A Meland Russin & Budwick legal team in Miami closed the $7.6 million sale of two renovated health care properties in Hialeah.
Firm co-founder and partner Mark Meland and associate Bryan Vega represented Coral Gables-based real estate investment firm Arena Capital LLC in its sale of the two properties to 990 AMA Enterprises LLC. The deals closed March 30.
Attorney Gary Silberman in Miami represented the buyer in both deals for the nearby properties between the Palmetto Expressway and Red Road.
One of the properties is a Nicklaus Children’s Hospital urgent care center at 990 W. 49th St., which sold for $4.2 million.
The other will be a laboratory testing center for Laboratory Corp. of America at 970 W. 49th St. It sold for $3.4 million.
The sale also included a quarter-acre lot at 991 W. 48th St. that will be used as parking by both tenants.
The lots at 990 and 970 W. 49th St. had structures on them, and Arena Capital did intensive improvements and rehab of the buildings before selling. Some of the improvements still are ongoing and the laboratory will move in as soon the the work is done, Meland said.
“These were gut rehabs. It was a big redevelopment,” he said.
The 1964 building at 990 W. 49th St. is 5,440 square feet and sits on a nearly half-an-acre lot, according to the Miami-Dade County property appraiser’s office. That sale breaks down to $780 a square foot for the building.
The 1971 building at 970 W. 49th St. is 4,248 square feet and sits on a quarter acre. That deal breaks down to $802 per square foot of building space.
The deals point to a more active real estate market in Hialeah, Meland said.
The strength of that market further is exemplified by the strength of the tenants in the buildings.
“It was kind of unique because of the credit worthiness of these tenants. … A tenant like that is a tremendous tenant to have. I think that was probably the biggest draw of the deal. Having Lab Corp. and the children’s hospital under leases there,” Meland said. “I do think there tends to be activity in that area.”
The Arena Capital principals are Ana Maria Rodriguez Pineros, Maria del Pilar Pineros and Oscar Rodriguez Pineros, according to state corporate records.
Medley-based AMA Enterprises is managed by Alejandro Martinez of Fort Lauderdale.