April 7, 2022 – Chris King and Charles Moody of Horvath & Tremblay have successfully completed the sale of the Live Oak Endoscopy Center in Vero Beach, Florida. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,600,000.
The Live Oak Endoscopy Center is located at 275 18th Street in Vero Beach, Florida. The Property contains a 10,000 square foot medical office plaza leased to the Live Oak Endoscopy Center, Alec Y. Lui, M.D., and Pramod Joseph, M.D.. The Property is anchored by the Live Oak Endoscopy Center and features coterminous leases with Dr. Alec Lui and Dr Pramod Joseph. The original 5-year leases, which commenced in July 2013, feature minimal landlord responsibilities and include attractive annual increases through the original term and all option periods. The tenants showed their commitment to the site by exercising their first, 5-year option periods, which are set to expire in June of 2023. All three tenants still have three (3), 5-year renewal options remaining. The Property is located on 18th Street in Vero Beach, less than a mile from the “Miracle Mile” retail trade area. Vero Beach is part of what’s known as the “Treasure Coast” of South Florida, and is reportedly home to more retired Fortune 500 CEOs than any other location in the world. One of the main attractions is Disney’s Vero Beach Resort, the first Disney Vacation Club to be constructed outside the Walt Disney World Resort area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.