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Tampa, FL – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale-leaseback of a two-unit portfolio, free-standing Bay Dermatology and Cosmetic Surgery centers located at 1130 Commercial Way, Spring Hill, FL and 115 Highland Avenue, Largo, FL. The total transaction closed at $7,500,000. Each property featured a new 15-year absolute NNN lease guaranteed by Bay Dermatology & Cosmetic Surgery. Associate Pedrum Lavassani, and Vice President and Senior Directors Rahul Chhajed and Michael Moreno managed the transaction.
Matthews™ represented the seller, owners of the Bay Dermatology practice, who were looking to monetize their real estate assets. The sale-leaseback allowed them to take advantage of the current real estate market while simultaneously securing their practices’ locations for the next several decades. The seller received an exceptional price and cap rate for the two-property portfolio sale.
“Our clients were ready to capitalize on the current healthcare real estate market by utilizing the sale-leaseback strategy,” Lavassani said. “Our team closed the transaction at a great price, this was a deal the sellers couldn’t refuse.”
The buyers, Cornerstone Properties and KKR, recently entered a joint venture to acquire a portfolio of diversified healthcare properties across the US. The fund is acquiring over $1 billion in real estate assets over the next few years. The buyer secured two long-term absolute NNN deals leased to a reputable and successful dermatology practice in the Tampa MSA. Bay Dermatology has been practicing out of both locations for over 20 years and committed to a minimum of another 15 years.
“Our proprietary database was able to get the deal in front of the right buyers very quickly,” Moreno said. “The Matthews™ team sourced several offers and we had an agreed-upon LOI within two weeks of marketing the deal.”
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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