Elliot Bay Capital Trust & Pantheon, UDLR Healthcare and Echo Real Estate Capital.
