Marina Towers in Melbourne Involved in Sale and Leaseback Deal
By
Tony Seruga
The sale and leaseback deal will raise capital for further investment and expansion for First Choice Healthcare Solutions.
Marina Towers
Orlando, Fla.–The Marina Towers office building has a new owner following the successful sale and leaseback of the asset by First Choice Healthcare Solutions. First Choice wholly-owned subsidiary Marina Towers LLC sold the Melbourne, Fla. office asset to Global Medical REIT for a total of $15.45 million. Following the ensuing leasing agreement for the property, First Choice netted roughly $8 million in cash proceeds from the deal.
Located at 709 S Harbor City Blvd., the asset offers a total of 78,000 square feet of office space. The asset has been leased back for ten-year period, on an absolute triple-net master lease agreement that will be up in 2026. According to the company’s filings with the Securities and Exchange Commission, First Choice has two successive options to renew the agreement for two five-year intervals…
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