Kissimmee investor pays $1M for medical office building near hospital

Kissimmee real estate investor Dharmesh Patel came out on top in a recent bidding war for a fully renovated and leased medical building about a block north of Osceola Regional Medical Center.

Patel's Harsh Investment LLC paid just over $1 million on June 15 for the 5,256-square-foot building at 1209 N. Central Ave. Although the building dates to 1964, it was gutted to the studs and rebuilt in 2012.

"It was like a brand new building," Patel told GrowthSpotter on Monday. 

The seller was an affiliate of Jimmy Mohess, who purchased the asset as a bank-owned property in 2011 for $295,000. Mohess also owns the MMI medical clinic, which leases about half of the building. A pharmacy and hair salon lease the other two spaces.

Hold Thyssen's Saxon Evans said the listing generated enormous interest and had multiple offers after the first week.

"He pretty much rebuilt the building," Evans said. "It was fully occupied with new leases, and the location close to the hospital is about as prime as you can get."

The 12,000-square-foot medical office complex next door sold last year for $3.9 million.

This was Evans' third medical office sale this year in the Kissimmee-St. Cloud market. In March he sold two MOBs for a combined $1.1 million to Windermere-based TC Holdings LLC.

Patel was represented by Marcos Peres, an agent with Palm Blue Realty. He sourced a $733,000 loan from Seacoast National Bank.  

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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