With an increase of healthcare providers in the area, the nonprofit organization plans to occupy the entire building in Little Havana
Medical nonprofit organization Care Resource was founded 35 years ago as an alternative health source for people affected by HIV/AIDS. The company’s goal was to assist people who were alienated by a dominant culture and provide equitable healthcare to everyone. Care Resource Community Health Centers is now expanding their reach to the Little Havana area, where they recently spent $5.4 million on an 32,508 square foot office building, spending roughly $166 per square foot. The building sits on an almost 24,000 square foot lot, which is zone T6 8-O, which means up to eight stories of development are permitted.
Located at 1800 Southwest First Street and sold by Mohammad Siddiq Khan and Ghazala Bilqees, the four-story building was originally built in 1972. The most recent sale prior to this one was in 1994, however, when the building sold for $1 million.
The sellers were represented by Carlos Fausto Miranda and Alessandro Lima of Fausto Commercial, and the buyer was represented by Manuel Perez of Keyes Company. With locations in Midtown Miami, Miami Beach, Fort Lauderdale, and Oakland Park, Fausto believes that Care Resource’s plans to occupy the building stems from the increase of healthcare workers in the area.
“This corroborates a trend we’ve been experiencing of an increasing number of medical operators occupying spaces in Little Havana’s second major corridor, Flagler/Southwest First Street,”.Carlos Fausto Miranda
Miranda’s beliefs come from his current under-contract deals, two of which are for medical offices. He also adds that there are several prospective buyers in the market.
One of these buyers is real estate investment and property management group BrickOne Group, which is in the market for multifamily housing and acquired an apartment building at 937 Southwest Fifth Street in Little Havana in March.
Another real estate investment firm, Forth Development, focuses on new construction and residential projects in the area and is currently building a mid-income rental project at 519 Southwest Fifth Avenue.
The Little Havana area has an appeal for office investors due to many multifamily and other commercial real estate on the market. The area is also more affordable than other areas like Coral Gables and Brickell and is centrally located.
Thus, it seems Little Havana is an up and coming area for residents in the healthcare industry. For more information on Care Resource click here.