{"id":1004051851,"date":"2012-02-10T07:45:25","date_gmt":"2012-02-10T15:45:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=34828"},"modified":"2020-04-08T06:28:45","modified_gmt":"2020-04-08T14:28:45","slug":"miami-heart-institute-trades-owners-awaits-resolution","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-heart-institute-trades-owners-awaits-resolution\/","title":{"rendered":"Miami Heart Institute Trades Owners, Awaits Resolution"},"content":{"rendered":"<p style=\"text-align: justify;\">By Georgiana Mihaila, Associate Editor<\/p>\n<p style=\"text-align: justify;\">Holliday Fenoglio Fowler recently announced the successful sale of the Miami Heart<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/021012-Miami-Heart-Institute.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-35474\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/021012-Miami-Heart-Institute.jpg\" alt=\"\" width=\"300\" height=\"176\" \/><\/a> Institute to Lionheart Capital after years of scouting for a potential buyer. No financial details have been disclosed, but seller Mount Sinai Medical Center bought the property back in 2000 for nearly $75 million, while in 2011 the property had a market value of $68.19 million, according to the Miami-Dade County Property Appraiser.<\/p>\n<p style=\"text-align: justify;\">The 666,798-square-foot facility is located at 4701 North Meridian Ave. in Miami Beach, less than one mile from the Mount Sinai Medical Center. Built in 1984, the property consists of a seven-story hospital building and two parking garages, while onsite amenities include a waterfront dining facility and a conference center with a 241-seat auditorium. Mount Sinai will now move its rehabilitation services\u2014currently provided at the Miami Heart Institute building\u2014to its main campus.<\/p>\n<p style=\"text-align: justify;\">Lionheart has not released any immediate plans for the property, but previous projects have considered the possibility of a residential redevelopment. The plan faced some opposition from local residents, as the central location is home to a Miami Beach single-family home neighborhood. In 2008, Miami Beach residents approved a charter amendment that stated that if the site no longer functioned as a medical center, it would have to be rezoned to match the respective zoning of the neighborhood, meaning single-family homes, town homes and apartment buildings no higher than five stories.<\/p>\n<p style=\"text-align: justify;\">Mount Sinai first started to market the property for sale in 2007, but according to <em>The Real Deal Miami<\/em>, it was not until October that an unnamed developer terminated a deal to purchase the Heart Institute. Yet soon after, the developer put out a release saying that the deal fell through due to an inability to obtain financing.<\/p>\n<p style=\"text-align: justify;\">The HFF investment sales team representing Mount Sinai Heart Institute was led by executive managing director Manny de Zarraga and director Ike Ojala.<\/p>\n<p style=\"text-align: justify;\">For more local news from Miami, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/miami\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<br \/>\nHolliday Fenoglio Fowler recently announced the successful sale of the Miami Heart Institute to Lionheart Capital after years of scouting for a potential buyer. No financial details have been disclosed, but seller Mount Sinai Medical Center [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742],"tags":[],"class_list":["post-1004051851","post","type-post","status-publish","format-standard","hentry","category-miami","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Miami Heart Institute Trades Owners, Awaits Resolution - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miami-heart-institute-trades-owners-awaits-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami Heart Institute Trades Owners, Awaits Resolution\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor Holliday Fenoglio Fowler recently announced the successful sale of the Miami Heart Institute to Lionheart Capital after years of scouting for a potential buyer. 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