Pembroke Pines Medical Plaza sells for $38.3 million

MIAMI, June 9, 2025 – JLL Capital Markets announced today it has closed the $38.3 million sale of Pembroke Pines Medical Plaza, a four-building, 91,956-square-foot medical outpatient building complex in Pembroke Pines, Florida.

JLL represented the seller, PPM Capital, LLC, in the sale of the property to New York Life Real Estate Investors.

Pembroke Pines Medical Plaza is located at 400, 500, 600 and 700 North Hiatus Road, less than a mile from the 502-bed Memorial West Hospital and within 15 minutes of two other Memorial Healthcare System hospitals. The property has convenient access to major thoroughfares, including Interstate 75, Florida’s Turnpike and Interstate 95. In addition, the property is located in a busy commercial corridor, surrounded by a variety of retail, dining and entertainment amenities.

Built between 2000 and 2001, the two-story buildings have been impeccably maintained and have undergone 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 JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Ike Ojala, Senior Directors Matt DiCesare, Matt McCormack and Anthony Sardo, and Senior Managing Directors Hermen Rodriguez and Andrew Milne.

“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 Ojala. “With high barriers to entry, high-quality existing product like Pembroke Pines Medical Plaza are highly sought after by wide variety of investors.”

“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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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PPM CAPITAL, LLC is an Aventura, Florida-based investment management firm related to TRIARCH CAPITAL GROUP, with a focus on industrial, retail and office properties.